Marine Products Q1 revenue rises on higher pricing

Overview

• U.S. fiberglass boat maker's Q1 revenue rose 13% yr/yr on higher prices and mix

• Adjusted EPS was $0.05; net loss driven by $5 mln in merger-related costs

• Gross margin fell to 16.6% due to higher labor and overhead costs

Outlook

• Company did not provide specific financial guidance or outlook for future periods

Result Drivers

• PRICE/MIX - Revenue growth was primarily driven by a 15% increase in price and product mix, partially offset by a 1% decrease in units sold

• COST PRESSURES - Gross margin declined due to higher labor and overhead costs

• MERGER COSTS - Net loss was mainly due to $5 mln in pretax merger-related costs

Company press release: ID:nPn7F43d4a

Key Details

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