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Marine Products Corp. releases third quarter earnings

Strong sales of Robalo sportfishing boats, like the R302 center console, helped give parent company Marine Products increased net sales in the third quarter.

Strong sales of Robalo sportfishing boats, like the R302 center console, helped give parent company Marine Products increased net sales in the third quarter.

Marine Products Corp. generated net sales of about $5.9 million, a 6.9-percent increase over last year’s earnings of just over $5.5 million.

The company said the increase was due to a 5.7-percent increase in the average selling price per boat, as well as a rise in parts and accessories sales.

The increase was also due to higher unit sales in the company’s Robalo sportfishing boats, and several larger Chaparral models.

Positive momentum in those segments was partially offset by “continued weakness in industry-wide sterndrive sales,” the company said.

Sales for the third quarter were also negatively impacted approximately 3 percent due to manufacturing plant closures and delayed deliveries resulting from Hurricane Irma.

Delayed shipments due to the hurricane occurred early in the fourth quarter of 2017.

"Our third quarter 2017 financial results were driven by continued improvement in sales of our Robalo outboard sport fishing boats and selected Chaparral models such as our popular new Chaparral Surf Series, offset by continued weakness in the sterndrive recreational boat market,” said Marine Products president and CEO Rick Hubbell in a statement.

“Average selling prices improved due to a favorable model mix which featured larger models,” Hubbell said. “Industry-wide retail sales continued to be strong during the quarter, although the long-term weakness in U.S. domestic sterndrive sales and the international markets have continued thus far during the second half of 2017.”

Chaparral's market share increased to 16 percent of the sterndrive market in its size category, and Robalo's market share increased to 5.2 percent of its market, and was the fourth largest brand in this category, the company said.



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