Marine Products Corporation (NYSE:MPX) Q3 2023 Earnings Conference Call October 25, 2023 8:00 AM ET
Company Participants
Mike Schmit - Chief Financial Officer
Ben Palmer - President & Chief Executive Officer
Jim Landers - Vice President of Corporate Services
Conference Call Participants
Brandon Rolle - D.A. Davidson
Operator
Good morning and thank you for joining us for Marine Products Corporation's Third Quarter 2023 Financial Earnings Conference Call. Today's call will be hosted by Ben Palmer, President and CEO; and Mike Schmit, Chief Financial Officer. Also hosting is Jim Landers, Vice President of Corporate Services. [Operator Instructions] I would like to advise everyone that this conference call is being recorded.
Mike will get us started by reading the forward-looking disclaimer. Please go ahead.
Mike Schmit
Thank you and good morning. Before we get started today, I'd like to remind everyone that some of the statements that we will make on this call may be forward-looking in nature and reflect a number of known and unknown risks. I'd like to refer you to our press release issued today, our 2022 Form 10-K and other SEC filings that outline those risks, all of which are available on our website, at marineproductscorp.com. If you have not received our press release, please visit our website.
In today's earnings release and conference call, we refer to EBITDA which is a non-GAAP measure of operating performance. We use this non-GAAP measure because it allows us to compare performance consistently over various periods without regard to changes in our capital structure. We are also required to use EBITDA to report compliance with our financial covenants under our revolving credit facility. Our press release issued this morning and our website contain a reconciliation of this non-GAAP financial measure to net income which is the nearest GAAP financial measure. Please review this disclosure if you're interested in seeing how it's calculated. We'll make a few comments about this quarter and then be available for your questions.
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 this morning. I'll begin with a few highlights regarding our third quarter 2023 earnings press release that was issued this morning.
Marine Products Corporation's third quarter results reflect a reduction in boat deliveries to dealers compared to the prior year that approximate our new production rates. The decreased production corresponds to the normalization of retail boat demand that has occurred during 2023 following the significant post-COVID demand. Our dealers expressed continued optimism at our recent annual dealer conference, bolstered by the launch of our new 2024 models. They did, however, note some concerns about potential economic slowdown and the impact of higher interest rates.