--- title: "Marine Products Corporation Reports Fourth Quarter and Full Year 2025 Financial Results | MPX Stock News" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/274965754.md" description: "Marine Products Corporation (NYSE: MPX) reported its fourth quarter and full year 2025 financial results. For Q4, net sales rose 35% to $64.6 million, but net income fell 45% to $2.4 million. Adjusted net income was $3.4 million. For the full year, net sales increased 3% to $244.4 million, with net income down 36% to $11.4 million. The company ended Q4 with $43.5 million in cash and no debt. A conference call will not be held due to a joint announcement with MasterCraft Boat Holdings, Inc." datetime: "2026-02-05T03:46:00.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/274965754.md) - [en](https://longbridge.com/en/news/274965754.md) - [zh-HK](https://longbridge.com/zh-HK/news/274965754.md) --- > 支持的语言: [English](https://longbridge.com/en/news/274965754.md) | [繁體中文](https://longbridge.com/zh-HK/news/274965754.md) # Marine Products Corporation Reports Fourth Quarter and Full Year 2025 Financial Results | MPX Stock News , /PRNewswire/ -- Marine Products Corporation (NYSE: MPX) (the "Company"), a leading manufacturer of fiberglass boats, announced its unaudited results for the fourth quarter and full year ended December 31, 2025. _\* **Non-GAAP measures**, including EBITDA, EBITDA margin, adjusted net income, adjusted net income margin, and free cash flow are reconciled to the most directly comparable GAAP measures in the appendices of this earnings release._ _\* **All comparisons** are year-over-year to 4Q:24 unless stated otherwise._ **Fourth Quarter 2025 Results** - Net sales increased 35% year-over-year to $64.6 million - Net income was $2.4 million, down 45% year-over-year, and diluted Earnings Per Share (EPS) was $0.07; Net income margin decreased 520 basis points to 3.7% - Adjusted net income, was $3.4 million, and adjusted diluted Earnings per Share (EPS) was $0.10. Adjustments relate to taxes on company owned life insurance policies liquidated in 4Q:25 as part of the previously announced dissolution of the non-qualified supplemental retirement income plan - Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) was $4.5 million, up 3% year-over-year; EBITDA margin decreased 220 basis points to 7.0% - The Company generated strong operating and free cash flow, ending the quarter with approximately $43.5 million in cash and no debt **Full Year 2025 Results** - Net sales increased 3% year-over-year to $244.4 million - Net income was $11.4 million, down 36% year-over-year, and diluted Earnings Per Share (EPS) was $0.32; Net income margin decreased 280 basis points to 4.7% - Adjusted net income was $12.4 million, and adjusted diluted Earnings per Share (EPS) was $0.35. Adjustments relate to taxes on company owned life insurance policies liquidated in 4Q:25 as part of the previously announced dissolution of the non-qualified supplemental retirement income plan - Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) was $17.2 million, down 18% year-over-year; EBITDA margin decreased 190 basis points to 7.0% **4Q:25 Consolidated Financial Results (year-over-year comparisons versus 4Q:24)** **_Net sales_** were $64.6 million, up 35%. The increase in net sales was primarily due to a price/mix increase of 12%, and a 22% increase in the number of boats sold during the quarter. **_Gross profit_** was $12.7 million, up 39%. Gross margin was 19.6%, up 40 basis points versus the prior year period. **_Selling, general and administrative expenses_** were $8.9 million, up 61%, and represented 13.9% of net sales, up 230 basis points versus 4Q:24. **_Interest income_** of $376 thousand decreased due to lower cash balances and lower interest rates. **_Income tax provision_** was $1.8 million, or 42.5% of income before income taxes, up primarily due to the tax impact of the liquidation of company-owned life insurance policies that were part of the previously announced dissolution of a non-qualified supplemental retirement income plan. **_Net income and diluted EPS_** were $2.4 million and $0.07, respectively, down from $4.3 million and $0.12, respectively, in 4Q:24. Net income margin was 3.7%, down 520 basis points. **_EBITDA_** was $4.5 million, up from $4.4 million. EBITDA margin was 7.0%, down 220 basis points from last year's fourth quarter. **Balance Sheet, Cash Flow and Capital Allocation** **_Cash and cash equivalents_** were $43.5 million at the end of 4Q:25, with no outstanding borrowings under the Company's $20 million revolving credit facility. **_Net cash provided by operating activities and free cash flow_** were $16.5 million and $14.9 million, respectively, year-to-date through 4Q:25. **_Payment of dividends_** totaled $19.6 million year-to-date through 4Q:25. **Conference Call Information** Due to this morning's joint announcement with MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT), the Company will not be hosting a conference call to discuss results for the quarter. **About Marine Products** Marine Products Corporation is a leading manufacturer of high-quality fiberglass boats under the brand names Chaparral and Robalo. Chaparral's sterndrive models include SSi Sportboats and SSX Luxury Sportboats, and the GTS SURF Series. Chaparral's outboard offerings include OSX Luxury Sportboats, the SSi Outboard Bowriders, and SSX Luxury Sportboats. Robalo builds an array of outboard sport fishing models, which include Center Consoles, Dual Consoles and Cayman Bay Boats. For more information on Marine Products Corporation visit our website at www.marineproductscorp.com, charparralboats.com, and robalo.com. **Forward Looking Statements** Certain statements and information included in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements that look forward in time or express management's beliefs, expectations, hopes or strategies. In particular, such statements include, without limitation, those relating to the proposed transaction with MasterCraft. Risk factors that could cause such future events not to occur or our strategies not to succeed as expected include the following: our ability to consummate the pending combination with MasterCraft on the proposed terms or on the proposed timeline, or at all, including risks and uncertainties related to securing the necessary regulator and stockholder approvals and the satisfaction of other closing conductions; the occurrence of any event, change or other circumstance that could give rise to the termination of the definitive agreement relating to the transition with MasterCraft, effects relating to the announcement of the pending combination with MasterCraft, including on the market price of our common stock and our relationships with customers, employees, dealers and suppliers, and the risk of potential stockholder litigation associated with the pending combination with MasterCraft; negative economic conditions, including increased tariffs, unavailability of credit and possible decreases in the level of consumer confidence impacting discretionary spending; business interruptions due to, e.g., adverse weather conditions, supply chain disruptions and/or further increased interest rates; our retail incentives and allowances may not successfully increase consumer demand as anticipated; due to negative impacts to the overall economy, industry; competition; our adjustments to production levels may not match demand; increased cost of boat ownership makes it more difficult to raise prices in the future to compensate for increased costs; our new model launches may not match dealer and consumer preferences, which are inherently uncertain; and our ability to manage manufacturing costs may be constrained in light of lower production levels and/or higher materials costs due to unexpected or increased tariffs and/or higher inflation. Additional factors that could cause the actual results to differ materially from management's projections, forecasts, estimates and expectations are contained in Marine Products' Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission (the "SEC") for the year ended December 31, 2024. Joshua Large Vice President, Corporate Finance and Investor Relations (404) 321-2152 jlarge@marineproductscorp.com Michael L. Schmit Chief Financial Officer (404) 321-7910 irdept@marineproductscorp.com **MARINE PRODUCTS CORPORATION AND SUBSIDIARIES** **CONSOLIDATED STATEMENTS OF OPERATIONS** _(In thousands except per share data)_ **Three Months Ended** **Year Ended** **December 31,** **2025** 2024 **2025** 2024 (Unaudited) (Unaudited) (Unaudited) **Net sales** **$** **64,571** $ 47,818 **$** **244,419** $ 236,555 Cost of goods sold **51,886** 38,660 **197,644** 191,057 Gross profit **12,685** 9,158 **46,775** 45,498 Selling, general and administrative expenses **8,946** 5,567 **32,747** 27,376 Gain on disposition of assets, net **—** (93) **—** (144) Operating income **3,739** 3,684 **14,028** 18,266 Interest income, net **376** 512 **1,737** 2,876 Income before income taxes **4,115** 4,196 **15,765** 21,142 Income tax provision (benefit) **1,750** (71) **4,382** 3,289 **Net income** **$** **2,365** $ 4,267 **$** **11,383** $ 17,853 **EARNINGS PER SHARE (1)** Basic **$** **0.07** $ 0.12 **$** **0.32** $ 0.50 Diluted **$** **0.07** $ 0.12 **$** **0.32** $ 0.50 **AVERAGE SHARES OUTSTANDING (1)** Basic **34,999** 34,707 **34,965** 34,689 Diluted **34,999** 34,707 **34,965** 34,689 (1) Earnings per share reflects a reduction of $0.01 for the twelve months ended December 31, 2025 and 2024, due to the adjustment for earnings attributable to participating securities under the two-class method. Special dividend paid in Q2 2024 resulted in a reduction of $1,108 for earnings attributable to participating securities during the twelve months ended December 31, 2024. Average shares outstanding were reduced by 910 and 877 shares of participating securities for the years ended December 31, 2025 and 2024, respectively, under the two-class method. Participating securities are share-based payment awards with non-forfeitable rights to dividends. **MARINE PRODUCTS CORPORATION AND SUBSIDIARIES** **CONSOLIDATED BALANCE SHEETS** _(in thousands)_ **December 31,** December 31, **2025** 2024 (Unaudited) **ASSETS** Cash and cash equivalents **$** **43,512** $ 52,379 Accounts receivable, net **6,865** 4,176 Inventories **54,691** 49,960 Income taxes receivable **2,208** 439 Prepaid expenses and other current assets **3,302** 3,040 Total current assets **110,578** 109,994 Property, plant and equipment, net **22,650** 24,247 Goodwill **3,308** 3,308 Other intangibles, net **465** 465 Deferred income taxes **5,217** 9,729 Retirement plan assets **—** 18,489 Other long-term assets **5,014** 5,015 **Total assets** **$** **147,232** $ 171,247 **LIABILITIES AND STOCKHOLDERS' EQUITY** **Liabilities** Accounts payable **$** **6,648** $ 5,499 Accrued expenses and other liabilities **13,960** 13,425 Total current liabilities **20,608** 18,924 Retirement plan liabilities **—** 21,667 Other long-term liabilities **1,659** 1,653 Total liabilities **22,267** 42,244 **Stockholders' Equity** Preferred stock — — Common stock **3,500** 3,471 Capital in excess of par value — — Retained earnings **121,465** 125,532 Total stockholders' equity **124,965** 129,003 **Total liabilities and stockholders' equity** **$** **147,232** $ 171,247 **MARINE PRODUCTS CORPORATION AND SUBSIDIARIES** **CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS** _(in thousands)_ **Year Ended December 31,** **2025** 2024 (Unaudited) **OPERATING ACTIVITIES** **Net income** **$** **11,383** $ 17,853 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization **3,138** 2,786 Working capital **(7,818)** 6,036 Other operating activities **9,761** 2,851 **Net cash provided by operating activities** **16,464** 29,526 **INVESTING ACTIVITIES** Capital expenditures **(1,541)** (4,596) Proceeds from benefit plan financing arrangement **20,715** — Distribution from benefit plan financing arrangement **(23,855)** — Proceeds from sale of assets **—** 163 **Net cash used for investing activities** **(4,681)** (4,433) **FINANCING ACTIVITIES** Payment of dividends **(19,595)** (43,733) Cash paid for common stock purchased and retired **(1,055)** (933) **Net cash used for financing activities** **(20,650)** (44,666) Net decrease in cash and cash equivalents **(8,867)** (19,573) Cash and cash equivalents at beginning of period **52,379** 71,952 **Cash and cash equivalents at end of period** **$** **43,512** $ 52,379 **Non-GAAP Measures** Marine Products Corporation has used the non-GAAP financial measures of adjusted net income, adjusted net income margin, adjusted earnings per share, EBITDA, EBITDA margin, and free cash flow in today's earnings release. These measures should not be considered in isolation or as a substitute for performance or liquidity measures prepared in accordance with GAAP. Management believes that presenting these non-GAAP measures enables investors to compare our operating performance consistently over various time periods without regard to changes in our capital structure. Management believes that free cash flow, which measures our ability to generate additional cash from our business operations, is an important financial measure for use in evaluating Marine Products' liquidity. Free cash flow should be considered in addition to, rather than as a substitute for, net cash provided by operating activities as a measure of our liquidity. Additionally, Marine Products' definition of free cash flow is limited, in that it does not represent residual cash flows available for discretionary expenditures, due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations or payments made for business acquisitions. Therefore, management believes it is important to view free cash flow as a measure that provides supplemental information to our Condensed Consolidated Statements of Cash Flows. A non-GAAP financial measure is a numerical measure of financial performance, financial position, or cash flows that either 1) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of operations, balance sheet or statement of cash flows, or 2) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. Set forth in the appendices below are reconciliations of these non-GAAP measures with their most directly comparable GAAP measures. These reconciliations also appear on Marine Products Corporation's investor website, which can be found on the Internet at www.marineproductscorp.com. **Appendix A** (Unaudited) **Three Months Ended** **Year Ended** **December 31,** **2025** 2024 **2025** 2024 **Reconciliation of Net Income to Adjusted Net Income** _(In thousands)_ Net income **$** **2,365** $ 4,267 **$** **11,383** $ 17,853 Adjustments: Add: Taxes on company owned life insurance liquidation **1,039** — **1,039** — Adjusted net income **$** **3,404** $ 4,267 **$** **12,422** $ 17,853 (Unaudited) **Three Months Ended** **Year Ended** **December 31,** **2025** 2024 **2025** 2024 **Reconciliation of Diluted Earnings Per Share to Adjusted Diluted Earnings Per Share** Diluted earnings per share **$** **0.07** $ 0.12 **$** **0.32** $ 0.50 Adjustments: Add: Taxes on company owned life insurance liquidation **0.03** — **0.03** — Adjusted diluted earnings per share **$** **0.10** $ 0.12 **$** **0.35** $ 0.50 Weighted average shares outstanding _(in thousands)_ **34,999** 34,707 **34,965** 34,689 **Appendix B** (Unaudited) **Three Months Ended** **Year Ended** **December 31,** December 31, **December 31,** December 31, _(In thousands)_ **2025** 2024 **2025** 2024 **Reconciliation of Net Income to EBITDA and Net Income Margin to EBITDA Margin** Net income **$** **2,365** $ 4,267 **$** **11,383** $ 17,853 Adjustments: Add: Income tax provision (benefit) **1,750** (71) **4,382** 3,289 Add: Depreciation and amortization **777** 698 **3,138** 2,786 Less: Interest income, net **376** 512 **1,737** 2,876 EBITDA **$** **4,516** $ 4,382 **$** **17,166** $ 21,052 Net sales **$** **64,571** $ 47,818 **$** **244,419** $ 236,555 Net income margin(1) **3.7 %** 8.9 % **4.7 %** 7.5 % Adjusted net income margin(1) **5.3 %** 8.9 % **5.1 %** 7.5 % EBITDA margin(1) **7.0 %** 9.2 % **7.0 %** 8.9 % (1) Net income margin is calculated as Net income divided by Net sales. Adjusted net income margin is calculated as Adjusted net income divided by Revenues. EBITDA margin is calculated as EBITDA divided by Net sales. **Appendix C** (Unaudited) **Year Ended** **December 31,** December 31, _(In thousands)_ **2025** 2024 **Reconciliation of Operating Cash Flow to Free Cash Flow** Net cash provided by operating activities **$** **16,464** $ 29,526 Capital expenditures **(1,541)** (4,596) Free cash flow **$** **14,923** $ 24,930 SOURCE Marine Products Corporation ### 相关股票 - [Marine Products (MPX.US)](https://longbridge.com/zh-CN/quote/MPX.US.md) ## 相关资讯与研究 - [MasterCraft to Acquire Marine Products in Stock-and-Cash Merger](https://longbridge.com/zh-CN/news/281527610.md) - [Hyundai Motor reports March South Korea EV sales up 38% from a year ago](https://longbridge.com/zh-CN/news/281318338.md) - [Uniti Fiber Names Heather Orrico to Lead Enterprise Sales | UNIT Stock News](https://longbridge.com/zh-CN/news/281030171.md) - [Automakers unveil new EVs for US market despite sales downturn](https://longbridge.com/zh-CN/news/281410903.md) - [GVTC Promotes Jonathan Babbitt to Vice President of Sales & Marketing](https://longbridge.com/zh-CN/news/281541291.md)