第1页
2024年第三季度盈利新闻发布
第99.1展示文本
海洋产品公司报告 2024年第三季度财务业绩，并宣布常规季度股息
2024年10月24日，海洋产品公司（纽交所：MPX）（“公司”），一家领先的玻璃纤维船舶制造商，宣布其截至2024年9月30日的第三季度未经审计的业绩。
* 非GAAP衡量指标，包括EBITDA，EBITDA利润率和自由现金流，均在本收益公告的附录中与最相应的GAAP衡量标准核对。
* 所有比较 都是基于去年同期至第三季度23年，除非另有说明。
2024年第三季度业绩
| ● | 净销售额同比下降36%，为4990万美元 |
| ● | 净利润为340万美元，同比下降67%，稀释每股收益(EPS)为0.10美元；净利润率下降660个基点至6.8% |
| ● | 利息、税项、折旧及摊销前（EBITDA）为430万美元，同比下降67%；EBITDA利润率下降810个基点至8.6% |
| ● | 由于消费者需求疲软，反映的结果显示经销商订购模式持续疲弱；作为回应，公司已经降低成本并调整生产计划，直到需求增强。 |
| ● | 公司继续产生强劲的现金流，在季末现金约为$5400万，没有债务。 |
管理评论
“随着年底的临近，我们的行业仍然面临持续疲软的消费者需求和温和的经销商订单流量，” 海洋产品公司总裁兼首席执行官Ben M. Palmer表示。“我们的经销商库存处于合理水平，较去年同期以及2024年第二季度有所下降，因为我们已经缩减了生产规模，以便渠道进行去库存。关于最近影响东南各州的飓风，我们在乔治亚州纳什维尔的设施幸运地只受到了有限的损坏。然而，我们曾经为一周暂时关闭了运营，并且我们许多员工在社区中面对破坏性损害。我们继续监控我们的成本和生产流程，以最大程度地减少需求低迷期间弱销售的影响。”
“我们很高兴看到季度内宣布的利率期货首次下降，希望年底前还会有更多的降低。虽然一次利率下调不会改变市场，但我们认为这是降低经销商库存金融成本和消费者融资成本的重要第一步，同时也为未来利息成本走向提供了一些乐观。在这一需求较弱的时期，我们仍专注于运营、利润、质量和创新。在第三季结束时没有债务，强劲现金生成力，账上超过5000万美元的现金，我们已经做好了应对当前逆风的准备，同时为股东提供有吸引力的分红派息，并在业务上探索增长投资。” Palmer总结道。
第2页
2024年第三季度盈利新闻发布
2024年第三季度: 综合财务业绩: 同比（对比2023年第三季度）
净销售额 销售额为4990万美元，下降了36%。净销售额下降主要是由于本季度销售的船只数量减少了40%，部分抵消了4%的正价格/混合比，这是由于较高的毛售价所推动。销售继续受软消费需求影响，经销商严格管控库存以最大程度减少库存携带成本，直到需求改善。公司认为其年度同比比较可能在短期内保持疲软。
毛利润 毛利率为18.4%，下降了630个基点，为920万美元，下降了52%。毛利率变化反映了销量减少和相关生产成本效率降低，再加上重新实施零售激励计划的影响。生产计划和劳动成本已经调整，以更好地与当前需求相匹配。公司预计毛利率的年同比变化在短期内将不会那么明显，因为与去年同期相比较变得不再那么困难。
销售，总务及管理费用 其SG&A费用为560万美元，下降了36%，基本与销售额下降相一致，占净销售额的11.3%，与去年持平。销售与管理费用的减少是由于与销售和盈利能力有关的成本，例如激励补偿、销售佣金和保修费用。
利息收入 由于公司在2024年第二季度支付特别股息导致现金余额减少，为63.4万美元。
所得税费用 为82万美元，占收入税前收入的19.4%，下降了220个基点。
净利润和摊薄后每股收益 分别为340万美元和0.10美元，较第三季度的1040万美元和0.30美元有所下降。净利润率为6.8%，下降了660个基点。
EBITDA 销售额为430万美元，下降至1300万美元；EBITDA毛利率为8.6%，下降了810个基点。
资产负债表，现金流量和资本配置
现金及现金等价物 至第三季度末，现金及现金等价物为5350万美元，公司的2000万美元循环信贷设施没有未偿借款。
营业活动产生的净现金流和自由现金流 截至第三季度24年，分别为$2490万和$2130万。
分红支付 截至第三季度24年，包括特别股息$0.70每股在第二季度支付的$3880万。董事会宣布，每股股息定为$0.14，将于2024年12月10日支付给2024年11月11日收盘时的普通股东。
电话会议信息
海洋产品公司将于2024年10月24日上午8:00（美国东部时间）举行电话会议，讨论本季度的业绩结果。感兴趣的各方可以通过访问
第3页
2024年第三季度盈利新闻发布
在海洋产品公司网站的投资者关系部分进行现场网络广播，网址为www.marineproductscorp.com。此外，可以通过拨打(888) 660-6357或(929) 201-6127（国际用户）并输入9979064会议ID号来接入现场电话会议。大约两小时后，投资者关系部分将提供电话会议的回放。
关于海洋产品
海洋产品公司是一家领先的玻璃纤维高品质船只制造商，旗下品牌包括Chaparral和Robalo。Chaparral的尾驱型号包括SSi运动艇、SSX豪华运动艇以及SURF系列。Chaparral的外置机型产品包括OSX豪华运动艇和SSi外置机推拖船。Robalo生产各种外置机动力钓鱼型号，包括中控式，双舱式和凯门湾艇。公司通过产品创新不断拓展产品线。凭借这些优质品牌、坚实的资本结构和强大的独立经销商网络，海洋产品公司准备利用机会提高市场份额，实现卓越的财务表现，以创造长期股东价值。有关海洋产品公司的更多信息，请访问我们的网站www.marineproductscorp.com。
前瞻性声明
本新闻稿中包含的某些声明和信息构成《1995年《私人证券诉讼改革法案》“前瞻性声明”的一部分。这些前瞻性声明包括：向未来展望或表达管理层的信念、期望、希望或策略的声明。具体而言，这些声明包括：我们认为，我们的行业仍然面临持续疲软的消费者需求和不温不火的经销商订单流；我们计划继续监控成本和生产流程，以最大程度减少需求低谷期间销售疲软对我们的冲击；我们相信，利率下降是降低经销商库存融资成本和消费者融资成本的重要第一步；我们认为，在需求增长之前，我们计划继续专注于运营、毛利率、质量和创新；我们相信，我们有能力应对当前的逆风，同时继续为股东提供吸引人的股息，并在此同时探索业务的增长投资；我们相信，在短期内，我们的年度比较可能仍将偏软；我们期望毛利率的年度同比变化在短期内将不会明显，因为与往年同期的比较会变得不那么困难。可能导致未来事件无法发生或我们的策略未能如预期成功的风险因素包括：消极的经济状况、信贷不可用和可能导致消费信心水平下降的因素对自愿性支出产生影响；因商业中断，例如不利的天气条件、供应链中断和/或进一步增加的利率，可能对我们的零售激励和津贴未能成功提高消费者需求带来负面影响，由于整体经济、行业或竞争对经济产生负面影响，我们对产量水平的调整可能无法匹配需求；船只拥有成本的增加使未来提高价格以补偿增加成本变得更加困难；我们的新型号推出可能不符合经销商和消费者的偏好，这是不确定的；在较低的生产水平下，因为较低的生产水平，我们管理制造成本的能力可能会受到限制。可能导致实际结果与管理层的预测、预测、估计和期望不符的其他因素包括，海洋产品公司提交的年度报告表格10-k，已向美国证券交易委员会（SEC）提交，截至2023年12月31日。
Page 4
Third Quarter 2024 Earnings Press Release
For information about Marine Products Corporation or this event, please contact:
Mark Chekanow, CFA
Vice President, Investor Relations
(404) 419-3809
mchekano@marineproductscorp.com
Michael L. Schmit
Chief Financial Officer
(404) 321-7910
irdept@marineproductscorp.com
MARINE PRODUCTS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands except per share data)
|
| Three Months Ended | |
| Nine Months Ended | ||||||||
September 30, |
| 2024 | | 2023 | |
| 2024 |
| 2023 | ||||
| | | (Unaudited) | | | (Unaudited) | | | | (Unaudited) | | | (Unaudited) |
| | | | | | | | | | | | | |
Net sales | | $ | 49,850 | | $ | 77,786 | | | $ | 188,737 | | $ | 312,858 |
Cost of goods sold | |
| 40,668 | |
| 58,548 | | |
| 152,397 | |
| 235,942 |
Gross profit | |
| 9,182 | |
| 19,238 | | |
| 36,340 | |
| 76,916 |
Selling, general and administrative expenses | |
| 5,642 | |
| 8,789 | | |
| 21,809 | |
| 35,495 |
Gain on disposition of assets, net | |
| (50) | |
| (1,962) | | |
| (51) | |
| (1,962) |
Operating income | |
| 3,590 | |
| 12,411 | | |
| 14,582 | |
| 43,383 |
Interest income, net | |
| 634 | |
| 860 | | |
| 2,364 | |
| 2,066 |
Income before income taxes | |
| 4,224 | |
| 13,271 | | |
| 16,946 | |
| 45,449 |
Income tax provision | |
| 820 | |
| 2,868 | | |
| 3,360 | |
| 9,176 |
Net income | | $ | 3,404 | | $ | 10,403 | | | $ | 13,586 | | $ | 36,273 |
| | | | | | | | | | | | | |
EARNINGS PER SHARE (1) | |
|
| |
|
| | |
|
| |
|
|
Basic | | $ | 0.10 | | $ | 0.30 | | | $ | 0.37 | | $ | 1.05 |
Diluted | | $ | 0.10 | | $ | 0.30 | | | $ | 0.37 | | $ | 1.05 |
| | | | | | | | | | | | | |
AVERAGE SHARES OUTSTANDING (2) | |
|
| |
|
| | |
|
| |
|
|
Basic | |
| 34,713 | |
| 34,467 | | |
| 34,683 | |
| 34,435 |
Diluted | |
| 34,713 | |
| 34,467 | | |
| 34,683 | |
| 34,435 |
(1) Earnings per share includes a reduction of $0.02 for the nine months ended September 30, 2024, resulting from the allocation of earnings attributable to participating securities under the two-class method required by GAAP. Special dividend paid in the prior quarter resulted in a reduction of $957 due to earnings attributable to participating securities for the nine months ended September 30, 2024.
(2) Includes participating securities which are share-based payment awards with non-forfeitable rights to dividends. Under the two-class method, average shares outstanding shown above were reduced by participating securities of 880 for the nine months ended September 30, 2024.
Page 5
Third Quarter 2024 Earnings Press Release
MARINE PRODUCTS CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
|
| (in thousands) | ||||
| | September 30, | | December 31, | ||
|
| 2024 |
| 2023 | ||
|
| | (Unaudited) | | | |
ASSETS |
| |
|
| |
|
Cash and cash equivalents | | $ | 53,533 | | $ | 71,952 |
Accounts receivable, net | |
| 5,445 | |
| 2,475 |
Inventories | |
| 52,599 | |
| 61,611 |
Income taxes receivable | |
| 217 | |
| 361 |
Prepaid expenses and other current assets | |
| 3,696 | |
| 2,847 |
Total current assets | |
| 115,490 | |
| 139,246 |
Property, plant and equipment, net | |
| 23,942 | |
| 22,456 |
Goodwill | |
| 3,308 | |
| 3,308 |
Other intangibles, net | |
| 465 | |
| 465 |
Deferred income taxes | |
| 9,936 | |
| 8,590 |
Retirement plan assets | | | 18,117 | | | 15,379 |
Other long-term assets | |
| 5,058 | |
| 4,358 |
Total assets | | $ | 176,316 | | $ | 193,802 |
| | | | | | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |
|
| |
|
|
Liabilities | | | | | | |
Accounts payable | | $ | 8,060 | | $ | 6,071 |
Accrued expenses and other liabilities | |
| 16,576 | |
| 16,496 |
Total current liabilities | |
| 24,636 | |
| 22,567 |
Retirement plan liabilities | |
| 21,206 | |
| 17,998 |
Other long-term liabilities | |
| 1,683 | |
| 1,649 |
Total liabilities | |
| 47,525 | |
| 42,214 |
| | | | | | |
Stockholders' Equity | | | | | | |
Preferred stock | | | — | |
| — |
Common stock | |
| 3,471 | |
| 3,447 |
Capital in excess of par value | |
| — | |
| — |
Retained earnings | |
| 125,320 | |
| 148,141 |
Total stockholders' equity | |
| 128,791 | |
| 151,588 |
Total liabilities and stockholders' equity | | $ | 176,316 | | $ | 193,802 |
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Third Quarter 2024 Earnings Press Release
MARINE PRODUCTS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| | (in thousands) | | | ||||
Nine Months Ended September 30, |
| | 2024 |
| | 2023 | | |
| | | (Unaudited) | | | (Unaudited) | | |
OPERATING ACTIVITIES |
| |
|
| | |
| |
Net income | | $ | 13,586 | | $ | 36,273 | | |
Adjustments to reconcile net income to net cash provided by operating activities: | |
|
| |
|
| | |
Depreciation and amortization | |
| 2,088 | |
| 1,750 | | |
Pension settlement loss | | | — | | | 2,277 | | |
Working capital | | | 7,406 | | | 3,348 | | |
Other operating activities | | | 1,802 | | | (3,470) | | |
Net cash provided by operating activities | |
| 24,882 | |
| 40,178 | | |
| |
| | |
| | | |
INVESTING ACTIVITIES | | | | | | | | |
Capital expenditures | |
| (3,574) | |
| (8,405) | | |
Proceeds from sale of assets | |
| 51 | |
| 1,129 | | |
Net cash used for investing activities | |
| (3,523) | |
| (7,276) | | |
| | | | | | | | |
FINANCING ACTIVITIES | |
|
| |
|
| | |
Payment of dividends | | | (38,845) | |
| (14,458) | | |
Cash paid for common stock purchased and retired | | | (933) | |
| (910) | | |
Net cash used for financing activities | | | (39,778) | |
| (15,368) | | |
| | | | | | | | |
Net (decrease) increase in cash and cash equivalents | |
| (18,419) | |
| 17,534 | | |
Cash and cash equivalents at beginning of period | |
| 71,952 | |
| 43,171 | | |
Cash and cash equivalents at end of period | | $ | 53,533 | | $ | 60,705 | | |
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Third Quarter 2024 Earnings Press Release
Non-GAAP Measures
Marine Products Corporation has used the non-GAAP financial measures of EBITDA, EBITDA margin, and free cash flow in today's earnings release. These measures should not be considered in isolation or as a substitute for performance or liquidity measures prepared in accordance with GAAP. Management believes that presenting these non-GAAP measures enables investors to compare our operating performance consistently over various time periods, and in the case of EBITDA, without regard to changes in our capital structure. Management believes that free cash flow, which measures our ability to generate additional cash from our business operations, is an important financial measure for use in evaluating Marine Products’ liquidity. Free cash flow should be considered in addition to, rather than as a substitute for, net cash provided by operating activities as a measure of our liquidity. Additionally, Marine Products’ definition of free cash flow is limited, in that it does not represent residual cash flows available for discretionary expenditures, due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations or payments made for business acquisitions. Therefore, management believes it is important to view free cash flow as a measure that provides supplemental information to our Condensed Consolidated Statements of Cash Flows.
A non-GAAP financial measure is a numerical measure of financial performance, financial position, or cash flows that either 1) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of operations, balance sheet or statement of cash flows, or 2) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented.
Set forth in the appendices below are reconciliations of these non-GAAP measures with their most directly comparable GAAP measures. These reconciliations also appear on Marine Products Corporation’s investor website, which can be found on the Internet at www.marineproductscorp.com.
Appendix A
(Unaudited) | | Three Months Ended | | Nine Months Ended | ||||||||
| | September 30, | | September 30, | | September 30, | | September 30, | ||||
(In thousands) |
| 2024 | | 2023 |
| 2024 |
| 2023 | ||||
Reconciliation of Net Income to EBITDA |
| |
| | |
|
| |
|
| |
|
Net income | | $ | 3,404 | | $ | 10,403 | | $ | 13,586 | | $ | 36,273 |
Adjustments: | |
|
| |
|
| |
|
| |
|
|
Add: Income tax provision | |
| 820 | |
| 2,868 | |
| 3,360 | |
| 9,176 |
Add: Depreciation and amortization | |
| 704 | |
| 610 | |
| 2,088 | |
| 1,750 |
Less: Interest income, net | |
| 634 | |
| 860 | |
| 2,364 | |
| 2,066 |
EBITDA | | $ | 4,294 | | $ | 13,021 | | $ | 16,670 | | $ | 45,133 |
| | | | | | | | | | | | |
Net sales | | $ | 49,850 | | $ | 77,786 | | $ | 188,737 | | $ | 312,858 |
| | | | | | | | | | | | |
Net income margin(1) | | | 6.8% | | | 13.4% | | | 7.2% | | | 11.6% |
| | | | | | | | | | | | |
EBITDA margin(1) | | | 8.6% | | | 16.7% | | | 8.8% | | | 14.4% |
(1) Net income margin is calculated as net income divided by net sales. EBITDA margin is calculated as EBITDA divided by net sales.
Page 8
Third Quarter 2024 Earnings Press Release
Appendix B
| |
| | ||||
(Unaudited) | | | Nine Months Ended | ||||
| | | September 30, | | September 30, | ||
(In thousands) |
|
| 2024 |
| 2023 | ||
Reconciliation of Operating Cash Flow to Free Cash Flow |
|
| |
|
| |
|
Net cash provided by operating activities | | | $ | 24,882 | | $ | 40,178 |
Capital expenditures | | | | (3,574) | | | (8,405) |
Free cash flow | | | $ | 21,308 | | $ | 31,773 |