Marine Products (NYSE: MPX) reported Q3 EPS of $0.21, $0.03 better than the analyst estimate of $0.18. Revenue for the quarter came in at $72.01 million versus the consensus estimate of $67.66 million.

Richard A. Hubbell, Marine Products' President and Chief Executive Officer stated, "Our results during the third quarter of 2018 were driven by a model mix which included larger boats, such as our larger Chaparral 277 and 347 SSX models, as well as several of our larger Robalo models. Unit sales of most of our product lines increased, including sales of our sterndrive models, which increased in contrast to the overall weakness in this recreational boating segment. In addition, we are pleased to report continued strong market positions in both our sterndrive and outboard sport fishing boat product lines. For the 12-month period ending in June 2018, Chaparral maintained its position as the largest sterndrive manufacturer in its size category, with a market share of 16.8 percent. In addition, Robalo held the third largest market position in its category, with a market share of 5.1 percent. During the third quarter we held our annual dealer conference, and I am pleased to report that our dealer network is optimistic about market demand in the upcoming year and enthusiastic about our 2019 models. Our order backlog at the end of the third quarter was higher than at the end of the third quarter of last year, and dealer inventories were relatively unchanged, reflecting strong retail sales levels.

During the quarter, we continued our regular quarterly cash dividends and share repurchases under our open market share repurchase program. In spite of these uses of cash, we finished the third quarter with $22.3 million in cash and marketable securities, an increase of $4.8 million compared with the third quarter of last year," concluded Hubbell.

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