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Marine Products Corp. Q2 Net Sales Jump 42 Percent

1_MARINEPRODUCTS.EARNINGS

Marine Products Corp. yesterday announced financial results for its second quarter, ended June 30.

The company said in a statement that it generated net sales of $95.8 million, a 42 percent increase over the prior-year quarter. The company said the increase was due primarily to a 22 percent increase in the average selling price per boat and a 15 percent increase in the number of boats sold.

Gross profit was $23 million, compared with $14.6 million in the year-ago quarter. Gross margin as a percentage of net sales increased to 24 percent in the second quarter, compared with 22 percent in the second quarter of 2021. The company attributed the increase in gross margin as a percentage of net sales primarily to a favorable model mix.

“Our manufacturing facility operated throughout the second quarter of 2022, as we worked to satisfy continued high dealer and consumer demand during the height of the retail selling season,” Marine Products president and CEO Ben M. Palmer said in the statement. “We continue to work toward more timely receipts of short components from our suppliers and overcome boat delivery transportation challenges.

“Although some of our supply-chain issues have improved, we are still being impacted by sporadic and unexpected shortages of critical components,” he added. “These delays continue to impact our ability to meet demand and lead to higher-than-normal inventory levels of substantially completed boats that could not be shipped to dealers.”

Net sales for the six months ended June 30 were $172.4 million, an increase of 18 percent compared with the first six months of 2021. Net income for the period was $17 million or $0.50 diluted earnings per share, compared with net income of $13.9 million or $0.41 diluted earnings per share in the prior-year period.

Marine Products Corp. builds Chaparral and Robalo boats.

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