Marine Products (MPX) Tops Q2 EPS by 5c, Beats on Revenues

Marine Products (NYSE: MPX) reported Q2 EPS of $0.26, $0.05 better than the analyst estimate of $0.21. Revenue for the quarter came in at $87 million versus the consensus estimate of $75.44 million.

Richard A. Hubbell, Marine Products' President and Chief Executive Officer stated, "Our record results this quarter were driven by sales of a number of our Robalo models and several Chaparral SSX, Surf and Suncoast models. Our dealer inventories have increased slightly compared to the same time last year, although they have declined during the second quarter as compared to the first quarter of 2018. 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 March 2018, Chaparral maintained its multi-year position as the largest sterndrive manufacturer in its size category, with a market share of 16.7 percent. In addition, Robalo also maintained its market position as the third largest brand in its category, with a market share of 5.3 percent.

During the quarter, we continued our historically high regular quarterly cash dividends and share repurchases under our open market share repurchase program. In spite of these uses of cash, we finished the second quarter with $27.9 million in cash and marketable securities, an increase of $6.2 million compared with the second quarter of last year," concluded Hubbell.

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

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