Marine Products (MPX) Q1 2026 earnings summary

Executive summary

• Net sales rose 13% year-over-year to $66.5 million, driven by a 15% price/mix increase despite a 1% decrease in units sold.

• Reported net loss of $2.1 million, compared to net income of $2.2 million in the prior year, primarily due to $5.0 million in merger-related costs.

• Adjusted net income was $1.8 million, with adjusted diluted EPS of $0.05.

• Ended the quarter with $45.8 million in cash and no debt.

Financial highlights

• Gross profit increased 1% to $11.1 million; gross margin declined 200 basis points to 16.6% due to higher labor and overhead costs.

• (LBITDA) EBITDA was $(1.9) million, down from $3.4 million; margin decreased 870 basis points to (2.9)%.

• Selling, general and administrative expenses rose 6% to $8.8 million, representing 13.3% of net sales.

• Free cash flow was $8.6 million for the quarter.

Outlook and guidance

• The merger with MasterCraft is expected to close in Q2 2026, pending shareholder approval and customary closing conditions.

• No quarterly conference call or webcast will be held due to the pending transaction.