Marine Products Corporation (NYSE:MPX) Q4 2023 Earnings Conference Call January 25, 2024 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

Craig Kennison - Baird

Operator

Good morning, and thank you for joining us for Marine Products Corporation's Fourth Quarter 2023 Financial Earnings Conference Call. Today's call will be hosted by Ben Palmer, President and CEO; and Mike Schmit, Chief Financial Officer. At this time, all participants are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. Instructions will be provided at that time for you to queue up for questions. I would like to advise everyone that this conference call is being recorded.

I will now turn the call over to Mr. Schmidt.

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 2022 10-K and other public filings that outline those risks. All of which can be found at www.marineproductscorp.com.

In today's earnings call and in our press release, 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 issued today 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, and good morning. Before we begin, I want to remind you that some of those -- apologize. Appreciate everybody joining the call this morning. Our fourth quarter results reflect the ongoing normalization of retail boat sales as the multi-year post-COVID consumer demand boost subsides. In response to this slowdown, we have adjusted production to meet current order patterns as the retail channel works through excess inventory.

We believe we are now in a steady balance of production and sales. However, our fourth quarter results showed significant declines versus the prior year. The difficult year-over-year comparisons are likely to persist near term. In the meantime, we will focus on making sound operational and financial decisions to position the company for sustainable long-term growth.