Benzinga | Jan 26, 2022 09:31AM EST

Marine Products Q4 Revenue Tops Consensus; Warns On Supply Chain Problems

* Marine Products Corp (NYSE:MPX) reported fourth-quarter FY21 sales growth of 7.6% year-on-year, to $76.54 million, beating the consensus of $74.34 million.

* The company attributed the revenue increase to a 21.1% increase in the average selling price per boat.

* The gross profit for the quarter increased 9.9% Y/Y to $19.2 million, and the gross margin expanded 50 basis points to 25%.

* The operating margin was 13.9%, and operating income for the quarter rose 17.4% to $10.7 million.

* The company held $14.1 million in cash and equivalents as of December 31, 2021. Inventories at the quarter-end totaled $73.3 million.

* EPS of $0.25 increased 19% from $0.21 last year.

* "Supply chain problems negatively impacted fourth-quarter production and deliveries, and unfortunately, these concerns will continue to impact our operations during the first quarter of 2022," said CEO Richard A. Hubbell.

* Price Action: MPX shares closed lower by 1.92% at $11.22 on Tuesday.