secwatch.observer — SEC 8-K summary
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Issuer:     MARINE PRODUCTS CORP (MPX)
CIK:        0001129155
Form:       8-K
Filed at:   2023-10-25T23:59:59+00:00
Accession:  0001104659-23-111233
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1129155/000110465923111233/0001104659-23-111233-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1129155/000110465923111233/tm2329060d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-111233

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