Skip to main content

Marine Products Corp. Posts Record Q3

MarineProducts

Marine Products Corp., the builder of Chaparral and Robalo boats, reported net sales of $100.1 million for it fiscal third quarter, a 32 percent increase compared with $75.8 million in the same quarter a year ago. The company said the increase was the result of a 33 percent increase in the average selling price per boat.

“During the third quarter we continued our efforts to meet high retail and dealer demand,” Ben M. Palmer, Marine Products president and CEO, said in a statement. “As the quarter progressed, we began to experience some relief in transportation and supply-chain issues, which facilitated shipments of boats during the quarter. Our model mix continued to improve and, along with price increases that we have instituted over the past year to compensate for higher costs, generated record net sales and net income.”

The number of units sold during the quarter was relatively flat compared with the prior-year quarter, the company said. Average selling prices increased due to a favorable model mix and to cover higher costs for materials and components.

Gross profit for the third quarter was $25 million, compared with $16 million in the same quarter a year ago. Gross margin as a percentage of net sales increased to 25 percent, compared with 21 percent in 2021.

Operating profit for the quarter was $14.7 million, a 76 percent increase compared with $8.3 million in the same quarter last year. Selling, general and administrative expenses were $10.3 million, compared with $7.7 million a year ago. Expenses increased consistently with higher sales and profitability, including incentive compensation, sales commissions and warranty expenses.

Net income for third quarter was a record $11.5 million, an increase of 72 percent over $6.7 million in 2021.

Earnings before interest, taxes, depreciation and amortization were $15.2 million, a 72 percent increase compared with 2021. Diluted earnings per share were a record $0.34, an increase of 70 percent over $0.20 in the prior year third quarter.

Net sales for the year to Sept. 30 were $272.5 million, an increase of 23 percent compared with the first nine months of 2021. Net income was $28.5 million, or $0.83 diluted earnings per share, compared to $20.6 million and $0.61 in 2021.

“Our manufacturing and product development efforts continue to reward us with dealer demand for models that appeal to boaters,” Palmer said. “We conducted our first in-person dealer conference in three years during the third quarter, and our dealers were very enthusiastic about our new, larger models for the 2023 model year.”

Related

MARINE-PRODUCTS

Marine Products Reports Record Q4

The builder of Chaparral and Robalo boats reported net sales were up 42% for the quarter and 28% for fiscal year 2022.

1_SHURHOLD

Shurhold Appoints COO

Forrest Ferrari has years of management, business development, IT and quality-assurance experience.

MOBILE-CATCH-CENTER

RBFF, Pure Fishing Partner for a First Catch Center

Pure Fishing will equip a mobile trailer with tackle and gear to bring fishing experiences to areas of South Carolina where participation is low.

Norm

An Oft-Overlooked Sales Opportunity

A recent report from the Recreational Boating & Fishing Foundation showed that women comprise 37% of all anglers. If you haven’t tapped this segment, you’re missing out.

1. 2023 new boat retail outlook

Too Many High-Priced Boats

To wrap up 2022, marine retailers reported lower demand, expressed more negative sentiment and voiced concerns about rising inventory. Boat prices and the economy remained top of mind for dealers in December.

Soundings Nov 2022

New-Boat Registrations Continue to Slide

As the gaudy sales figures from the pandemic continue to return to more realistic numbers, the main segments of the recreational boating industry saw new-model registrations of 4,421 in November, a 30.3% drop from 6,340 during the same time in 2021. .

1_thumbnail_Darren Vaux Headshet 2022

ICOMIA President Darren Vaux sees common pressures facing worldwide boating industry

Founded in 1966, the International Council of Marine Industry Associations is a global organization composed of national boating federations and other bodies involved in the recreational marine industry. ICOMIA works on such issues as breaking down trade barriers, improving boating safety and promoting recreational boating worldwide.

1_AdobeStock_175388620

Clearing the Waterways

In Florida, in the aftermath of Hurricane Ian, it was estimated that there were 6,000 derelict boats in southwest part of the state. In most cases, boat owners don’t know resources are available to remove them because until recently there weren’t many.

1_AdobeStock_40421038

A Window on the World

Inflation, supply-chain kinks and the continuing war in Ukraine continue to be serious concerns, but numerous companies with a global presence for exports are reporting optimism at the start of 2023.