Marine Products (NYSE: MPX) reported Q1 EPS of $0.22, $0.06 better than the analyst estimate of $0.16. Revenue for the quarter came in at $83.05 million versus the consensus estimate of $73.18 million.

Richard A. Hubbell, Marine Products' President and Chief Executive Officer stated, "During the first quarter, we sold fewer of our small boats to our dealer network, resulting in a 6.8 percent decrease in unit sales. Sales declines were concentrated in our smallest Robalo models and Chaparral H2O models. By contrast, we realized increased sales of larger Chaparral H2O models, larger Chaparral SSX and Robalo models, and generated our first sales of Chaparral's 300 OSX Sport Luxury outboards. The model mix that resulted from these shifts allowed us to generate an increase in net sales and gross profit.

"We believe that the remainder of the 2019 retail selling season will be fairly strong, but we are closely monitoring retail demand among our various products. At the end of the first quarter, our dealer inventories were comparable to inventory levels at the same time in 2018. Unit order backlog was moderately lower at the end of the quarter, so we have reduced production slightly in order to maintain healthy dealer inventory levels in preparation for the 2020 model year. I am pleased to report that Marine Products Corporation continues to maintain industry-leading market share. For the 12 months ended December 31, 2018, Chaparral's sterndrive products continued to hold the highest market share in their size category. Robalo continued to hold the second-highest market share in its category, and the combination of Robalo and Chaparral's outboard boats held 6.8 percent of their market in 2018, the third highest in that category. We are proud of the successes of our new products during the 2019 model year, and the continued strong market share in these categories confirms the appeal of our new designs among our customer base. During the first quarter of 2019 we repurchased 263,805 shares of our common stock on the open market. In spite of this use of cash, we finished the quarter with $18.3 million in cash, an increase of $1.9 million compared to cash and marketable securities at the end of 2018," concluded Hubbell.

For earnings history and earnings-related data on Marine Products (MPX) click here.