Marine Products Corp. Posts 47 Percent Gain in Q4 Net Sales
Marine Products Corp. reported a strong fourth quarter, posting $71.1 million in net sales, a 47.6 percent gain from the same quarter a year earlier.
The builder of Chaparral, Robalo and Vortex boats said the $22.9 million gain was chiefly due to two factors: a 28 percent increase in the number of units sold and a 14.1 percent increase in the average selling price per boat. A jump in parts and accessories sales also contributed.
Net income for the quarter increased to $6.9 million, a 97 percent gain compared with $3.5 million for the same quarter in 2019. Diluted earnings per share were $0.21, compared with $0.10 the previous year.
Net sales for the year saw a 17.9 decrease in sales to $239.8 million compared with the previous year. Pandemic-induced operational suspensions, supply chain constraints and slow reopening of facilities kept the full-year numbers down.
However, with a strong finish to the year, continued demand across all segments and a large presence in the outboard segment — the company said Robalo and Chaparral held a 6.9 percent market share — the company has a positive outlook for 2021.
“Our fourth quarter results demonstrate the continuation of consumers’ renewed interest in recreational boating,” president and CEO Richard A. Hubbell said in a statement. “We operated at a higher production rate than usual during a typical fourth quarter, as dealer inventory remained historically low and the order backlog remains high. As we begin 2021, we are encouraged by the continued strong interest by our dealers and retail customers, and we look forward to an exceptionally strong market during the near term.”
