MPX - Marine Products' lower unit sales hurt Q3 earnings shares -11%

Marine Products (MPX) is down 10.68% after the Q3 earnings report, where revenue of $68.78M (-4.8% Y/Y) miss consensus by 3.18M.The top-line decline was due to 10.4% reduction in the number of units sold during the quarter; however, partially 7.8% increase in the average selling price per boat driven by larger demand for Chaparral Surf models and Robalo sport fishing boats.Gross profit of $16.24M (+3.1%) with margin moving up to 23.6% vs. 21.8% a year ago.Operating profit declined 14% Y/Y to $8.35M.Net income of $6.53M or GAAP EPS of $0.19 misses consensus by $0.02."Our dealer inventories remain at historically low levels," says president and CEO Richard A. Hubbell. He adds "Sales in the recreational boating industry continue to benefit from the effects of the COVID-19 pandemic, which is preventing vacation travel and recreational activities in crowded environments, forcing families to remain isolated and close to home. As a result of this extraordinary situation, we are

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Marine Products' lower unit sales hurt Q3 earnings, shares -11%