Third quarter sales have declined for Brunswick Corporation, with lower wholesale orders resulting from field inventory reaching normal levels and softer retail market conditions.
However, the corporation’s latest financial figures show these factors were partially offset by annual price increases, and market share gains, and benefits from new products.
For the full 2023 year, Brunswick anticipates net sales of $6.45 to $6.5 billion with net sales down in the fourth quarter of the year a high-single-digit percent versus Q4 2022.
In the last quarter 2023, extended summer weather in many parts of the US allowed for additional boating time and drove growth in Engine P&A Products sales.
However, marine dealers continue to demonstrate some caution with stocking levels, said Brunswick CEO, David Foulkes.
Unit sales in the US new boat market showed slight improvement with sales in the third quarter 16% down and 7.5% down year-to-date.
Brunswick has continued to introduce new models with premium fibreglass products continuing to outperform value products.
Navico Group posted higher gross and operating margins versus the third quarter in 2022 but experienced a drop of 9% in sales driven by reduced sales to marine OEMs and continued slow RV production.
Freedom Boat Club saw steady membership sales and recently announced its 400th location.
Propulsion segment reported a 1% increase in sales, with increased high-horsepower outboard engine demand and higher sales to repower customers, but declines in low and mid-range horsepower outboards and sterndrives.
The Engine Parts and Accessories segment reported a 4% decrease in sales versus the third quarter of 2022.