MPX - This Boatmaker Just Increased Profits by 64%. Is the Stock a Buy?
2023-05-01 08:45:00 ET
Marine Products Corporation (NYSE: MPX) just reported a historic quarter for the company, delivering record sales and a 64% year-over-year increase in net income. As this boat designer and manufacturer now gears up for spring and summer retail sales, is the stock a buy? Let's take a closer look at the latest results for this consumer discretionary stock and find out.
Headquartered in Atlanta, Marine Products manufactures recreational boats for sport fishing, wake surfing, water skiing, and other fun-filled activities on the water. Sold under the brand names Chaparral and Robalo, Marine Products' boats are offered worldwide via the company's independent dealer network.
First-quarter sales landed at an all-time-high record of $119 million, a 55% jump year over year. Boat sales rose 40% vs. last year, and the company's average boat sale price ticked up 12%.
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This Boatmaker Just Increased Profits by 64%. Is the Stock a Buy?