Marine Products Corp. announced a 42% increase in sales for the fourth quarter of 2022, compared with the same quarter a year prior. For the quarter ended Dec. 31, the builder of Chaparral and Robalo boats had net sales of $108.5 million, compared with $76.5 million in 2021.
The company said in a statement that the growth was due to a 29% increase in the number of boats sold during the quarter and a 12% increase in the average selling price per boat. It added that unit sales increased primarily due to finishing boats more efficiently and shipping more from inventory.
“During the fourth quarter, our supply chain and transportation issues continued to improve, allowing us to increase boat shipments to satisfy dealer demand for new 2023 models,” CEO Ben M. Palmer said in the statement. “Shipments were the highest of any quarter in 2022, in spite of the seasonal impact of two holidays. In addition to higher unit sales, these positive developments lowered our working capital requirements, which are reflected in lower inventories and a higher cash balance than at the end of the third quarter.”
Net sales for the 12 months ended Dec. 31 were a record $381 million, an increase of 28% compared with the 12 months ended Dec. 31, 2021. Net income for the year was a record $40.3 million, or $1.18 diluted earnings per share, compared with net income of $29 million, or $0.85 diluted earnings per share, in 2021. EBITDA for 2022 was $53.7 million, compared with $38.2 million in the year prior.
“At the end of the quarter, field inventories began to increase to support our dealers during the upcoming 2023 winter boat show season,” Palmer said. “Indications of attendance and orders from the early boat shows are positive, so we are maintaining a high production schedule and have allocated dealer deliveries through the first quarter.”
Gross profit for the fourth quarter was $27.3 million, compared with $19.2 million in the prior-year quarter. Operating profit was $14.8 million, an increase of 39% compared with $10.7 million in 2021.
