Marine Products Corporation announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported net sales of $65,591,000 as compared to $57,238,000 for the same period last year. Operating profit was $7,470,000 as compared to $5,234,000 for the same period last year. Income before income taxes was $7,510,000 as compared to $5,225,000 for the same period last year. Net income was $3,356,000 as compared to $3,722,000 for the same period last year. Basic and diluted earnings per share were $0.10 as compared to $0.10 for the same period last year. The increase in Net Sales were due to an 11.7% increase in the average selling price per boat, as well as an increase in parts and accessories sales. Net sales increased due to an improved model mix, which included larger boats, such as its Chaparral SSX, its Chaparral Surf Series and its Robalo Explorer models. All of these are new models in 2017. Net income for the quarter, excluding the impact of tax reform, was $5 million, an increase of 34% to 35.4% compared to $3.7 million for the fourth quarter of last year. Diluted earnings per share, excluding the impact of tax reform was $0.15, an increase of $0.05 per diluted share or 50% compared to the prior year.

For the year, the company reported net sales of $267,316,000 as compared to $241,330,000 for the same period last year. Operating profit was $29,759,000 as compared to $23,052,000 for the same period last year. Income before income taxes was $29,988,000 as compared to $23,407,000 for the same period last year. Net income was $19,300,000 as compared to $16,745,000 for the same period last year. Basic and diluted earnings per share were $0.55 as compared to $0.44 for the same period last year.

During 2018, the company estimates that its annual effective tax rate will be approximately in the low 20% range.  Since the company believes that it will generate continued positive financial results, the company believes that it will benefit from this lower tax rate through increased earnings and operating cash flow in 2018.