Feb 9, 2021

Marine Products Corp., manufacturers of Chaparral, Robalo and Vortex boats announced their Q4 financial results on January 27th. For the quarter ended December 31, 2020, Marine Products generated net sales of $71,110,000, a 47.6 percent increase compared to $48,175,000 in the same period of the prior year. The increase in net sales was due to a 27.8 percent increase in the number of units sold during the quarter as compared to the prior year, a 14.1 percent increase in the average selling price per boat, and an increase in parts and accessories sales. Unit sales increased among most of our product categories compared to the prior year. Average selling prices increased due to a favorable model mix which included larger models in most product categories.

Gross profit for the fourth quarter of 2020 was $17,431,000, a 65.7 percent increase compared to $10,522,000 in the same period of the prior year. Gross margin was 24.5 percent of net sales in the fourth quarter of 2020 compared to 21.8 percent in the fourth quarter of 2019. Gross margin as a percentage of net sales increased compared to the prior year due to the efficiency benefits of higher production and a favorable model mix consisting of larger boats.

Operating profit for the fourth quarter of 2020 was $9,083,000, an increase of $4,905,000 compared to $4,178,000 in the fourth quarter of last year. 

Richard A. Hubbell, Marine Products’ President and Chief Executive Officer stated, “Our fourth quarter results demonstrate the continuation of consumers’ renewed interest in recreational boating which began during the second quarter of 2020. We operated at a higher production rate than usual during a typical fourth quarter, as dealer inventory remained historically low and order backlog remains high. As we begin 2021, we are encouraged by the continued strong interest by our dealers and retail customers and we look forward to an exceptionally strong market during the near term. We are also very pleased by our continued strong market share, and I would like to note that for the 12 months ended on September 30, 2020, our Robalo product line held the highest market share in the outboard market in its size range. The combination of our Robalo and Chaparral outboard units held a market share of 6.9 percent of the outboard market.

“The 2021 winter boat show season has been cancelled due to the COVID-19 pandemic. This time of year represents a meaningful opportunity to introduce our new models for the year and to assess demand for the upcoming retail selling season. Since the beginning of the pandemic, we have been cooperating with our dealers to conduct as much virtual marketing as possible, and we are continuing this effort in 2021. We believe that these efforts are helping our customers make these important purchasing decisions remotely. As we plan this year, we are also very aware of potential supply chain constraints and labor shortages resulting both from high demand and continuing pandemic concerns,” concluded Hubbell.

Related Posts

Princecraft Boats upgrade their facilities with an investment of over $4 million for the addition of a powder coating line


Princecraft boats on April 17, 2024, announced to their employees, a major investment in one of their three Princeville plants, which will include the installation of high-tech powder coating capabilities. The nearly $4 million upgrade marks the largest investment in Princecraft facilities since the early 2000s and will improve operational efficiency, product quality and better poise the company for response to demand.

Read More

Need to Catch up on News This Week?

Every Tuesday we publish a fresh Digest with informative articles pertaining to the Canadian boating and marine industry. Stay up to date with the latest products, research and industry developments.

Missed an Issue of Boating Industry Canada News Week? If you’re looking for a specific issue, or simply want to catch up on previous issues, check out our Boating Industry Canada News Week Archives.

Not signed up for News Week? Subscribe here.

The Hydrobike, a key concept that embodies a vision for the future

DECATHLON, determined to erase the boundary between land and water, introduces its latest forward-thinking concept: the HydroBike. This innovation from the French sports giant aims to democratize access to nature while staying ahead in the transformation of their business model. 

The initial assessment: paddle sports are often inaccessible to less experienced individuals, assuming the acquisition of paddling skills.

Read More

ACR Electronics emergency beacons are designed with one purpose: to save lives.

Hubbell-Marine Stainless steel outlet covers

An all-encompassing and dependable set of vital resources, ACR GlobalFix V5 AIS RLS EPIRB Survival Kits ensure security and survival in waterborne emergencies. The most advanced EPIRB (Emergency Position Indicating Radio Beacon) available, the ACR GlobalFix V5 EPIRB combines 406 MHz satellite connectivity with Automatic Identification System (AIS) functionality.

Read More