Marine Products (MPX) Misses Q2 EPS by 1c

Marine Products (NYSE: MPX) reported Q2 EPS of $0.13, $0.01 worse than the analyst estimate of $0.14. Revenue for the quarter came in at $65 million versus the consensus estimate of $62.09 million.

Richard A. Hubbell, Marine Products' President and Chief Executive Officer stated, "Our second quarter financial results reflect a strong retail selling season and the continued popularity of many of our new models. As we reported at the end of the first quarter, our Robalo outboard sport fishing boats continued to sell well in the second quarter, especially the new Robalo 160. We also generated higher sales of our Chaparral SSX bowriders, and the largest of our Chaparral H2O sport boats. In addition, sales of our Chaparral Vortex jet boats have benefited from strong dealer and consumer demand this year.

"At the end of the second quarter, our dealer inventory was lower than at the end of the first quarter, and our order backlog had increased. The most recently available market share statistics show that our Chaparral sterndrive boats continue to hold the highest market share in their category. Our annual dealer conference will take place in the next few weeks, and we look forward to our dealers' reception to our 2017 models and learning about their perception of consumer demand for the coming model year. If our near-term business indicators continue to be strong, we intend to increase production at the end of the third quarter as we introduce our 2017 models," concluded Hubbell.

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

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