Marine Products up after beating Q4 expectations

Marine Products Corp. (NYSE: MPX) shares are up after the maker of fiberglass boats announced that its fourth-quarter profit rose to $4 million, or $0.11 per share, from $3.7 million, or $0.09 per share, a year earlier. Wall Street analysts were predicting earnings of $0.09 per share.

"The fourth quarter of 2007 marks our first quarterly sales increase since the third quarter of 2005,” CEO Richard A. Hubbell said in a statement. “We are very pleased with this reception by the market and believe that the early success of this model is a strong testament to our product development expertise and long-term commitment.”

Quarterly revenue increased 5.9% to $58.9 million, from $55.7 million during the year-ago period. Analysts projected, on average, revenue of $51.9 million.

The Atlanta-based firm cited sales of its latest Chaparral Sunesta Wide Tech and Xtreme boats and other models in its improved results. Hubbell, however, warned that the boating sector's softness is likely to continue in the near term due to escalating fuel prices and tighter consumer spending.

In morning trading, MPX shares are up 21.61%, or $1.53, at $8.58. Over the last 52 weeks, shares have ranged from $6.45 to $10.41.

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