Strong sport fishing boat sales drive Marine Products surge
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Strong sales of its outboard sport fishing boats helped Marine Products Corporation to a 56.9% increase in net income for its third quarter, the Atlanta, Georgia, company reported yesterday.
President and CEO, Richard Hubbell, announced that net income of $7.1 million is up $2.6 million compared to the same quarter last year.
Net sales rose to $72 million, a 21.6% comparable increase, due to more units being sold coupled with a 12.6% increase in the average selling price. Gross margin was 22.5%, compared to 22.7% in 2017.
The manufacturer cited strong market positions in stern drive and outboard sport fishing boat product lines. Its model mix includes the Chaparral and Robalo brands.
“Our dealer network is optimistic about market demand in the upcoming year,” said Hubbell. “Our order backlog at the end of the third quarter was higher than at the same time last year and dealer inventories were relatively unchanged, reflecting strong retail sales levels.”
Marine Products net sales for the nine months ended September 30, 2018, were $236 million, an increase of 17.3% compared to the first nine months of 2017.