Marine Products Corp. reports 2Q results

Author:
Updated:
Original:

Marine Products Corp. today reported second-quarter net sales of $38.45 million, a 32.2 percent increase from $29.1 million last year.

Marine Products is the builder of Chaparral and Robalo boats.

The increase in net sales for the quarter that ended June 30 was attributable to a 58.6 percent increase in the number of boats sold, partially offset by an 18.1 percent decrease in the average selling price per boat, the company said. Average selling prices reflect the introduction of value-priced Chaparral H2O and Robalo sportfishing boats, which began this model year.

“Overall market conditions continued to improve during the 2012 retail selling season, and Marine Products Corp. participated in this market improvement through the successful introduction of our value-priced Chaparral H2O and Robalo models,” Marine Products CEO Richard A. Hubbell said said in a statement. “We continue to believe that our value-priced Chaparral and Robalo models meet consumers’ desire for a high-quality product and offer a favorable introduction for the first-time buyer to our two brands.”

Gross profit for the quarter was $7.3 million, or 19.0 percent of net sales, compared with a gross profit of $4.9 million, or 16.9 percent of net sales, in the prior year. The increase in gross profit in the second quarter, compared with the prior year, was the result of production efficiencies from higher volumes.

Operating profit for the quarter increased to $2.76 million, compared with $1.22 million in the second quarter of last year because of increased net sales and gross profit, partially offset by higher selling, general and administrative expenses.

Net income for the quarter was $2.17 million, compared with $1.23 million in the prior year. Diluted earnings per share for the quarter were 6 cents a share, compared with 3 cents a share in the prior year.

Click here for the full release.

Related

NMMA Confirms Industry Growth

NMMA president Frank Hugelmeyer said the boating business grew 12 percent last year during yesterday’s virtual State of the Boating Industry address.

Newport Show Dates Announced

Organizers are planning for an in-person Golden Anniversary edition of the show Sept. 16-19.

Quick Hits: March 5, 2021

The National Association of Manufacturers names Brunswick Corp. CFO Ryan Gwillim to its Board of Directors.

Caught Red-Handed

Two commercial fishermen were jailed for possessing an illegal haul that included 100 undersized lobster tails, which is a felony. Also, fisheries management gets new funding.

Bennington Expands Operations

The pontoon builder plans to add jobs at its new facility in Elkhart County, Ind., and increase manufacturing output.

KVH Industries Names CFO

Longtime telecom financial executive Roger A. Kuebel assumes the position that COO Brent Bruun had held in an interim capacity.