Marine Products Corp. is the builder of Chaparral sterndrive powerboats and Robalo offshore sportfishing boats. The publicly traded company is based in Atlanta.
Marine Products Corp., the parent of Chaparral and Robalo, suspends manufacturing, and BMO Capital Markets moves Brunswick and Malibu stock ratings to “perform.”
Marine Products Corp. said its 22 percent drop in Q4 revenues came after it aligned production with dealer inventory levels.
Sterndrive sales continue to drop, though outboard models have increased.
The record quarter is a mixed bag: Units sold down 7 percent, price per unit up 10 percent.
The parent of Chaparral and Robalo said it purchased nearly 170,000 shares during the fourth quarter.
Chaparral and Robalo maker Marine Products Corp. plans to increase production gradually during the current quarter.
Sales at Marine Products Corp. increased 9.4 percent in the second quarter to nearly $65.1 million.