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Marine Products Corp
Marine Products Corp. engages in the design, manufacture, and sale of fiberglass powerboats through its subsidiary. The company is headquartered in Atlanta, Georgia and currently employs 880 full-time employees. The company went IPO on 2001-02-28. The firm designs manufacture and distributes branded Chaparral luxury sterndrive and outboard pleasure boats, outboard sport deck boats, and Robalo outboard sportfishing boats. Its products include Chaparral sterndrive, outboard, and jet pleasure boats. The firm's product line includes Chaparral - SSi Sport boat, SSi outboard sport boats, SSX luxury sport boats, SURF Series wake surf Boats, OSX Outboard luxury boats, Chaparral - SSX Sport Boat, Chaparral - Surf Series, Chaparral - SunCoast Bowriders, Chaparral - Vortex Jet Boats, Robalo - Center Consoles, Robalo - Cayman Bay Boats and Robalo - Dual Consoles. The firm distributes and markets through its independent dealer network. The Robalo product line includes Center Consoles, Explorer Center Consoles, Cayman Series Bay Boats, and Dual Console.
Marine Products Corp. engages in the design, manufacture, and sale of fiberglass powerboats through its subsidiary. The company is headquartered in Atlanta, Georgia and currently employs 880 full-time employees. The company went IPO on 2001-02-28. The firm designs manufacture and distributes branded Chaparral luxury sterndrive and outboard pleasure boats, outboard sport deck boats, and Robalo outboard sportfishing boats. Its products include Chaparral sterndrive, outboard, and jet pleasure boats. The firm's product line includes Chaparral - SSi Sport boat, SSi outboard sport boats, SSX luxury sport boats, SURF Series wake surf Boats, OSX Outboard luxury boats, Chaparral - SSX Sport Boat, Chaparral - Surf Series, Chaparral - SunCoast Bowriders, Chaparral - Vortex Jet Boats, Robalo - Center Consoles, Robalo - Cayman Bay Boats and Robalo - Dual Consoles. The firm distributes and markets through its independent dealer network. The Robalo product line includes Center Consoles, Explorer Center Consoles, Cayman Series Bay Boats, and Dual Console.
Sales Growth: Third quarter sales rose 7% year-over-year, marking the first annual sales increase in over two years.
Inventory Progress: Channel destocking efforts are largely complete, with field inventory down 6% year-over-year and overall inventory levels remaining low.
Margin Improvement: Gross profit margin increased by 80 basis points to 19.2%, aided by better margins on larger boats and improved production efficiency.
Earnings Decline: Diluted EPS dropped to $0.07 from $0.10 last year, and EBITDA fell 15% to $3.7 million.
Rising SG&A: SG&A expenses rose 31%, mainly due to product R&D investments, compensation accruals, and warranty adjustments.
Positive Cash Position: The company ended the quarter with $47.4 million in cash and no debt, and has paid $14.7 million in dividends year-to-date.
Macroeconomic Uncertainty: Management cited continued macro and geopolitical risks, but indicated cautious optimism for the industry, especially if interest rates decline further.
