Marine Products Corp today reported sales of US$77.5m for its quarter ended March 31, 2018, up 9.1% compared to the same period a year ago. Net income for the quarter was US$7.6m, up 44.6% compared to a year ago.
The maker of Chaparral and Robalo said that the increase in sales was due to a 9.6% increase in the average selling price per boat, plus an increase in parts and accessories sales. Its model mix included larger boats.
Richard Hubbell, president and CEO, said sales were driven by “popular” 2018 models including three new Chaparral SSX and larger Robalo Explorer models. "Our dealer inventories have increased slightly, and backlog is higher than at this time in 2017, reflecting high levels of dealer demand during this retail selling season,” said Hubbell in a statement. “We are pleased to report continued strong market positions in both our sterndrive and outboard sport fishing boat product lines.”
The Chaparral brand remains the largest sterndrive builder in its category, with a 16.7% market share. Robalo is now the third largest brand in its category, with a market share of 5.3%.