Marine Products Q3 net sales down 36% to $49.9M; EPS drops to $0.10 from $0.30

MARINE PRODUCTS CORP

2024-Q3 EPS reported $0.37 revenue$188,737,000

Net income fell 67% YoY to $3.4M; diluted EPS was $0.10 vs $0.30 in 3Q:23.
Gross margin decreased 630 bps to 18.4% on lower volumes and incentive programs.
EBITDA margin fell 810 bps to 8.6%; EBITDA was $4.3M vs $13.0M in prior year.
Cash and cash equivalents $53.5M with no debt; regular dividend of $0.14/share declared.
Management cited soft consumer demand and dealer destocking; production reduced.

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