Marine Products Corp Down 14.64% To $11.25 After Earnings Miss

Wednesday, October 25, 2023 - Marine Products Corp (MPX) reported downside earnings and revenues today.

The consensus among analysts for Marine Products Corp was for an earnings per share (EPS) of $0.36. The firm failed to meet those projections, reporting an EPS of $0.30, a negative surprise of $0.06 (-17%). Profits fell 12% year-over-year after reporting an EPS of $0.34 in its year-ago quarter. The negative growth rate signals that the Consumer Cyclical company isn't performing well amid current economic conditions.

Consensus analyst estimates were at $105.1 million. The Consumer Cyclical company missed on those expectations for its third quarter with revenue of $77.8 million, a negative revenue surprise of $27.3 million (26%). The firm managed negative 22% growth year-over-year due to Marine Products Corp reporting quarterly revenue of $100.1 million in its year-ago quarter. Marine Products Corp achieved a higher earnings growth rate than revenue, signaling that the business has improved its profit margin.

The stock is down 14.64% to $11.25 after the report.

The firm's lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.

Wall Street Analysts had an average rating of Hold on the stock prior to the report.

InvestorsObserver gives the stock a Bearish Sentiment score at the moment based on recent trading.

Marine Products Corp has performed a little above average during the past few months. Before the report, Marine Products Corp received a Long-Term Technical Rank by InvestorsObserver of 57, putting it in the top half of stocks. The firm was recently trading at a 52-week high of $17.81 on August 11, 2023 and set a 52-week low on October 25, 2022 at $8.56.

Marine Products Corp is a manufacturer of fiberglass motorized boats distributed and marketed through its independent dealer network. It operates in the Powerboat Manufacturing business segment through Nashville, Georgia, Valdosta, and Georgia. Its product offerings include Chaparral sterndrive, outboard, and jet pleasure boats and Robalo outboard sport fishing boats. The company offers its products to the family recreational and cruiser markets through its Chaparral brand and to the sportfishing market through its Robalo brand.