Thu, Jul 25, 7:21 PM (44 days ago)
Marine Products Corporation's Q2 2024 report shows a significant decline in financial performance compared to Q2 2023. Net sales decreased by 40.1% to $69.5 million, primarily due to a 41% drop in unit sales. Gross profit dropped to $13.2 million from $29.0 million, with gross margins declining to 18.9% from 24.7%. Operating income fell to $5.8 million from $16.5 million, and net income decreased to $5.6 million from $14.3 million. Cash and cash equivalents decreased to $55.1 million from $72.0 million at year-end 2023. The company attributes the decline to reduced dealer inventories, higher floor plan costs, and lower consumer demand. Future outlook remains cautious, with expectations of continued soft demand and elevated dealer inventories.