Brunswick has reported consolidated net sales of $1,221.8 million, a decrease of 10.5% from $1,365 million in the first quarter of 2024 for the first quarter of 2025.
First quarter sales were below prior year as the impact of continued lower wholesale ordering by dealers and OEMs and prudent pipeline management, was only partially offset by modest annual price increases and benefits from well-received new products.
Propulsion segment reported a 16% decrease in sales versus the first quarter of 2024; Engine Parts and Accessories segment reported a 3% decrease in sales; sales from the Products business were down 9%, while the Distribution business sales were up 2% compared to prior year.
Navico Group segment had a sales decrease of 1% versus Q1 2024, and Boat segment reported a 13% decrease in sales resulting from anticipated cautious wholesale ordering patterns by dealers, which was only partially offset by the favourable impact of modest model-year price increases.
Freedom Boat Club had another strong quarter, contributing approximately 11% of segment sales.
We cannot control the ever-changing conditions in which we do business.
David Foulkes
“All of our businesses delivered a strong first quarter as the resilient composition of our portfolio, together with proactive pipeline management, well-received new products, the benefits of executed and ongoing structural cost reduction measures, and efficient execution resulted in first quarter financial performance ahead of expectations despite the challenging macro environment,” explained Brunswick chairman and CEO, David Foulkes.
And he said that weaknesses are being seen in entry-level products, prompting the organisation to consider streamlining project offerings in this space while growing Freedom Boat Club as an alternative participation model.
Retail performance at early season boat shows has also been flat.
“Although we cannot control the ever-changing conditions in which we do business, we can control our response and continue to push forward our strategic initiatives,” said David.
“As we enter the prime retail season in the U.S., we are keenly aware of the direct impact of tariffs on our business and the new uncertainties faced by our wholesale customers, channel partners, and the end-consumers who buy our products at retail around the world.”
And he confirmed that Brunswick will continue to invest in new products and technologies while working to drive differentiation and market share gains for the organisation’s brands.
Brunswick will also work to mitigate the direct tariff impact on the business.
