Apr. 24 at 11:46 AM
$MPX
🚨
Marine Products reported challenging first quarter 2025 results, with significant year-over-year declines across key metrics.
Net sales decreased 15% to
$59.0 million, primarily due to a 19% decrease in boat sales volume, partially offset by a 4% price/mix increase.
Net income fell 52% to
$2.2 million, with diluted EPS of
$0.06, down from
$0.13 in Q1 2024.
The company's performance reflected ongoing marine industry softness and macro-economic uncertainties. Gross margin declined 160 basis points to 18.6%, while EBITDA dropped 43% to
$3.4 million.
Despite challenges, MPX maintained a strong financial position with
$57.1 million in cash and no debt.
The Board declared a quarterly dividend of
$0.14 per share, payable June 10, 2025.
Management anticipates taking a conservative approach to 2026 model year introductions and inventory management, citing concerns about potential tariff impacts and economic uncertainty affecting consumer spending.
