Title: Marine Products Corporation Discloses Q2 Financial Results

Marine Products Corporation (NYSE: MPX), one of the leading manufacturers of fiberglass boats, has revealed its financial results for the second quarter of 2021, based on its recent SEC 8-K filings.

The Atlanta-based corporation, best known for its signature Robalo and Chaparral fiberglass boats, announced its fiscal Q2 results that closed on June 30th, 2021. The financial report shows a noteworthy improvement in earnings and revenue, demonstrating the corporation’s resilience in the face of the Covid-19 pandemic.

According to the 8-K filing, Marine Products Corporation reports an impressive increase in net sales to $98.7 million, up by approximately 48.46% from $66.5 million in the same quarter of previous year. This surge is attributed to a robust demand for the company’s products, coupled with a significant increment in the average selling prices of its boats.

The corporation’s gross profit equally steered an upward trend, topping at $21.5 million in the second quarter, compared to $13.6 million during the same period in 2020. This marks a remarkable growth of 58.2%, primarily as a result of greater production and sales volumes offset by a rise in material costs.

However, the company didn’t steer clear of the financial challenges. The operating income, for instance, stood at $11 million in the second quarter of 2021, showing a decline from $13 million reported in Q2 2020. Increased selling, general and administrative expenses were singled out as the main force behind the dip.

Despite the decline in operating income, Marine Products Corporation’s net income experienced an upbeat swing. The net income for Q2 2021 clocked in at $9.2 million or $0.27 per diluted share, compared to the Q2 2020 net income of $8.4 million or $0.24 per share- a favorable increase on an annual basis.

With the spectacular performance in Q2, Marine Products (NYSE:MPX) has proven its robust business model and demonstrated its resilience, ensuring stakeholders continue to see the value of their investments. The company’s firm position will continue to serve its customers and meet rising demands while fostering continued growth moving forward, despite the prevailing global economic uncertainties.

Details of the 8-K SEC filing by Marine Products (NYSE: MPX) can be accessed on the SEC’s official website for more information.

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.

Marine Products Company Profile

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.