MPX - This Boatmaker Saw Profits Jump by 44% Last Quarter. Is the Stock a Buy?
2023-08-12 06:45:00 ET
After buoyant sales last quarter, Marine Products Corporation (NYSE: MPX) is seeking to ride current momentum for the rest of the year. Long term, this designer, manufacturer, and distributor of premium-branded pleasure and sport fishing boats aims to diversify its offerings and strengthen its dealer network.
Let's examine Marine Products' performance last quarter and determine whether this consumer discretionary stock is a buy-and-hold investment.
The Atlanta-based company drove $116.2 million in sales for the second quarter, marking a 21% rise over the same period last year. According to CEO Ben Palmer, Marine Products' ability to deliver more completed boats to its 206 domestic and 92 international independent authorized dealers helped "satisfy our dealers' inventory needs during the retail selling season."
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This Boatmaker Saw Profits Jump by 44% Last Quarter. Is the Stock a Buy?