Marine Products Corp's fourth-quarter sales were up 14.6% to US$66.6m for the quarter ended December 31, 2017. The parent of Robalo, Chaparral and Vortex said net income was US$3.35m for the quarter. The company said that, excluding the impact of tax reform would have been US$5.0m compared to US$3.7m a year ago.
"Our fourth quarter 2017 financial results were driven by higher volumes and a model mix that included larger boats, both of which favorably impacted our financial results,” said Richard Hubbell, Marine Products’ president and CEO, in a statement. “Our dealer inventories and backlog are slightly higher than at this time in 2016 as we prepare to support dealer demand in the coming months.”
The company said the increase in net sales was due to an 11.7% increase in the average selling price per boat as well as increases in sales of parts and accessories. Units sales for the quarter were up 4.0% compared to the previous year.
Hubbell said that market share for its Chaparral brand had increased to 16.7% of the sterndrive market in its size category, and Robalo's market share increased to 5.3% of its market in year-over-year retail sales through September.