Marine Products(MPX) - 2024 Q4 - Annual Results

Financial Performance - Net sales for Q4 2024 decreased by 33% year-over-year to $47.8 million, with a 39% decrease in the number of boats sold, partially offset by a positive price/mix of 6%[6][8] - Net income for Q4 2024 was $4.3 million, down 21% year-over-year, with diluted EPS at $0.12; net income margin increased by 120 basis points to 8.9% due to favorable tax items[6][11] - EBITDA for Q4 2024 was $4.4 million, down 32% year-over-year, maintaining an EBITDA margin of 9.2%[6][12] - Full year 2024 net sales decreased by 38% year-over-year to $236.6 million, with net income at $17.9 million and diluted EPS at $0.50[6][8] - Net income for the year ended December 31, 2024, was $17,853,000, down 57.2% from $41,695,000 in 2023[24] - Net sales for the year ended December 31, 2024, were $236,555,000, a decrease of 38.4% compared to $383,729,000 in 2023[28] - EBITDA for the year ended December 31, 2024, was $21,052,000, down 59.3% from $51,618,000 in 2023[28] Cash and Assets - The company ended 2024 with approximately $52.4 million in cash and no debt, supporting regular quarterly dividends and a significant mid-year special dividend[6][13] - Cash and cash equivalents at the end of the period were $52,379,000, down from $71,952,000 at the beginning of the period, a decrease of 27.2%[24] - Total assets decreased to $171,247,000 in Q4 2024 from $193,802,000 in Q4 2023, a decline of approximately 11.6%[23] - Total stockholders' equity decreased to $129,003,000 in Q4 2024 from $151,588,000 in Q4 2023, a decline of approximately 15.0%[23] - Net cash provided by operating activities decreased to $29,526,000 in 2024 from $56,846,000 in 2023, a decline of 48.0%[24] - Free cash flow for the year ended December 31, 2024, was $24,930,000, down 46.5% from $46,672,000 in 2023[31] Expenses and Dividends - Selling, general and administrative expenses for Q4 2024 were $5.6 million, down 28% year-over-year, representing 11.6% of net sales[6][10] - A regular quarterly dividend of $0.14 per share has been declared, payable on March 10, 2025[6][15] Future Outlook - The company expects year-over-year sales comparisons to be generally flat in the near-term, with potential for growth in the second half of 2025[7][18] - Management remains cautious with hiring and production increases until there are definitive signals for improved demand[7][18] Margins - The net income margin for Q4 2024 was 8.9%, compared to 7.7% in Q4 2023[28] - The EBITDA margin for Q4 2024 remained stable at 9.2%, consistent with Q4 2023[28] Sustainability Initiatives - The company completed its solar panel installation at the Nashville production site, which is expected to yield cost savings and environmental benefits[6][14]