MPX - Earnings call transcript Q4 2021 | Marine Products Corporation

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Operator

00:07 Good morning and thank you for joining us for Marine Products Corporation’s Fourth Quarter and Year-End 2021 Financial Earnings Conference Call. Today's call will be hosted by Rick Hubbell, President and CEO; and Ben Palmer, Chief Financial Officer. Also 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, instructions will be provided at that time for you to queue up for questions. advise this to being call like recorded. would everyone conference that is I get reading started Jim us XX:XX will by the disclaimer. forward-looking

Jim Landers

you, Thank April. morning. XX:XX Good

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

because available in All of conference performance compare our these our EBITDA, measure this changes XX:XX marineproductscorp.com. various it Also over refer consistently measure performance. we'll today's are which without capital and allows on release us operating regard website a to non-GAAP use of at to earnings is structure. periods to in We call non-GAAP

a measure calculated. the Our website you're our press this contain disclosure, is this seeing financial which interested is of issued income, if in financial how today release nearest Please review net it reconciliation non-GAAP measure. GAAP in to

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

a your call President then quarter about comments be available Rick Hubbell. turn we'll CEO, and for make the over will questions. We I'll few Now, our XX:XX and the to

Richard Hubbell

the of XX:XX in Jim, results quarter Ben release this XXXX thank a will financial fourth you. in Excuse the morning. discuss me. our We press issued our more for earnings moment. Palmer, detail CFO

September XXXX Model prices once improved generated traditional net again the demand Corporation's to extended increase the quarter for our market positive a few problems sales an XXXX Dealer because consumer highlights recreational retail Products the lineup. supply continuation combination model boats. fourth outboard a this reflect results curtailed selling the in XX foot a of reflect sales XX share year our for production that The Chaparral the and and of highest share XXXX X.X% and updated the Robalo X.X%, quarter strength category. our the of to XXXX. -- not fourth market and and season months the of indicates trend, exceeded mix in statistics for XX, ended But quarter. the beyond had XX:XX Marine of XX:XX compared outboard deliveries. chain increased did appeal Now, model XX

While second category. XX XX share second Robalo market the highest this share this XX:XX in of category, the brand holding highest market foot in in to category. held Chaparral XX.X% the is sterndrive the which a

announced also $X.XX of a turn pleased will And that of Board to Palmer. to also $XX diluted share. over Ben morning I share. With per record earnings million that declared or our of overview, XX:XX We net over this our Directors quarterly $X.XX XXXX dividend CFO, report income it I'm cash per

Ben Palmer

Selling, toward to in of EBITDA XX:XX boats. income $X.X the Thanks, fourth XXXX selling quarter the the scheduling. share XXXX of to in to earnings rate impacted XX:XX the continued quarter fourth million, were XX% the million, increase XX.X% fourth the of increased to a to of X.X% quarter quarter was XXXX. XX.X% million, margin quarter compared of XXXX, an million, compared last XX:XX $XXX,XXX compared quarter $XX.X sales $X.XX by of XX.X%, margin boats. the due in fourth improved compared a fourth of model slight increase XXXX $X in XXXX. increases in XXXX. We our approximately increases price Our million million by fourth a and X.X% decreased to year full model of million Gross Diluted to quarter of profit mix XXXX. year. fourth in were however, of due increase XX.X% fourth reported increased Average was larger Net in year. Gross quarter were fourth $X.X compared Gross the $X.XX of $XX.X compared million to rate general expenses in year. per during of administrative prices mix year. price the XX:XX last $X.X was XX:XX comprised $X.X to fourth during For increase the the sales compared a XX%. and of in chain quarter XX.X% Rick. for issues shift fourth to effective larger problems of XXXX quarter quarter last the quarter tax net production model and ended a quarter model earnings and workforce XX.X% or compared last fourth year supply fourth projected share the quarter per quarter year tax XX.X% $XX.X increase we XX, the of to diluted effective December Unit

XX.X% total X.X% earnings in -- fourth a compared Diluted XX% the Sales share history of increased at markets. the per by the XX:XX months balance million, significantly, of over Our quarter. to cash of compared the diluted increased third XX.X% for were to net public fourth Products increase compared ended $X.X a XX-year by of year-over-year year. a compared to XXXX, XX, XX international $XX improved December international as compared dealers share XX.X% to of at Marine last our quarter XXXX, X:XX the year. quarter in end per cash Canadian million increase $XX.X prior million other to by increased sales for to end in sales the the company. XXXX. the accounted XXXX. records to balance earnings representing $XX.X income flat Our $X.XX earnings were Net sales, increased million $X.XX income per share and For our net of sales but

focal into going back Production inventories are is of the boats. delayed order a of deliveries $XX.X decline it delayed resulting XXXX. at quarter Dealer of million scheduling is the direct XXXX. I'll a XX:XX higher for and of inventories few potential year-over-year direct a highs. third the XX:XX the lower -- lower caused now at substantially closing end critical of to historic balance However, ‘XX will to by backlog XXXX. lower the end significantly at suppliers of the cash remarks. point from XXXX the continue end remain and of inventories and be remains -- Dealer than Rick result at a balance for of The year-end significantly components than slightly With over that, result of historic shipments than at quarter fourth the backlog turn lows completed us

Richard Hubbell

thanks. Ben, XX:XX

were well see still that that At years and for indications boat year XXXX doing XX:XX increased the Although model year. shows this see we meet everything to canceled we slots allocating is model continuing can to the dealers we most demand. to dealer we and year, this point ago XXXX past X winter began production almost many demand consumer are consumer

to We spacious to bottlenecks SSX. high come enduring ranging fast with production This day to forward standard passenger XXXX agile into would of the which we this bowrider model. dash features state-of-the-art in build glass [yard] Though be options (ph) look The power high morning cockpit provides are also will thank employees electronics. infinity One XX:XX believe and other transitory to they is producing models We XXX certified this work current -- every from we like as sterndrive a XXX steps helm the we year our everyone this safeguard effort come resolved that proceeds. power and access and provides The water horsepower. seating well-being quality areas unprecedented to and to XXXX the our During XXX personal touchscreen on horsepower configuration. challenges, it Chaparral products. consumers demand We models. year. less and for step, the are versatile open that our families their is to highlight for and reception era XX:XX very taking this our this believe want dealers by of and and pleased

X you morning, and we'll who happy may innovative to We XX:XX joining questions retail our as to this become the to our for ambassadors very continue and you serve wonderful past customers. be I'd have. like years any also dealers take thank to us appreciate over have

Operator

Instructions] from Fred is Research. with question first [Operator Wolfe Whiteman Your XX:XX

Fred Whiteman

guys, on the could you're Hey the out just taking for pressure? the as chain Thanks of comments quarter. morning. any sort easing? the just supply good question. if XX:XX seeing the as where you supply build And you could I chain seen explain Have the signs hoping disruption far was in most front of that on you labor and

Jim Landers

in. Hey, Fred, it's for Thanks calling Jim. XX:XX

had suppliers chain supply the -- alluded indirect to problems in so in We've force. than surge many seeing labor on-site we of fourth in more the quarter COVID are we So done vendors labor quarter. the issues early first in our and that component the of issues as plant with Because were vaccination. as a the on-site lot our the and testing with

is still of Regarding actual as everybody. issue it So various for we're proud and But that. things. XX:XX it's components an

I've it But engines supplier, were often with but week. moves engines. We've had us what problems I like of windshield of very or on get And So come a before, issues pop unfortunately problem. on resins with this it's we component. of we're materials final then around, valued and is, raw XX:XX coat XXXX to mean, in and mostly and up. discussed boats use. kind partially and all also resolved had the a others every earlier do issues You kind Luckily complete a fine the that for just those now some issue different big some that problem gel forced go. We've basic and sort wait of of the done come go. they've more those our

thing, perhaps of this you ask but that past this we going week, you tell out the ask there us We to one. new been tell issues in one do this going are you tough these issue week, resolved, but this maybe get a it's year, if will was you if think will number ironed overall is we next months. So week's

Fred Whiteman

to was think fair. of predict, just a some in I comment, message talking XQ. the tough about think the it that's Okay, or sort think it's it Is impact will back point you in production just year. that it's XX:XX it the improve? XQ release, was Maybe at into this And in will continuing half there improve you

Ben Palmer

XX:XX Yeah. this Fred, is Ben.

right. get out predict. some hopeful back on normal channel issue the the be to activity will point the planning. think problems, lingering but better. with It's everybody to get to will hopefully ironed and focused resolve out, smoothed difficult that get more to I We're and little just get it supply there'll throughout hopefully that's expect a trying I or

Fred Whiteman

XX:XX Sure.

then And fair. Totally Okay. last the one. I guess

people to tough it's are pushing about of when back to If the some that not and disruptions? of far or other predict sort summer backlog as that that and ahead horizons uncertainty some that think of delivery totally is backlog that might being concerns production signs from consumers the they these get on of as you or options, impacted getting delivery signs Any that's sort that any thinking concerned of going about understand normalize. in the

Richard Hubbell

of very, there is but deposits as any the everybody delays, or Very is at significant possible a no XX:XX -- very signs that of the there concern times for from many demand and question, push is know as desire because level comments, model to being And maintain delivered but the that had as votes appropriate back to also we're would in be good us will predict, beginning retail improve, demand which in much level. looking we -- But we trying is our right? level, there to be lead Because there place even directly, but we're are difficult that's on their into new so to or is slots that there as that production the impact are and we release demand believe strong but quality, lot put that we dealer are orders customers right? or very, a too and can, there very but for down meet XX:XX done year, is trying at do we focused to as it indicated our in so patients or take strong. boat even are ‘XX allocate people

long So is and very wide. fairway the

and again, so to out can that. begin out worked with smooth XX:XX some bit chain looking more of pleased And demand issues increase supply meet forward and quickly. some getting that that production things we we're to a So

Fred Whiteman

Great. XX:XX so guys. Thanks much

Richard Hubbell

XX:XX Thanks, Fred.

Operator

Jim XX:XX over no to And [Operator are this for further turn call back will the at Instructions] time. there questions remarks. closing I now

Jim Landers

called who you day. talking everybody April. to forward soon. and has We you, look Thanks. Thank XX:XX good everyone in a listened. appreciate We to hope We

Operator

X today's Thank on concludes call. the marineproductscorp.com call hours replayed will for be XX:XX call. within following This participating. completion conference you the of This

disconnect now may You

Marine Products (MPX) 26 Jan 222021 Q4 Earnings call transcript