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Marine Products Corp. Q3 profit climbs 22.5% YOY

Marine Products Corp. said its normalized net income for the third quarter came to 9 cents per share, compared with the S&P Capital IQ consensus estimate of 11 cents per share.

EPS rose 17.8% year over year from 8 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $3.5 million, an increase of 22.5% from $2.8 million in the prior-year period.

The normalized profit margin rose to 6.3% from 6.1% in the year-earlier period.

Total revenue grew 17.7% year over year to $55.4 million from $47.0 million, and total operating expenses rose 17.2% year over year to $49.9 million from $42.6 million.

Reported net income increased 43.0% from the prior-year period to $4.1 million, or 11 cents per share, from $2.9 million, or 8 cents per share.