Marine Products Corporation Reports Fourth Quarter and Full Year 2024 Financial Results and Declares Dividend

Marine Products Corporation (NYSE: MPX), a prominent manufacturer of fiberglass boats, recently disclosed its unaudited financial results for the fourth quarter and full year ending on December 31, 2024. The company reported a variety of financial metrics comparing the current period to the previous year.

In the fourth quarter of 2024, the company experienced a decline in net sales by 33% to $47.8 million. Despite this decrease, the net income stood at $4.3 million, representing a 21% decline year-over-year. Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) also decreased by 32% to $4.4 million during the same period.

For the full year 2024, Marine Products Corporation reported a 38% decrease in net sales to $236.6 million. The net income for the year was noted at $17.9 million, with diluted Earnings Per Share (EPS) at $0.50. The company ended the year in a strong financial position with approximately $52.4 million in cash and no debt.

Marine Products’ President and Chief Executive Officer, Ben M. Palmer, expressed optimism despite the challenging year. He highlighted the successful implementation of cost control measures and acknowledged the industry’s difficulties while focusing on the company’s solid financial foundation. Palmer also emphasized the company’s strategic moves to manage costs and preserve margins.

Looking ahead, Marine Products Corporation is monitoring the market closely for signs of improved demand. The company has sustained its ability to fund internal growth projects, capital investments, and dividends, remaining vigilant for strategic mergers and acquisitions to enhance shareholder value.

The company’s balance sheet showcased $52.4 million in cash and cash equivalents at the end of 2024, with no outstanding borrowings on its $20 million revolving credit facility. Additionally, Marine Products Corporation paid a special dividend in 2024 and declared a regular quarterly dividend of $0.14 per share, payable on March 10, 2025.

Marine Products Corporation will conduct a conference call at 8:00 a.m. Eastern Time on January 30, 2025, to discuss these financial results. Interested parties can access the call through the company’s website or by phone.

The company’s focus remains on leveraging its premium brands, robust financial structure, and extensive dealer network to capitalize on growth opportunities in the market and deliver long-term value to shareholders.

As per the condensed consolidated financial statements, non-GAAP measures like EBITDA, EBITDA margin, and free cash flow were used to offer investors consistent comparisons of operating performance over time periods. Marine Products Corporation believes these measures provide valuable insights into the company’s financial health and liquidity.

For further details and reconciliations of these non-GAAP measures with GAAP measures, investors can refer to Marine Products Corporation’s investor website at www.marineproductscorp.com.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Marine Products’s 8K filing here.

About Marine Products

Marine Products Corporation designs, manufactures, and sells recreational fiberglass powerboats for the sport boat and sport fishing boat markets worldwide. The company offers Chaparral sterndrive pleasure boats, including SSi Sport Boats, SSX Sport Boats, and the Surf Series; Chaparral outboard pleasure boats, which include OSX Luxury Sportboats and SSi outboard models; and Robalo outboard sport fishing boats.