Marine Products Corporation (MPX) Q4 2024 Earnings Call Transcript

Marine Products Corporation (NYSE:MPX) Q4 2024 Earnings Call January 30, 2025 8:00 AM ET

Company Participants

Ben Palmer - President and Chief Executive Officer
Mike Schmit - Chief Financial Officer

Conference Call Participants

Griffin Bryan - D.A. Davidson

Operator

Good morning and thank you for joining us for Marine Products Corporation Fourth Quarter and Year End 2024 Financial Earnings Conference Call. Today’s call will be hosted by Ben Palmer, President and CEO; and Mike Schmit, Chief Financial Officer. [Operator Instructions] I would like to invite everyone that this conference call is being recorded. I will now turn the call over to Mr. Schmit.

Mike Schmit

Thank you and good morning. Before we begin, I want to remind you that some of the statements that will be made on this call could be forward-looking in nature and reflect a number of known and unknown risks. Please refer to our press release issued today, along with our 2023 10-K and other public filings that outline those risks. All of which can be found at www.marineproductscorp.com.

In today’s earnings release and conference call, we’ll be referring to several non-GAAP measures of operating performance and liquidity. We believe these non-GAAP measures allow us to compare performance consistently over various periods. Our press release and our website contain reconciliations of these non-GAAP measures to the most directly comparable GAAP measures.

I’ll now turn the call over to our President and CEO, Ben Palmer.

Ben Palmer

Thank you, Mike and thank you all for joining our call. I apologize for the issues we’ve had there. Fourth quarter results were negative compared to prior year. However, we are seeing early signs of stabilization and a path to turning the corner toward growth later this year. The marine industry continues to push through a lackluster period. Sentiment remains cautious, but perhaps best characterized as shifting from