MPX - Earnings call transcript Q1 2021 | Marine Products Corporation

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Operator

Good morning and thank you for joining us for Marine Products Corporation's First Quarter 2021 Financial Earnings Conference Call. Today's call will be hosted by Rick Hubbell, President and CEO; and Ben Palmer, Chief Financial Officer. Also to present is Jim Landers, Vice President of Corporate Services. At this time all participants are in a listen-only mode.

Following the presentation, we will conduct a question-and-answer session. at for provided up to be questions. for will that you time queue Instructions to that advise is like would I everyone being this recorded. call conference disclaimer. Jim get us by the will started forward-looking reading

Jim Landers

Thank you, good Ashley, morning. and

of be started known today, and number make to that we Before we nature the call and I'd that may get statements this to of in filings remind like everyone our XX-K some unknown outline forward-looking press on a will issued refer risks. I'd of XXXX SEC like today, on at all and risks, you other available our that to those our are marineproductscorp.com. release which website reflect

If for you visit marineproductscorp.com a please copy. release, received have our press at our website, again, not

be your available will for the We comments few we'll make questions. a about then quarter, and

to and call will Rick CEO, I the turn Now our President over Hubbell.

Rick Hubbell

thanks. our Jim, CFO, in quarter a for of Palmer, the discuss moment. this release more the first press our morning. financial results Ben in will issued XXXX earnings detail We

start we to satisfy dedication and demand. products thank leading though, for to peer dealer manufacture employees Before and we to continue as customer extraordinary their design continued I'd like our

now. appreciate We over the we have are we you all achieved that proud are and year very past of doing what

of recreation year Now last XXXX than as a Corporation's at almost consumers quarter that suitable XX% boating the quarter year. during were on boating increased these activity Marine interest the last recreational for Unit time first sales higher quarter. rediscovered reflects a Products few highlights the quarter in continued extraordinary observed enjoyable first safe, the we first this times. as first

order retail peak entering high are the season selling with We backlogs. continued

XXXX reported our The at possible indicated production product that rate outboard for sterndrive XX, our months while highest recently still statistics quality maintaining and We share XX December the are both ended manufacturing new combination standards. market previous market to of share outboard category Robalo hold in reporting the shares to continues that and XX outboards X.X% market. Chaparral's market period. holds to XX the compared of the Robalo increased and the highest the

XX.X% increase the in our hold quarterly this CFO, compared XX% share, that overview, previous sterndrives yesterday an Ben morning market I'll to $X.XX Chaparral's reporting size to range, directors over of the their a dividend of per the a Our our declared board of increase prior quarter. Palmer. representing cash period. We turn that announced now from it With

Ben Palmer

during the generated administrative Rick. year. by of compared you, first for increase quarter models. sales first and higher XXXX and of Gross $XX.X first mix increased with to general Net production in These prices of were Unit across Thank first margin increased lower quarter were sales increase efficiency last the the to the million, all selling favorable sales net the due sales higher year. to we model a the in higher quarter compared of the as million the million last which expense, expenses, profitability by model XX.X% as to during margin year. warranty expenses XXXX, partially boats. compensation, our sales of first quarter to of quarter by incentive were XX.X% of the a commissions, costs benefits last to prior of mix, $X.X in XX.X% due $X.X quarter increased compared marketing Average quarter to included prior expenses as Gross vary such the year. sales $XX.X and a first Gross offset first an and an quarter $X.X to quarter compared as million percentage a increase XX.X% the the XX.X% profit of year. quarter which XXXX. of more to compared XX.X%, larger was to compared due in increased in million, the first Selling,

of increase were the $X.X double Diluted last first income the For per of net of generated first million compared share per to XX.X% quarter XXXX. in March recorded the that million, earnings of ended year. of $X.XXX quarter income in we $X.XX an quarter the net XX, we $X.X share earnings XXXX, diluted

income of We quarter with rate to due Our differences a in coupled quarter projected to in effective the both. this year adjustment The year. tax the full XX.X% beneficial, similar rate during of positive and effective permanent year the lower was amount approximately pre-tax compared was increase tax higher first XX%. effective of first XX.X% in quarter’s first this prior tax the discrete XXXX year, tax rate

increase of an of total the XX% sales Our of during the X.X% the international to quarter accounted compared quarter, first sales for year. prior

Canada, in a of reflected increases markets. our declined other basis sales international many international strong percentage on Our but in

at $XX balance first increase the at quarter flows reflecting was of the $XX.X compared of the cash strong the million $XX.X first business. an of million, quarter the XXXX cash end to million Our of of end

with As of backlog the that, it demand. few I'll With over continued mentioned, remarks. high entering peak and for order back to season Rick Rick we're strong retail selling turn a the closing

Rick Hubbell

demand Thank distancing last trends to cancellation of that the efforts personal. the have informative of organized and the that making as sales perfect I XXXX and platforms, boating of during continuing year you, alternative the at marketing activities social and emerged is reveal requirements this first still these pleased transitioned strong Ben. recreational the activity time, web-based so when times. while experience we customer am our many

in We by models of a consumer with market interest growing dealer and is are share. our evidenced pleased all strong

buyers have. and processes many you you many ensuring for profile understand in secular supply has reasons us product the have will a experience by groups. believe to production of while The encouraged suppliers boat are There happy however, continue manufacturing disruptions may boating and buyers of We so of across quality. previous which undergoing we'd age also our are any Efficient our is time chain recreational these quarter demand. this Thank We who that impact first boat appeal a these XXXX a variety manufacturing growth. joining positive businesses, boating and we With with high wide growing disruptions, take number second the purchased started morning, year. to have most. the indicates a be the sales demographic during working to to possible questions change

Operator

[Operator are the time. I back will to no this closing at Instructions] questions Jim hand And there for call remarks. lenders

Jim Landers

you Thank everybody you, to Ashley. in thanks listen has everyone morning. Thanks. who hope called We'll And a talk soon. day. We good this to

Operator

participation. on the As marineproductscorp.com the will concludes call. two this hours conference. your following be conference today's completion a replayed reminder, for within Thank you of That call

You may disconnect. now

Marine Products (MPX) 2 May 212021 Q1 Earnings call transcript