Marine Products Corporation Reports Fourth Quarter and Full Year 2025 Financial Results

Core Viewpoint Marine Products Corporation reported its unaudited financial results for the fourth quarter and full year ended December 31, 2025, highlighting significant growth in net sales but a decline in net income and earnings per share due to increased expenses and tax provisions related to the liquidation of company-owned life insurance policies. Fourth Quarter 2025 Results - Net sales reached $64.6 million, representing a 35% increase year-over-year, driven by a 12% price/mix increase and a 22% rise in the number of boats sold [5][10] - Gross profit was $12.7 million, up 39%, with a gross margin of 19.6%, an increase of 40 basis points compared to the prior year [5] - Selling, general and administrative expenses rose to $8.9 million, a 61% increase, accounting for 13.9% of net sales, up 230 basis points from 4Q:24 [6] - Net income was $2.4 million, down 45% year-over-year, with diluted EPS at $0.07, a decrease from $0.12 in 4Q:24 [7][10] - EBITDA was $4.5 million, a slight increase of 3% year-over-year, with an EBITDA margin of 7.0%, down 220 basis points from the previous year [8][10] Full Year 2025 Results - Total net sales for the year were $244.4 million, a 3% increase from $236.6 million in 2024 [10] - Net income for the year was $11.4 million, down 36% from $17.9 million in 2024, with diluted EPS at $0.32, down from $0.50 [10] - Adjusted net income was $12.4 million, with adjusted diluted EPS at $0.35 [10] - EBITDA for the year was $17.2 million, down 18% year-over-year, with an EBITDA margin of 7.0%, a decrease of 190 basis points [10] Balance Sheet, Cash Flow and Capital Allocation - Cash and cash equivalents at the end of 4Q:25 were approximately $43.5 million, with no outstanding debt [11] - Net cash provided by operating activities was $16.5 million, and free cash flow was $14.9 million year-to-date through 4Q:25 [11] - Total liabilities decreased to $22.3 million from $42.2 million in the previous year, while total stockholders' equity was $125.0 million, down from $129.0 million [18]