Marine Products(US:MPX)2025-10-30 10:45Financial Performance - Net sales for Q3 2025 were $53.1 million, representing a 7% increase year-over-year, primarily driven by a price/mix increase of 7%[5] - Net income decreased by 22% year-over-year to $2.7 million, with diluted EPS at $0.07, and net income margin down 180 basis points to 5.0%[5][8] - EBITDA for Q3 2025 was $3.7 million, down 15% year-over-year, with an EBITDA margin of 6.9%, a decrease of 170 basis points from the previous year[5][8] - Gross profit increased by 11% to $10.2 million, with a gross margin of 19.2%, up 80 basis points compared to Q3 2024[6] - Selling, general and administrative expenses rose by 31% to $7.4 million, representing 13.9% of net sales, an increase of 260 basis points year-over-year[7] Cash Flow and Capital Expenditures - The company ended Q3 2025 with approximately $47.4 million in cash and no debt, with free cash flow of $10.8 million year-to-date[9] - The company expects full-year 2025 capital expenditures to be approximately $1.0 to $1.5 million[9] - Net cash provided by operating activities for the nine months ended September 30, 2025, was $11,742,000, a decline of 52.8% from $24,882,000 in 2024[26] - Free cash flow for the nine months ended September 30, 2025, was $10,774,000, a decrease of 49.5% compared to $21,308,000 in 2024[26] - Capital expenditures for the nine months ended September 30, 2025, were $968,000, significantly lower than $3,574,000 in 2024[19] Inventory and Product Development - Field unit inventory was approximately 6% below Q3 2024, reflecting improved inventory management[6] - The company launched the 2026 model year Chaparral and Robalo products, indicating ongoing product innovation[5] Dividend Information - The board declared a regular cash quarterly dividend of $0.14 per share, payable on December 10, 2025[10] - Payment of dividends for the nine months ended September 30, 2025, was $14,695,000, a decrease of 62.2% from $38,845,000 in 2024[19] Year-to-Date Performance - Net income for the nine months ended September 30, 2025, was $9,018,000, a decrease of 33.5% compared to $13,586,000 for the same period in 2024[19] - EBITDA for the nine months ended September 30, 2025, was $12,650,000, down 24.2% from $16,670,000 in 2024[23] - Net sales for the nine months ended September 30, 2025, were $179,848,000, down 4.5% from $188,737,000 in 2024[23] - Net income margin for the nine months ended September 30, 2025, was 5.0%, compared to 7.2% in 2024[23] - EBITDA margin for the nine months ended September 30, 2025, was 7.0%, down from 8.8% in 2024[23] - Cash and cash equivalents at the end of the period were $47,403,000, down from $53,533,000 at the end of the same period in 2024[19]