---
schema_version: "secwatch.filing_event.v1"
accession: "0001558370-24-005676"
form_type: "8-K"
ticker: "MPX"
cik: "0001129155"
company_name: "MARINE PRODUCTS CORP"
filed_at: "2024-04-25T23:59:59+00:00"
generated_at: "2026-06-03T07:28:50.810016+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001558370-24-005676
- form_type: 8-K
- ticker: MPX
- cik: 0001129155
- company_name: MARINE PRODUCTS CORP
- filed_at: 2024-04-25T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1129155/000155837024005676/0001558370-24-005676-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1129155/000155837024005676/mpx-20240425x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001558370-24-005676
- JSON: https://secwatch.observer/filing/0001558370-24-005676.json
- Plain text: https://secwatch.observer/filing/0001558370-24-005676.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1129155/000155837024005676/0001558370-24-005676-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.