Marine Products Corp. said its normalized net income for the first quarter was 8 cents per share, compared with the S&P Capital IQ consensus estimate of 8 cents per share.
EPS increased 51.3% year over year from 5 cents.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $2.7 million, a gain of 51.2% from $1.8 million in the prior-year period.
The normalized profit margin increased to 5.4% from 3.8% in the year-earlier period.
Total revenue rose 6.2% on an annual basis to $50.6 million from $47.7 million, and total operating expenses grew on an annual basis to $46.4 million from $44.9 million.
Reported net income rose 59.9% from the prior-year period to $2.9 million, or 8 cents per share, from $1.8 million, or 5 cents per share.
