For the third quarter of 2024, Brunswick has reported a decrease in its net sales from $1,593.6 million in the third quarter of 2023 to $1,273.3 million.
The outlook for the remainder of 2024 is expected to show new boat retail sales down around 10% on 2023 levels.
Third quarter 2024 sales were below prior year as the impact of continued lower wholesale ordering by dealers and OEMs, combined with higher discounts in certain business segments, was only partially offset by annual price increases and benefits from new products.
Propulsion segment reported a 32% decrease in sales, Engine Parts and Accessories segment reported a 3% decrease versus the same period in 2023, however segment margin was a record 26%.
Our business delivered solid results as our continued market share gains.
David Foulkes
Navico Group segment reported a sales decrease of 14%, primarily driven by reduced sales to marine OEMs resulting from lower boat production levels to match retail ordering patterns, partially offset by higher international sales and strong new product momentum.
Boat segment reported a 19% decrease in sales resulting from softer wholesale orders. Freedom Boat Club contributed around 12% of segment sales.
“Our business delivered solid results as our continued market share gains, wealth of new products and expanded contribution from recurring revenue businesses resulted in third quarter financial performance in-line with expectations despite the challenging marine market,” said Brunswick CEO David Foulkes.
And he added: “With the core retail selling season behind us and retail discounting levels remaining elevated, dealer re-ordering in some segments is slower than anticipated, leading most boat OEMs to maintain lower production rates, impacting Propulsion and Navico Group OEM orders.
“However, our aftermarket-based engine parts, accessories and distribution businesses and Freedom Boat Club continue to perform well as boating participation remains strong.”
