Marine Products Corp. reported net sales of $118.9 million in the first quarter of fiscal 2023, a 55% increase compared with $76.6 million in 2022. The builder of Chaparral and Robalo boats attributed the results to a 40% increase in the number of boats sold, a 12% rise in the average selling price per boat, and an increase in parts and accessories sales.
“We increased production during the first quarter as we supported our dealers’ needs for inventory as the 2023 retail selling season began and our manufacturing efficiencies continued to improve,” president and CEO Ben M. Palmer said in a statement. “The outcome of the winter boat shows was generally favorable, and our dealers continue to request both retail sold units as well as inventory to meet their projected demand.
“Dealer inventories are beginning to increase toward more normalized levels, though they remain lower than prepandemic inventory levels,” he continued. “Though we are optimistic about near-term demand, we continue to monitor indications of negative consumer sentiment arising from higher interest rates or an economic slowdown.”
Gross profit for the quarter was $29 million, compared with $18.4 million in the year-prior quarter. Gross margin as a percentage of net sales was 24% this year and last. Operating profit for the quarter, including a pension-settlement charge, was $14.5 million, an increase of 58% compared with $9.2 million last year.
Net income for the quarter was $11.5 million, an increase of 64% compared with $7.1 million in 2022. EBITDA was $15 million, an increase of $5.4 million, or 56%, compared with 2022.
Diluted earnings per share was 34 cents, an increase of 62% compared with 21 cents in 2022.
