ATLANTA , Oct. 24, 2024 /PRNewswire/ -- Marine Products Corporation (NYSE: MPX ) (the "Company"), a leading manufacturer of fiberglass boats, announced its unaudited results for the third quarter ended September 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 3Q:23 unless stated otherwise. Third Quarter 2024 Results Net sales decreased 36% year-over-year to $49.9 million Net income was $3.
4 million , down 67% year-over-year, and diluted Earnings Per Share (EPS) was $0.10 ; net income margin decreased 660 basis points to 6.8% Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) was $4.
3 million , down 67% year-over-year; EBITDA margin decreased 810 basis points to 8.6% Results reflected continued weakness in dealer ordering patterns given soft consumer demand; in response, the Company has reduced costs and adjusted production schedules until demand strengthens The Company continued to generate strong cash flow, ending the quarter with approximately $54 million in cash and no debt Management Commentary "As we approach the end of the year, our industry remains challenged by continued soft consumer demand and tepid dealer order flow," stated Ben M. Palmer , Marine Products' President and Chief Executive Officer.
"Our dealer inventories are at reasonable levels, lower versus the year-ago quar.