Quick Hits: October 30, 2020

HMY Yacht Sales opens new office; FLIR, Patrick Industries, Marine Products Corp., and Twin Disc all report quarterly financials.
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Dealer and brokerage firm HMY Yacht Sales has opened its latest location at Fort Lauderdale’s Bahia Mar Resort & Yachting Center. Its new spot will be home to Viking Yachts, Princess Yachts, Okean Yachts, as well as brokerage vessels. “For over 40 years, HMY has been an industry leader … founded in 1979 with our first office located in Fort Lauderdale, Fla., and having expanded to twelve strategic, high-profile locations, HMY can best assist our clients with the sale, acquisition, and charter of their yacht,” said HMY sales director Tim Derrico in a statement

FLIR Systems reported that third-quarter revenues declined to $466.4 million, compared to $471.2 million the prior year in the same period, and gross profits edged down from $228.9 million, compared to $229.7 million (GAAP). Industrial technologies revenues for the quarter were $281.1 million, a 9 percent increase over the prior year due in part to an increase in maritime product sales. “Based on our learnings from operating in the Covid-19 environment, our results year-to-date and outlook for the remainder of the fourth quarter, today we are re-initiating guidance for the full year 2020,” said FLIR president and CEO Jim Cannon in a statement. “Importantly, we expect to achieve year-over-year improvement in adjusted earnings per diluted share in 2020.” 

Elkhart, Ind.-based marine and RV manufacturer and distributor Patrick Industries saw strong demand continue into the third quarter, with net sales of $700.7 million, up 24 percent — or $135 million — from the same period last year. Net income increased 75 percent to $37.3 million for the time period, compared to $21.3 million in the third quarter of 2019. "Our leisure lifestyle markets continued to rebound in the third quarter with a continuation of positive secular trends and tailwinds in on-the-road domestic travel and outdoor activities," said president and CEO Andy Nemeth in a statement. “Strong demand in our RV, marine and industrial markets resulted in improved profitability as we leveraged our fixed cost structure, despite direct labor inefficiencies due to the significant snap back in production levels which have exceeded pre-pandemic levels.”

Chaparral and Robalo parent company Marine Products Corp. reported net sales of nearly $68.8 million in the third quarter, a 4.8 percent decrease compared to $72.2 million in the same period of the prior year — something the company attributed to a 10.4 percent reduction in the number of units sold during the quarter, which was partially offset by a 7.8 percent increase in the average selling price per boat. Unit sales declined in most product categories compared to the prior year. "We are evaluating an increase in our production levels, subject to supply chain constraints and labor availability,” said Marine Products president and CEO Richard Hubbell in a statement. “We are also allocating our production to satisfy as much dealer demand as possible, in order not to disappoint our dealers and retail customers. 

Twin Disc Inc. sales for its fiscal first quarter were down 22.2 percent to 46.1 million, compared to $59.3 million for the same period last year, primarily due to soft markets in its oil and gas, industrial and marine segments and the continued impact of the Covid-19 pandemic. John H. Batten, Twin Disc CEO said in a statement: “I am encouraged by the direction we are headed despite the near-term economic challenges and uncertainty the Covid-19 crisis has created ….We are also well positioned to benefit from growing global demand for hybrid and electric technology within the industrial off-highway market as a result of our leading power control technologies, capabilities, and experience. We see increasing demand trends within this market, which we anticipate accelerating in the coming years.”

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