Marine Products Corporation announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2017. For the quarter, the company generated net sales of $71,484,000, a 9.9% increase, compared to $65,066,000 in the same period of the prior year.  The increase in Net Sales were due to a 3.3% increase in unit sales and a 5.1% increase in the average selling price per boat. Operating profit was $8,722,000, an increase of 29.9%, compared to $6,712,000 in the second quarter of last year. Net income was $6,119,000, an increase of $1,301,000 or 27.0%, compared to net income of $4,818,000 for the second quarter of 2016. Diluted and basic earnings per share were $0.18, an increase of $0.05 per share compared to the $0.13 per share a year ago. Diluted and basic earnings per share increased due to higher net income as well as a lower share count resulting from the company's open market share repurchases and partial tender offer conducted during the past year. Income before income taxes was $8,779,000 compared to $6,863,000 a year ago.

Net sales for the six months ended June 30, 2017 were $142,524,000, an increase of 10.7% compared to the first six months of 2016. Net income was $11,380,000 or $0.33 diluted and basic earnings per share, compared to net income of $8,739,000, or $0.23 diluted and basic earnings per share in the prior year. Operating profit was $15,620,000 compared to $12,357,000 a year ago. Income before income taxes was $15,728,000 compared to $12,600,000 a year ago.

The company projects that its effective tax rate for the remaining quarters of 2017 will be approximately 32%.