Soft Q4 leads to full-year sales decline for Marine Products Corp

Chaparral SSX 277

Marine Products Corp, manufacturer of the Chaparral, Robalo and Vortex boat brands, reported its fourth quarter and full 2019 financial results on Wednesday, with a softer Q4 leading to a slight overall loss for the full year.

Marine Products Corp, manufacturer of the Chaparral, Robalo and Vortex boat brands, reported its fourth quarter and full 2019 financial results on Wednesday, with a softer Q4 leading to a slight overall loss for the full year.

For the quarter ended December 31, 2019 the Atlanta, US-based company reported net sales of US$48.1m, representing a 22.4% decline over the $62.0m in sales reported for the previous fourth quarter. Gross margin for the quarter was 21.8%, compared to 21.0% for Q4 2018 while operating profit of $4.1m for the period declined 30.6% year-over-year against an operating profit of $6.0m reported for the previous Q4. Net income of $3.5m declined by 25.1% over the $4.7m in net income earned during the fourth quarter of 2018.

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