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Marine Products Corp. Q1 profit climbs 21.2% YOY

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

EPS increased 18.0% year over year from 8 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $3.3 million, an increase of 21.2% from $2.7 million in the prior-year period.

The normalized profit margin declined to 5.2% from 5.4% in the year-earlier period.

Total revenue grew 25.7% year over year to $63.7 million from $50.6 million, and total operating expenses rose 26.0% from the prior-year period to $58.5 million from $46.4 million.

Reported net income grew 28.4% from the prior-year period to $3.7 million, or 10 cents per share, from $2.9 million, or 8 cents per share.