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Dec 31, 2021
Marine Products Q4 2021 Earnings Report
Marine Products Corporation's Q4 2021 financial results were announced, showing increased net sales and net income compared to the same period last year.
Key Takeaways
Marine Products Corporation reported a 7.6% increase in net sales and a 20.8% increase in net income for the fourth quarter of 2021 compared to the same period in the prior year. The increase in net sales was primarily driven by a 21.1% increase in the average selling price per boat, while unit sales decreased by 11.1%.
Net sales increased by 7.6% to $76,537,000 compared to Q4 2020.
Net income increased by 20.8% to $8,448,000 compared to Q4 2020.
Diluted earnings per share increased to $0.25 compared to $0.21 in Q4 2020.
Average selling price per boat increased by 21.1%, while the number of boats sold decreased by 11.1%.
Forward Guidance
The company anticipates that supply chain problems and COVID-related employee absences will continue to impact operations during the first quarter of 2022. However, they remain optimistic about the long-term prospects for recreational boating, with strong dealer and consumer demand expected to continue.
Positive Outlook
- Dealer and consumer demand remain strong for the foreseeable future.
- Consumer preferences are migrating towards larger boats.
- The 2022 model year lineup was developed in response to that demand.
- The 2022 model year lineup is positively impacting financial results.
- Continued dominant market share in our two propulsion categories and size ranges.
Challenges Ahead
- Supplier delivery schedules will continue to impact operations during the first quarter of 2022.
- COVID-related employee absences will continue to impact operations during the first quarter of 2022.
- Supply chain problems negatively impacted fourth quarter production and deliveries.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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