What were the key takeaways from Marine Products’s earnings call?

Did Marine Products beat or miss consensus estimates last quarter?

What does Marine Products do and what are its main business segments?

What is the revenue and EPS growth rate for Marine Products year over year?

What is Marine Products's gross profit margin?

What were the key takeaways from Marine Products's earnings call?

What is Marine Products's latest dividend and current dividend yield?

What factors drove the changes in Marine Products's revenue and profit?

- **Sales Recovery**: 7% YoY growth signals stabilization post destocking.
- **Profit Margin Expansion**: Gross margin improved to 19.2%, driven by efficient production.
- **Cash Strength**: $47.4M cash on hand with no debt, enabling strategic investments.
- **Challenges Ahead**: Tariff volatility and supply chain constraints persist.
- **Dealer Engagement**: Positive feedback on new products and targeted promotional strategies.


**【CEO Summary Section】**
- **Sales Growth and Destocking Completion**: Third-quarter sales increased 7% year-over-year, marking the first YoY growth in two years. The destocking of channel inventory is largely complete, with field inventory reduced by 6% YoY.
- **Market Sentiment and Dealer Feedback**: The industry shows cautious optimism, supported by positive dealer feedback on new Chaparral and Robalo models. Dealer attendance at the annual meeting was strong, with interest in new product introductions.
- **Operational Challenges**: Supply chain costs remain a concern, though store parts shortages are less severe. Tariffs remain fluid, with potential future adjustments.

**【CFO Financial Commentary】**
- **Revenue and Profitability**: Sales rose 7%, driven by price/mix improvements. Gross profit increased 11% to $10.2 million, with a 19.2% gross margin, up 80 basis points YoY.
- **Cost Management**: SG&A expenses rose 31% due to R&D investments and compensation accruals. EBITDA declined 15% to $3.7 million, while operating cash flow remained positive at $11.7 million year-to-date.
- **Financial Health**: The company maintains a strong cash position of $47.4 million with no debt, supporting strategic investments.

**【Closing Remarks】**
- **Strategic Initiatives**: The company is evaluating growth opportunities and partnerships, leveraging its strong balance sheet for new model investments.
- **Future Outlook**: Focus on targeted dealer support programs and cost control to navigate macroeconomic uncertainties.


Marine Products (MPX)-30 Oct 25-2025 Q3 Earnings call transcript

- **Sales stabilization**: Q2 sales down 3% but 15% higher than Q1, with 11% inventory reduction.
- **Gross margin improvement**: 20bps expansion to 19.1% offset by 14% EBITDA decline.
- **Strategic initiatives**: 2026 model rollout and acquisition focus to drive growth.
- **Key risks**: Tariffs, interest rates, and dealer caution impacting recovery.

**【CEO Summary Section】**
- Q2 sales decreased 3% to $67.7 million, driven by a 13% decline in boats sold, offset by a 10% price/mix increase. 
- Field inventory reduced 11% YoY; dealers remain cautious on restocking amid macroeconomic uncertainty.
- 2026 model year rollout includes new products and refreshed designs, with dealer previews scheduled for August.
- EBITDA declined 14% YoY to $5.6 million, while operating cash flow remained positive at $9.2 million.

**【CFO Financial Commentary】**
- Gross profit margin improved 20 basis points to 19.1%, reflecting cost alignment and price/mix benefits.
- SG&A expenses rose 9% to $8.1 million, driven by R&D, advertising, and incentive accruals.
- Diluted EPS of $0.12 down 20% YoY; tax rate stable at 21.3%.
- Q2 CapEx $400,000; annual CapEx expected $2-3 million. Year-to-date dividends $9.8 million.
- Cash balance $50 million; no debt.

**【Management Closing Remarks】**
- 2026 model year strategy focuses on innovation and dealer collaboration to drive demand.
- Actively pursuing acquisitions to enhance portfolio and capitalize on market opportunities.
- Emphasized gratitude to dealers and employees for navigating challenging conditions.

Marine Products (MPX)-24 Jul 25-2025 Q2 Earnings call transcript

- **Sales Stabilization**: Q1 2025 sales down 15% YoY but +23% sequential, with channel inventory down 18% YoY.
- **Gross Margin Pressure**: 18.6% margin (-160bps YoY) due to lower volume absorption.
- **Strong Cash Flow**: $10.7M free cash flow, $57M cash on hand.
- **Tariff Risks**: Potential price increases on key components, uncertain resolution.
- **Acquisition Focus**: Actively seeking new boat category acquisitions with ample liquidity.

**【CFO Opening Remarks】**
- Reminder of forward-looking statements and non-GAAP measures.
- Press release and 10-K available for risk disclosures.

**【CEO Key Updates】**
- Q1 2025 Sales: $59M (-15% YoY), boats sold down 19%, price/mix +4%.
- Sequential improvement: Q1 2025 sales up 23% vs Q4 2024.
- Channel inventory: Down 18% YoY, 15% YTD 2024.
- Challenges: Elevated channel inventory, uncertain interest rates, tariff uncertainty.
- Tariff impact: Potential price increases on engines, stainless steel, fiberglass.
- 2026 Model Year: Cautious rollout with dealer collaboration.
- Financial strength: $57M cash, no debt, $10.7M free cash flow.

**【CFO Financial Highlights】**
- Gross Profit: $11M (18.6% margin, -160bps YoY).
- SG&A: $8.3M (-5% YoY), 14.1% of sales (+150bps).
- EPS: $0.06 (-54% YoY).
- EBITDA: $3.4M (-42% YoY).
- Cash Flow: $10.8M operating, $10.7M free.
- CapEx: $100K Q1, $3M annual target.
- Dividends: $4.9M paid.

**【CEO Closing Remarks】**
- Actively pursuing acquisitions in new boat categories.
- New Board Member: Steve Lewis (formerly Troutman Pepper CEO).
- Retiring Board Members: Gary Rollins, Pam Rollins.
- S-3 Registration: Control group shares filed for corporate housekeeping.

Marine Products (MPX)-24 Apr 25-2025 Q1 Earnings call transcript

- **Revenue decline but inventory progress**: Q4 sales down 33% YoY, but field inventory reduced 15% YoY. 2024 EBITDA: $21M (-60% YoY).
- **Cautious optimism in marine industry**: Dealer sentiment improving, Miami boat shows well-attended, buyers showing interest in upgrades and entry-level boats.
- **Strong cash management**: $44M dividends paid in 2024, $52M cash on hand, no debt. Solar project yields tax benefits and cost savings.
- **M&A focus**: Actively pursuing distressed brands with dealer network fit, potential opportunities as market stabilizes.


**【CEO Summary Section】**
- Q4 2024 revenue declined 33% YoY to $47.8M, driven by a 39% drop in boats sold and 6% price/mix decline. However, field inventory decreased 15% YoY, signaling destocking progress.
- Management highlights cautious optimism in the marine industry, citing improved dealer sentiment and attendance at winter boat shows. Buyers are showing interest in upgrades and entry-level models.
- Operational investments included solar panel installation at Georgia facility, yielding tax benefits and cost savings. The company remains focused on cash returns, with $44M in dividends paid in 2024.

**【CFO Financial Commentary】**
- Full-year 2024 sales: $237M (-38% YoY), EPS: $0.50, EBITDA: $21M (-60% YoY). Q4 gross margin improved 20bps to 19.2%, driven by reduced promotional expenses.
- Strong cash flow generation: $30M operating cash flow, $25M free cash flow. Ended with $52M cash, no debt, and declared a $0.14 quarterly dividend.
- Q4 SG&A expenses down 28% YoY, reflecting cost control amid lower sales. Tax benefit from solar project offset $71K of tax liability.

**【Q&A Key Takeaways】**
- **Market Sentiment**: Dealers report cautious optimism, with Miami boat show attendance strong but buyers moving slowly. Chaparral brand 60th anniversary celebration highlighted dealer loyalty.
- **Promotional Activity**: Incentives remain consistent with 2023 levels, focused on clearing older inventory. No material differences vs. peers observed.
- **Inventory Management**: Field inventory at "normal seasonal levels" post-15% YoY decline. Dealers remain cautious on reordering, but early 2025 demand signals are positive.
- **M&A Strategy**: Actively evaluating distressed brands, prioritizing fit with existing dealer network. Interest rates and market stabilization may create opportunities in 2025.


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