第1頁
2024年第三季度盈利新聞發佈
第99.1展示文本
海洋產品公司報告 2024年第三季度財務業績，並宣佈常規季度股息
2024年10月24日，海洋產品公司（紐交所：MPX）（「公司」），一家領先的玻璃纖維船舶製造商，宣佈其截至2024年9月30日的第三季度未經審計的業績。
* 非GAAP衡量指標，包括EBITDA，EBITDA利潤率和自由現金流，均在本收益公告的附錄中與最相應的GAAP衡量標準覈對。
* 所有比較 都是基於去年同期至第三季度23年，除非另有說明。
2024年第三季度業績
| ● | 淨銷售額同比下降36%，爲4990萬美元 |
| ● | 淨利潤爲340萬美元，同比下降67%，稀釋每股收益(EPS)爲0.10美元；淨利潤率下降660個點子至6.8% |
| ● | 利息、稅項、折舊及攤銷前（EBITDA）爲430萬美元，同比下降67%；EBITDA利潤率下降810個點子至8.6% |
| ● | 由於消費者需求疲軟，反映的結果顯示經銷商訂購模式持續疲弱；作爲回應，公司已經降低成本並調整生產計劃，直到需求增強。 |
| ● | 公司繼續產生強勁的現金流，在季末現金約爲$5400萬，沒有債務。 |
管理評論
「隨着年底的臨近，我們的行業仍然面臨持續疲軟的消費者需求和溫和的經銷商訂單流量，」 海洋產品公司總裁兼首席執行官Ben M. Palmer表示。「我們的經銷商庫存處於合理水平，較去年同期以及2024年第二季度有所下降，因爲我們已經縮減了生產規模，以便渠道進行去庫存。關於最近影響東南各州的颶風，我們在喬治亞州納什維爾的設施幸運地只受到了有限的損壞。然而，我們曾經爲一週暫時關閉了運營，並且我們許多員工在社區中面對破壞性損害。我們繼續監控我們的成本和生產流程，以最大程度地減少需求低迷期間弱銷售的影響。」
「我們很高興看到季度內宣佈的利率期貨首次下降，希望年底前還會有更多的降低。雖然一次利率下調不會改變市場，但我們認爲這是降低經銷商庫存金融成本和消費者融資成本的重要第一步，同時也爲未來利息成本走向提供了一些樂觀。在這一需求較弱的時期，我們仍專注於運營、利潤、質量和創新。在第三季結束時沒有債務，強勁現金生成力，賬上超過5000萬美元的現金，我們已經做好了應對當前逆風的準備，同時爲股東提供有吸引力的分紅派息，並在業務上探索增長投資。」 Palmer總結道。
第2頁
2024年第三季度盈利新聞發佈
2024年第三季度: 綜合財務業績: 同比（對比2023年第三季度）
淨銷售額 銷售額爲4990萬美元，下降了36%。淨銷售額下降主要是由於本季度銷售的船隻數量減少了40%，部分抵消了4%的正價格/混合比，這是由於較高的毛售價所推動。銷售繼續受軟消費需求影響，經銷商嚴格管控庫存以最大程度減少庫存攜帶成本，直到需求改善。公司認爲其年度同比比較可能在短期內保持疲軟。
毛利潤 毛利率爲18.4%，下降了630個點子，爲920萬美元，下降了52%。毛利率變化反映了銷量減少和相關生產成本效率降低，再加上重新實施零售激勵計劃的影響。生產計劃和勞動成本已經調整，以更好地與當前需求相匹配。公司預計毛利率的年同比變化在短期內將不會那麼明顯，因爲與去年同期相比較變得不再那麼困難。
銷售，總務及管理費用 其SG&A費用爲560萬美元，下降了36%，基本與銷售額下降相一致，佔淨銷售額的11.3%，與去年持平。銷售與管理費用的減少是由於與銷售和盈利能力有關的成本，例如激勵補償、銷售佣金和保修費用。
利息收入 由於公司在2024年第二季度支付特別股息導致現金餘額減少，爲63.4萬美元。
所得稅費用 爲82萬美元，佔收入稅前收入的19.4%，下降了220個點子。
淨利潤和攤薄後每股收益 分別爲340萬美元和0.10美元，較第三季度的1040萬美元和0.30美元有所下降。淨利潤率爲6.8%，下降了660個點子。
EBITDA 銷售額爲430萬美元，下降至1300萬美元；EBITDA毛利率爲8.6%，下降了810個點子。
資產負債表，現金流量和資本配置
現金及現金等價物 至第三季度末，現金及現金等價物爲5350萬美元，公司的2000萬美元循環信貸設施沒有未償借款。
營業活動產生的淨現金流和自由現金流 截至第三季度24年，分別爲$2490萬和$2130萬。
分紅支付 截至第三季度24年，包括特別股息$0.70每股在第二季度支付的$3880萬。董事會宣佈，每股股息定爲$0.14，將於2024年12月10日支付給2024年11月11日收盤時的普通股東。
電話會議信息
海洋產品公司將於2024年10月24日上午8:00（美國東部時間）舉行電話會議，討論本季度的業績結果。感興趣的各方可以通過訪問
第3頁
2024年第三季度盈利新聞發佈
在海洋產品公司網站的投資者關係部分進行現場網絡廣播，網址爲www.marineproductscorp.com。此外，可以通過撥打(888) 660-6357或(929) 201-6127（國際用戶）並輸入9979064會議ID號來接入現場電話會議。大約兩小時後，投資者關係部分將提供電話會議的回放。
關於海洋產品
海洋產品公司是一家領先的玻璃纖維高品質船隻製造商，旗下品牌包括Chaparral和Robalo。Chaparral的尾驅型號包括SSi運動艇、SSX豪華運動艇以及SURF系列。Chaparral的外置機型產品包括OSX豪華運動艇和SSi外置機推拖船。Robalo生產各種外置機動力釣魚型號，包括中控式，雙艙式和凱門灣艇。公司通過產品創新不斷拓展產品線。憑藉這些優質品牌、堅實的資本結構和強大的獨立經銷商網絡，海洋產品公司準備利用機會提高市場份額，實現卓越的財務表現，以創造長期股東價值。有關海洋產品公司的更多信息，請訪問我們的網站www.marineproductscorp.com。
前瞻性聲明
本新聞稿中包含的某些聲明和信息構成《1995年《私人證券訴訟改革法案》「前瞻性聲明」的一部分。這些前瞻性聲明包括：向未來展望或表達管理層的信念、期望、希望或策略的聲明。具體而言，這些聲明包括：我們認爲，我們的行業仍然面臨持續疲軟的消費者需求和不溫不火的經銷商訂單流；我們計劃繼續監控成本和生產流程，以最大程度減少需求低谷期間銷售疲軟對我們的衝擊；我們相信，利率下降是降低經銷商庫存融資成本和消費者融資成本的重要第一步；我們認爲，在需求增長之前，我們計劃繼續專注於運營、毛利率、質量和創新；我們相信，我們有能力應對當前的逆風，同時繼續爲股東提供吸引人的股息，並在此同時探索業務的增長投資；我們相信，在短期內，我們的年度比較可能仍將偏軟；我們期望毛利率的年度同比變化在短期內將不會明顯，因爲與往年同期的比較會變得不那麼困難。可能導致未來事件無法發生或我們的策略未能如預期成功的風險因素包括：消極的經濟狀況、信貸不可用和可能導致消費信心水平下降的因素對自願性支出產生影響；因商業中斷，例如不利的天氣條件、供應鏈中斷和/或進一步增加的利率，可能對我們的零售激勵和津貼未能成功提高消費者需求帶來負面影響，由於整體經濟、行業或競爭對經濟產生負面影響，我們對產量水平的調整可能無法匹配需求；船隻擁有成本的增加使未來提高價格以補償增加成本變得更加困難；我們的新型號推出可能不符合經銷商和消費者的偏好，這是不確定的；在較低的生產水平下，因爲較低的生產水平，我們管理製造成本的能力可能會受到限制。可能導致實際結果與管理層的預測、預測、估計和期望不符的其他因素包括，海洋產品公司提交的年度報告表格10-k，已向美國證券交易委員會（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 |
Page 6
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 | | |
Page 7
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 |