Marine Products Corporation announced unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company's net sales were $77,536,000, a 9.1% increase, compared to $71,040,000 in the same period of the prior year. The increase in Net Sales were due to a 9.6% increase in the average selling price per boat, as well as an increase in parts and accessories sales. Operating profit was $9,033,000, an increase of 31.0%, compared to $6,898,000 in the same period of the prior year. Income before income taxes was $9,066,000 compared to $6,949,000 in the same period of the prior year. Net income was $7,609,000, compared to $5,261,000 in the same period of the prior year. Basic and diluted earnings per share were $0.22 per share compared to $0.15 per share in the same period of the prior year.

The company estimates that effective tax rate for the next three quarters will be approximately 22%, and that the effective tax rate for the 12 months ending December 31, 2018 will be in the low 20% range.