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Sep 30, 2022
Marine Products Q3 2022 Earnings Report
Reported record financial results due to increased average selling price per boat and strong demand.
Key Takeaways
Marine Products Corporation reported record quarterly net sales of $100.1 million, a 32 percent increase compared to the same quarter of the prior year. The increase in net sales was due to a 33 percent increase in the average selling price per boat. Net income for the third quarter of 2022 was a record $11.5 million, an increase of 72 percent compared to net income of $6.7 million in the third quarter of 2021.
Net sales increased by 32% to $100.1 million compared to the same quarter of the prior year.
Average selling price per boat increased by 33%.
Gross profit increased to $25.0 million compared to $16.0 million in the third quarter of the prior year.
Net income increased by 72% to $11.5 million compared to the same quarter of the prior year.
Forward Guidance
The company continued efforts to meet high retail and dealer demand. As the quarter progressed, the company began to experience some relief in both transportation and supply chain issues which facilitated shipments of boats during the quarter. Dealers continue to request shipments both for boats which have been committed to retail customers as well as units which will begin to replenish historically low dealer inventories.
Positive Outlook
- Continued efforts to meet high retail and dealer demand
- Experienced some relief in both transportation
- Experienced some relief in supply chain issues which facilitated shipments of boats during the quarter
- Model mix continued to improve
- Dealers continue to request shipments both for boats which have been committed to retail customers as well as units which will begin to replenish historically low dealer inventories
Challenges Ahead
- Consumers interested in smaller boats are more likely to be concerned about higher fuel prices
- Consumers interested in smaller boats are more likely to be concerned about higher interest rates
Historical Earnings Impact
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Avg. Return Before/After Earnings
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