Marine Products Q2 net sales up 21% to $116.2M; EPS rises 45% to $0.42

MARINE PRODUCTS CORP

2023-Q2 EPS reported $0.75 revenue$235,072,000

Net sales $116.2M, up 21% YoY; unit sales +11%, avg selling price +10%.
Net income $14.3M ($0.42 diluted EPS) vs $10.0M ($0.29), up 44% and 45% respectively.
Gross margin improved to 24.7% from 24.0%; operating profit $16.5M, up 26%.
Six-month net sales $235.1M, net income $25.9M ($0.75 diluted EPS) vs $17.0M ($0.50) prior year.
Effective tax rate dropped to 16.8% from 24.0% due to favorable permanent and discrete adjustments.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

MARINE PRODUCTS CORP reported the quarter ended June 30, 2023 results: revenue $116.2 million, net income $14.3 million, EPS $0.42.

Period: the quarter ended June 30, 2023
Revenue: $116.2 million
Net income: $14.3 million
EPS: $0.42
Result: reported results

Exact text from the filing

For the quarter ended June 30, 2023, Marine Products generated net sales of $116.2 million

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

MARINE PRODUCTS CORP reported the six months ended June 30, 2023 results: revenue $235.1 million, net income $25.9 million, EPS $0.75 diluted earnings per share.

Period: the six months ended June 30, 2023
Revenue: $235.1 million
Net income: $25.9 million
EPS: $0.75 diluted earnings per share
Result: reported results

Exact text from the filing

Net sales for the six months ended June 30, 2023 were $235.1 million, an increase of 36 percent compared to the first six months of 2022. Net income for the six-month period was $25.9 million or $0.75 diluted earnings per share

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Source: SEC EDGAR

accession 0001104659-23-084012

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