Marine Products Corporation (MPX) has reported a 34.17 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $5.26 million, or $0.15 a share in the quarter, compared with $3.92 million, or $0.10 a share for the same period last year.
Revenue during the quarter grew 11.58 percent to $71.04 million from $63.66 million in the previous year period. Gross margin for the quarter expanded 105 basis points over the previous year period to 20.98 percent. Total expenses were 90.29 percent of quarterly revenues, down from 91.13 percent for the same period last year. This has led to an improvement of 84 basis points in operating margin to 9.71 percent.
Operating income for the quarter was $6.90 million, compared with $5.64 million in the previous year period.
Richard A. Hubbell, Marine Products' President and Chief Executive Officer stated, "Our first quarter 2017 financial results reflect the beginning of another strong retail selling season. Our Robalo outboard sport fishing boats continued to sell well, especially the Robalo 302, the Robalo 246 and our new Robalo 200 ES which features extra seating. In addition, our Chaparral H2O models generated higher sales, and we began to sell some of our Chaparral models with the new Surf Series option."
Working capital declines
Marine Products Corp has witnessed a decline in the working capital over the last year. It stood at $34.33 million as at Mar. 31, 2017, down 6.07 percent or $2.22 million from $36.54 million on Mar. 31, 2016. Current ratio was at 2.39 as on Mar. 31, 2017, down from 2.67 on Mar. 31, 2016.
Cash conversion cycle (CCC) has decreased to 27 days for the quarter from 51 days for the last year period. Days sales outstanding were almost stable at 7 days for the quarter, when compared with the last year period.
Days inventory outstanding has decreased to 31 days for the quarter compared with 57 days for the previous year period. At the same time, days payable outstanding went down to 11 days for the quarter from 13 for the same period last year.
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