Marine Products Corporation, the parent of the Chaparral and Robalo boat brands, reported that fourth-quarter net sales increased 35 percent year-over-year to $64.6 million, compared to $47.8 million in the 2024 fourth quarter. The increase in net sales was primarily due to a 12 percent price/mix increase and a 22 percent increase in the number of boats sold during the quarter.

Gross profit was $12.7 million, up 39 percent year-over-year. Gross margin was 19.6 percent of net sales in Q4, up 40 basis points versus the prior-year Q4 period.

Selling, general and administrative expenses were $8.9 million, up 61 percent, and represented 13.9 percent of net sales, up 230 basis points versus the 2024 fourth quarter.

Interest income of $376 thousand decreased due to lower cash balances and lower interest rates.

Income tax provision was up $1.8 million, or 42.5 percent of income before income taxes, primarily due to the tax impact of the liquidation of company-owned life insurance policies that were part of the previously announced dissolution of a non-qualified supplemental retirement income plan.

Net income was $2.4 million, or 7 cents per diluted share, down from $4.3 million, or 12 cents per diluted share, in the 2024 fourth quarter. Net income margin was 3.7 percent, down 520 basis points year-over-year.

EBITDA was $4.5 million, up from $4.4 million. EBITDA margin was 7.0 percent, down 220 basis points from last year’s fourth quarter.

Full Year 2025 Results

  • Net sales increased 3 percent year-over-year to $244.4 million.
  • Net income was $11.4 million, down 36 percent year-over-year, and diluted Earnings Per Share (EPS) was $0.32. Net income margin decreased 280 basis points to 4.7 percent.
  • Adjusted net income was $12.4 million, and adjusted diluted Earnings per Share (EPS) was $0.35. Adjustments relate to taxes on company-owned life insurance policies liquidated in Q4 2025 as part of the previously announced dissolution of the non-qualified supplemental retirement income plan.
  • Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) were $17.2 million, down 18 percent year-over-year. EBITDA margin decreased 190 basis points to 7.0 percent.

Balance Sheet, Cash Flow and Capital Allocation

  • Cash and cash equivalents were $43.5 million at the end of Q4 2025, with no outstanding borrowings under the company’s $20 million revolving credit facility.
  • Net cash provided by operating activities and free cash flow were $16.5 million and $14.9 million, respectively, year-to-date through Q4 2025.
  • Payment of dividends totaled $19.6 million year-to-date through Q4 2025.

Image courtesy Marine Products Corporation

MasterCraft Boat Holdings to Acquire Marine Products Corp. in $232 Million Deal