The Brunswick Corporation has released its third quarter results for 2020 showing that strong retail demand is delivering outstanding results.
Net sales are at US$1,233.1 million, an increase of 26.3% over the same period in 2019 whilst operating earnings have soared by 60.9% to US$192.6 million.
“Each of our businesses delivered outstanding operating results in the third quarter,” said Brunswick chief executive, David Faulkes. “Our ability to capitalise on very robust retail demand, which was enhanced by expanded boating participation and our compelling portfolio of industry-leading brands, drove excellent financial performance,” he added.
Growth in boat segment
All product categories within the boat segment have contributed to growth with all production slots through the 2021 model year sold for most brands. Freedom Boat Club has outperformed expectations with more than 3,000 new memberships added.
The propulsion business continues to gain retail market share and the parts and accessories business delivered top-line and earnings growth thanks to an increase in boating and favourable weather.
The company anticipates net sales of between US$4.7 billion and US$4.9 billion for the full year 2021 with strong growth in the boat and propulsion segments. Adjusted operating leverage of high-teens to low-twenties per cent is expected with an adjusted diluted earnings per share of US$5.75 to US$6.25.
Content extracted from https://www.boatingbusiness.com/news101/industry-news/brunswick-boat-segment-strong-in-q3