August boat sales top analyst projectionsPosted on
August boat sales beat the expectations of Wells Fargo analysts who follow the marine industry.
Sales rose 11.8 percent in August, which was a modest increase from senior analyst Timothy Conders 10 percent projection.
August results were strong against challenging comparisons between 2012 and 2013, Conder wrote after data were released by Statistical Surveys and reported by Trade Only Today. Year-to-date retail sales were up 4 percent, compared with 13.3 percent a year earlier, following a first-half-of-year increase of 0.8 percent in 2013, compared with a 14.1 percent increase for the same period in 2012.
Overall, inboard fiberglass boat sales appear to be stabilizing (down 1.4 percent, compared with a decline of 13.5 percent in the first half of 2013) as midsize boat (31 to 62 feet) sales accelerated to offset the drop in small fiberglass boat sales between 14 and 30 feet, Conder wrote.
Wells Fargo is reiterating its full-year industry growth projection of 4 to 5 percent.