Marine Products Corporation (MPX) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and thank you for joining us for the Marine Products Corporation's first quarter 2025 earnings conference call. Today's call will be hosted by Ben Palmer, president and CEO, and Mike Schmidt, chief financial officer. At this time, all participants are in the 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. 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 2024 10-K and other public filings to 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 issued today and our website contain reconciliations of these non-GAAP measures to the most directly comparable GAAP measures. I will now turn the call over to our President and CEO, Ben Palmer. Thanks, Mike, and thank you all for joining our call. First quarter results were down compared to prior year. However, our trends are beginning to stabilize following significant top-line declines last year. For context, in 2024, our quarterly sales declines were in the low 30% to low 40% range, following unprecedented post-COVID demand through the mid part of 2023. Whereas in the first qu...