Marine Products Q2 EPS $0.14, net sales $69.5M (-40% YoY), net income -61%

MARINE PRODUCTS CORP

2024-Q2 EPS reported $0.28 revenue$138,887,000

Net sales $69.5M, down 40% YoY; net income $5.6M, down 61%; diluted EPS $0.14, down from $0.42.
EBITDA $6.5M, down 62%; EBITDA margin 9.3%, down 540 bps.
Declared regular quarterly dividend of $0.14 per share, payable Sept 10, record Aug 9.
Cash $55.1M, no debt; free cash flow $18.1M YTD; management cites high dealer inventory and weak demand.
Gross margin 18.9%, down 580 bps due to lower volumes and reinstitution of retail incentives.

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