The following is a summary of the Marine Products Corporation (MPX) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Marine Products Corporation reported a significant decrease in Q1 2024 sales, down by 42% to $69.3 million due to a 40% decrease in the number of boats sold.

• A significant drop in gross profit, down by 52% to $14 million with a gross margin of 20.2% was experienced.

• There was a 40% decrease in SG&A expenses compared to the first quarter of the previous year, and a Diluted EPS of $0.13, down from $0.34 last year.

• EBITDA was $5.9 million, down from $15 million in the previous year, with a decrease of 410 basis points to a margin of 8.5%.

Business Progress:

• In response to current demand, the company scaled production levels back by mid-30% range below peak production rates in 2023.

• Several operational projects aimed at tooling maintenance and production improvement were initiated during the slowdown.

• The larger, pricier boats received a positive reception at the 2024 boat shows compared to smaller, lower-priced boats.

• A regular quarterly dividend of $0.14 per share and a special dividend of $0.70 per share were approved, providing a tangible return of capital of $29 million to shareholders.

• By the end of the first quarter, the company had more than $80 million in cash demonstrating strong cash generation and good financial discipline.

More details: Marine Products IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.