Marine Products Q1 sales drop 42%; declares $0.70 special dividend

MARINE PRODUCTS CORP

2024-Q1 EPS reported $0.13 revenue$69,340,000

Net sales $69.3M, down 42% YoY; net income $4.6M, diluted EPS $0.13 (down 60% and 62% respectively).
EBITDA $5.9M, down 61%; EBITDA margin 8.5% (down 410 bps); gross margin 20.2% (down 420 bps).
Board declared $0.14 regular quarterly and $0.70 special dividend, both payable June 10, 2024, returning ~$29M.
No debt; cash $81.2M; $20M revolver undrawn; free cash flow $15.0M in Q1.
Management cites higher interest rates and elevated channel inventory; adjusting production and costs.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

MARINE PRODUCTS CORP reported first quarter ended March 31, 2024 results: revenue $69.3 million, net income $4.6 million, EPS $0.13.

Period: first quarter ended March 31, 2024
Revenue: $69.3 million
Net income: $4.6 million
EPS: $0.13
Result: reported results

Exact text from the filing

of this earnings release. * All comparisons are year-over-year to 1Q:23 unless stated otherwise. First Quarter 2024 Highlights ● Net sales decreased 42% year-over-year to $69.3 million ● Net income was $4.6 million, down 60% year-over-year, and diluted Earnings Per Share (EPS) was $0.13; net income margin decreased 310 basis points to 6.6% ● Earnings Before

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Source: SEC EDGAR

accession 0001558370-24-005676

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