MPX earnings analysis
What we found in MPX's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Marine Products Corporation (MPX) reported Q1 2026 results showing net sales of $66.5 million, a 12.8% increase year-over-year, driven primarily by a 15% increase in average selling price despite a slight decrease in unit sales. The company reported a diluted loss per share of $0.06, attributed largely to merger-related costs totaling $5 million, resulting in a net loss of $2.1 million compared to a net income of $2.2 million in the same quarter last year. Management's ongoing efforts focus on aligning production to expected demand and monitoring market conditions, with liquidity generally seen as sufficient for the year ahead.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Up 12.8% Year-over-Year
- Q1 2026 reported revenue of $66.5M, up from $59M in Q1 2025.
- Gross Profit Margins Steady Despite Loss
- Gross profit was stable at $11.1M for Q1 2026, compared to $11M the previous year.
- Free Cash Flow at $8.6M
- Free cash flow decreased to $8.6M, down from $10.7M in Q1 2025, largely due to the net loss.
- Average Selling Price Increased
- Average gross selling price per boat rose to $97.7K, up from $85.1K.
- Continuous Monitoring of Dealer Orders
- Management emphasizes alignment of production with adjusted dealer orders and market demand.
- Stable Cash Position
- Cash and cash equivalents increased to $45.8M, up from $43.5M at year-end 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Significant Merger Costs
- Q1 2026 incurred $5M in merger-related costs impacting net income.
- Weak Retail Demand Impact
- Retail demand has weakened, leading to only a 1% decrease in units sold despite price increases.
- Geopolitical Tensions Affecting Costs
- Ongoing geopolitical conflicts may drive fuel prices higher, adversely impacting demand.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.06
- Gross margin
- 16.7%
- Operating margin
- -4.1%
What they said about what is next.
Management expects FY 2026 revenues to be between $260M and $270M, no updates provided on specific quarterly guidance.
The filing reads worse than the one before it.
What came before.
- 10-K · April 29, 2026
- Marine Products Corporation (MPX) reported a modest decline in revenue to $64.57 million for Q4 2025, with EPS at $0.10. The company continues to pursue strategic growth through its merger with MasterCraft, aiming to…
- 10-K · February 27, 2026
- Marine Products reported modest revenue growth in 2025 with a stronger order backlog while operating margins and free cash flow compressed versus 2024. The company announced a definitive merger agreement with…
- 10-Q · April 24, 2025
- Marine Products reported Q1 net sales of $59,002,000, down from $69,340,000 a year ago, with diluted EPS of $0.06 versus $0.13 in Q1 2024. Gross margin compressed to 18.6% and operating margin fell to 4.4%, while…
- 10-Q · July 25, 2024
- Marine Products reported Q2 net sales of $69,547,000 and diluted EPS of $0.14, versus $116,158,000 and $0.42 in Q2 2023 — a steep year-over-year revenue and earnings decline. Gross margin compressed to 18.9% and…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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