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Marine Products Corp. reports record sales and profits

MarineProductsCorp

Marine Products Corp. reported record sales of $88.7 million for its second quarter ended June 30, 2019, a 1.9 percent increase over the same period a year ago. The company’s net income was $9.37 million, up 4.3 percent.

The company said in a statement that the net sales increase was due to a 10.0 percent increase in average unit selling price and increases in its P&A business. It also reported that the number of units sold was down by 7.6 percent.

Richard A. Hubbell, president and CEO, called the 2019 retail selling season “strong” in the statement. “At the end of the quarter, our dealer inventory was slightly higher than at this time last year, but lower than at the end of the first quarter, indicating strong dealer sales to consumers during the last three months,” said Hubbell.

Hubbell said that its sterndrive models continue to dominate the sterndrive category. “The combination of Robalo and Chaparral's outboard boats held 6.8 percent of their market for this period, also the highest market share in that category,” Hubbell added.

Marine Products Corp expects a strong dealer meeting. “We are developing several new models which we believe will appeal to our dealers and retail customers,” said Hubbell. “As always when we are planning for a new model year, we will continue to assess economic conditions and listen to our dealers to plan our upcoming production.” 

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