Beneteau Reports Higher Boat Revenue, Flat Outlook

Groupe Beneteau said revenue rose in its boat business in the first quarter, but supply-chain constraints gave the company pause about raising earnings guidance for the remainder of the year.

Boat division revenue increased 7.5 percent, to €238.5 million ($250.9 million) from €221.9 million ($233.4 million), with particularly strong growth in powerboats and dayboats, the company said in its financial update yesterday.

“This trend was very strong in North America, where growth reached 19.9 percent at constant exchange rates,” Beneteau said in the statement.

The builder’s global order book was 47 percent higher at the of March 2022 than it was at the end of March 2021. However, Beneteau declined to increase its forecast for the full year.

“While marked by the quality of the orders received and the commercial success achieved by the products, 2022 has also seen supply-chain disruption, which has held back growth,” the company stated.

“Groupe Beneteau is therefore maintaining its full-year guidance for revenues and income from ordinary operations in 2022, as announced on March 17,” namely 11 to 14 percent revenue growth and income from ordinary operations of €110 million to €120 million ($115.7 million to $126.2 million).