Marine Products Q3 net sales down 22% to $77.8M; EPS $0.30 vs $0.34

MARINE PRODUCTS CORP

2023-Q3 EPS reported $1.05 revenue$312,858,000

Net sales $77.8M vs $100.1M YoY; boat units down 24%, average selling price up 5%.
Net income $10.4M ($0.30 diluted EPS) vs $11.5M ($0.34); net margin improved to 13.4% from 11.5%.
Gross profit $19.2M (24.7% margin) vs $25.0M (25.0% margin); operating income $12.4M, down 15%.
SG&A $8.8M, down from $10.3M; includes $1.8M real estate gain in other income.
CEO cites demand normalization and Hurricane Idalia impact; dealer inventories reasonable with production scheduled into 2024.

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 quarter ended September 30, 2023 results: revenue $77.8 million, net income $10.4 million, EPS $0.30.

Period: quarter ended September 30, 2023
Revenue: $77.8 million
Net income: $10.4 million
EPS: $0.30
Result: reported results

Exact text from the filing

For the quarter ended September 30, 2023, Marine Products generated net sales of $77.8 million, a 22 percent decrease compared to $100.1 million in the third quarter of the prior year.

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Source: SEC EDGAR

accession 0001104659-23-111233

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