Marine Products reports Q2 EPS 14c vs. 42c last year

Reports Q2 revenue $69.55M vs. $116.16M last year. “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 costs for consumers. We continue to support our dealers with aggressive promotions and extending these programs in a collaborative effort to spur sales and reduce channel inventories. Operationally, we have continued to right-size our production to align with dealer demand, implementing reduced work schedules and taking other cost reduction measures.”