MPC Reports Q3 Sales Up 24%

Chaparral and Robalo Boats manufacturer Marine Products Corporation (NYSE: MPX) released its third quarter results Wednesday, noting a Q3 year-over-year sales increase of 24%.

For the quarter ended September 30, 2015, Marine Products generated net sales of US$47 million, a 24% gain over the $37.9 million reported for the same period of 2014. The increase was attributed to higher unit sales of Robalo outboard-powered fishing boats, and strong sales of its Chaparral Vortex jet boats.

Gross profit for the third quarter was reported at $9.8 million, a near 42% gain over the $6.9 million reported for Q3 of 2014. The company said that improvements to its gross margin stem from a favorable model mix and improved operating efficiencies due to higher production volumes.

“We are pleased to report continued growth in sales of our Robalo outboard sport fishing boats during the third quarter,” said Marine Products Corporation president and CEO, Richard A. Hubbell. “In addition, we reported increased sales of our Vortex Jet Boats and Chaparral SunCoast outboards, which are new in 2015. The market for recreational boating continues to improve, and our dealers are enthusiastic about our 2016 models and are looking ahead to the winter boat show season.”

This has been a good year for the company, which reported near identical numbers – a year-over-year 24% sales increase and 33% increase in gross profit – in its Q2 report issued in late July.