Marine Products Corp, parent of the Chaparral and Robalo brands, reported a 6.9% increase in sales of US$59.2m for its third quarter ended September 30, 2017. Net income was US$4.6m for the quarter, up 6.5% over a year ago.
The company said that a 5.7% increase in average selling price and increase in parts and accessories sales were responsible for the revenue increases. The number of units sold remained unchanged.
“During the quarter we generated higher unit sales in our Robalo sport fishing boats and several of our larger Chaparral models, offset by continued weakness in industry-wide sterndrive sales,” says Richard Hubbell, CEO, in the statement. “Average selling prices increased during the quarter due to a model mix which included larger boats.”
Hubbell said that third-quarter sales were “negatively impacted” by about 3% because of plant closures and delayed deliveries resulting from Hurricane Irma.
The company said that its market share in the sterndrive segment increased to 16% during the quarter, while its Robalo sportfishing share was up to 5.2%. “Our dealer inventory levels were lower than at the end of the second quarter as our dealers sold large numbers of boats to their retail customers," said Hubbell.