Marine Products Corporation (NYSE: MPX) reported its unaudited financial results for the fourth quarter (Q4) and full year (FY) ended December 31, 2025. In Q4 2025, net sales increased 35% to USD 64.6 million, primarily driven by a 12% price/mix increase and a 22% rise in the number of boats sold during the quarter. Gross profit for the period was USD 12.7 million, up 39%, with a gross margin of 19.6%. Net income for Q4 2025 was USD 2.4 million, down 45%, and diluted earnings per share (EPS) was USD 0.07. Adjusted net income was USD 3.4 million, with adjusted diluted EPS at USD 0.10. EBITDA for the quarter was USD 4.5 million, up 3%, with an EBITDA margin of 7.0%. The company ended the quarter with approximately USD 43.5 million in cash and no debt. For the full year 2025, Marine Products Corporation reported net sales of USD 244.4 million, an increase of 3%. Net income for the year was USD 11.4 million, down 36%, and diluted EPS was USD 0.32. Adjusted net income was USD 12.4 million, with adjusted diluted EPS at USD 0.35. The net income margin for the year was 4.7%. The company noted that adjustments to net income for both Q4 and the full year related to taxes on company owned life insurance policies liquidated in Q4 2025 as part of the previously announced dissolution of its non-qualified supplemental retirement income plan. Selling, general and administrative expenses in Q4 2025 were USD 8.9 million, representing 13.9% of net sales. The income tax provision for the quarter was USD 1.8 million, or 42.5% of income before income taxes. Interest income for Q4 2025 was USD 376 thousand. Marine Products Corporation highlighted strong operating and free cash flow generation during the quarter and reiterated the completion of the dissolution of its non-qualified supplemental retirement income plan.

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