Marine Products Corporation reports Q3 2025 results
Marine Products Corporation, a manufacturer of Chaparral and Robalo fiberglass boats, announced its unaudited results for the third quarter ended September 30, 2025.
For the quarter, net sales increased 7% year-over-year to $53.1 million, while net income declined 22% to $2.7 million.
Gross profit was $10.2 million, up 11%, and gross margin was 19.2%, up 80 basis points versus the prior year period. The company stated that gross margin improved with targeted incentives and stabilized production schedules, improving manufacturing cost absorption.
EBITDA was $3.7 million, down 15% year-over-year. The company generated strong operating and free cash flow, ending the quarter with approximately $47.4 million in cash and no debt.
Selling, general and administrative (SG&A) expenses were $7.4 million, up 31% from the prior-year period, representing 13.9% of net sales. The increase in SG&A expenses was largely due to an increase in new product R&D investments, warranty cost adjustments and other expenses that typically vary with sales.
Third quarter results reflect an increase in sales from the prior year period. We are cautiously optimistic that we’ve reached a turning point in the industry as dealer inventory has adjusted to stabilizing demand. We are encouraged by the strong interest in our larger boats and initial positive feedback on our 2026 model year offerings; however, finance buyers continue to be more restrained.
“Economic uncertainty continues to impact the marine industry, but we are encouraged by the potential for lower interest rates helping the finance buyer, as well as improved clarity on potential tariffs not having a significant impact on model year 2026 costs.
– Ben M. Palmer, president and CEO of Marine Products
