Marine Products Corporation reports Q2 2024 financial result and declares regular quarterly dividend
by Marine Products Corporation 25 Jul 2024 09:16 PDT
July 25, 2024
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Marine Products Corporation (NYSE: MPX) ("the Company"), a leading manufacturer of fiberglass boats, announced its unaudited results for the second quarter ended June 30, 2024.
*Non-GAAP measures, including EBITDA, EBITDA margin, and free cash flow are reconciled to the most comparable GAAP measures in the appendices of this earnings release.
*All comparisons are year-over-year to 2Q:23 unless stated otherwise.
Second Quarter 2024 Highlights
- Net sales decreased 40% year-over-year to $69.5 million
- Net income was $5.6 million, down 61% year-over-year and diluted Earnings Per Share (EPS) was $0.14; net income margin decreased 430 basis points to 8.0%
- Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) was $6.5 million, down 62% year-over-year; EBITDA margin decreased 540 basis points to 9.3%
- Results reflected continued weakness in dealer ordering patterns given persistently high industry-wide channel inventories and soft consumer demand; the Company continued to respond with actions to reduce costs, adjust production schedules and provide retail incentives
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