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ATLANTA - Marine Products Corporation (NYSE:MPX), a $315 million market cap company with strong financial health according to InvestingPro data, announced Monday the appointment of Gary Kolstad to its Board of Directors.
Kolstad brings experience from his previous roles as Chairman and CEO of both public and private companies. He currently holds multiple Advisory Board Member and Investor positions, according to the company’s press release.
The new board member holds a Bachelor of Science degree in petroleum engineering from Montana Technological University and studied Psychology and Engineering at Montana State University-Bozeman.
Richard A. Hubbell, Chairman of the Board of Marine Products Corporation, said, "Gary Kolstad’s board and management experience has been beneficial to the boards on which he has served. We look forward to his contributions to our board in the years ahead."
Marine Products Corporation manufactures fiberglass boats under the Chaparral and Robalo brands. The company’s product lineup includes sterndrive models, outboard offerings, and sport fishing models. The company currently offers a notable 6.2% dividend yield and shows strong cash flow metrics, according to InvestingPro, which provides comprehensive analysis and additional insights through its detailed Pro Research Report.
In other recent news, Marine Products Corporation reported its first-quarter 2025 earnings, showing a 15% year-over-year decline in revenue to $59 million. Earnings per share also dropped to $0.06 from $0.13 in the same period last year, falling short of market expectations. Despite these challenges, the company maintains a strong cash position of $57 million with no debt. In governance updates, Marine Products Corporation announced a board declassification, with six directors resigning and immediately being re-elected for one-year terms. Shareholders also approved amendments to the company’s Certificate of Incorporation, simplifying the process for calling special meetings and amending bylaws. Additionally, the appointment of Grant Thornton LLP as the independent registered public accounting firm for the fiscal year was ratified. The company remains cautiously optimistic about potential sales growth in the latter half of 2025, while actively managing channel inventory. Analysts from various firms have noted the company’s strong liquidity position, which could support future growth initiatives.
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