ATLANTA , July 25, 2024 /PRNewswire/ -- Marine Products Corporation (NYSE: MPX ) ("the Company"), a leading manufacturer of fiberglass boats, announced its unaudited results for the second quarter ended June 30, 2024 . * Non-GAAP measures , including EBITDA, EBITDA margin, and free cash flow are reconciled to the most comparable GAAP measures in the appendices of this earnings release. * All comparisons are year-over-year to 2Q:23 unless stated otherwise.
Second Quarter 2024 Highlights Net sales decreased 40% year-over-year to $69.5 million Net income was $5.6 million , down 61% year-over-year and diluted Earnings Per Share (EPS) was $0.
14 ; net income margin decreased 430 basis points to 8.0% Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) was $6.5 million , down 62% year-over-year; EBITDA margin decreased 540 basis points to 9.
3% Results reflected continued weakness in dealer ordering patterns given persistently high industry-wide channel inventories and soft consumer demand; the Company continued to respond with actions to reduce costs, adjust production schedules and provide retail incentives Management Commentary "We continue to navigate a challenging environment impacted by high inventory levels in the dealer channel relative to current demand," stated Ben M. Palmer , Marine Products' President and Chief Executive Officer. "Interest rates also remain relatively high, resulting in elevated floorplan carrying costs for our dealers and financing cos.