Skip to main content

Brunswick reports 1Q results

Brunswick Corp. reported 9 percent first-quarter revenue growth.

Brunswick Corp. reported 9 percent first-quarter revenue growth and the company’s adjusted operating earnings increased by 13 percent from the 2015 quarter.

Diluted earnings per share was 71 cents, a 12-cent increase from the previous year.

“Our reported first-quarter revenues increased by 9 percent, or 10 percent on a constant currency basis,” Brunswick chairman and CEO Mark Schwabero said in a statement. “Our top line reflected strong growth rates in our fiberglass outboard boats and marine parts and accessories businesses. This growth was supplemented by another solid performance in outboard engines, as well as benefits from our acquisition strategy.

“Our performance in the first quarter reflected continued successful execution of our growth strategy, including our focus on product leadership and the associated market share gains,” Schwabero continued. “Although it is still early in the marine season, initial marine market data indicates a healthy U.S. marketplace, which is consistent with our assumptions entering the year. Demand in non-U.S. markets remains mixed, and we continue to closely monitor and plan to manage through any challenging conditions.”

The company reported net first-quarter sales of $1.07 billion, up from $985.7 million a year earlier, and operating earnings of $96 million. In the quarter last year Brunswick had operating earnings of $88.7 million.

In this year’s quarter the company reported a profit of $63.2 million, or 68 cents a diluted share, compared with $56.6 million, or 59 cents a share, a year earlier.

The engine segment reported net sales of $595.5 million, up 6 percent from $562.2 million in last year’s quarter. For the 2016 quarter the segment reported operating earnings of $78.3 million, compared with $74.2 million in the 2015 quarter.

Sales increases in the quarter that ended April 2 were led by the segment’s parts and accessories businesses, which included revenue from acquisitions completed in the second and fourth quarters of 2015, and Mercury’s outboard engine business, partially offset by declines in the sterndrive engine business

The boat segment reported net sales of $336.8 million for the quarter, an increase of 6 percent from $318 million in the 2015 quarter. International sales, which represented 25 percent of total segment sales in the quarter, decreased by 12 percent from the prior-year period. For the first quarter of 2016 the boat segment reported operating earnings of $16.4 million, compared with $7.7 million in the 2015 quarter.

The boat segment's increased revenue reflected strong growth in fiberglass outboard boat sales and modest increases in sterndrive/inboard boat sales, partially offset by slight declines in aluminum boat sales, the company said. Operating earnings benefited from higher sales, a favorable product mix and lower commodity costs and savings from sourcing initiatives.

Related

BOB-CONFERENCE

MMTA Sets Date for Conference

The educational Business of Boating Conference will be held in Foxboro, Mass., with in-person and remote attendance options.

AKZONOBEL

AkzoNobel Nominates Board Member

Ben Noteboom is expected to be elected chair to succeed the retiring Nils Andersen.

MARINE-MARKETERS

Neptune Awards Adds Category

“Boat Show Marketing” will recognize promotional efforts for shows, and entries will be accepted until Dec. 18.

WOMEN-SAILING

Sailing Convention for Women Returns

Postponed during Covid, the event will include on-water training, networking opportunities and workshops.

Norm

MBIA Names Board Members

The Michigan Boating Industries Association elected four new directors and named the officers who will serve next year. Also, the 2023 schedule for “Ladies Let’s Go Fishing!” is taking shape.

CL.YACHTS

CL Yachts Expands Dealer Network

The Hong Kong-based builder added retail locations in Australia, Dubai, Singapore and Macau.

LEGEND.BOAT.FIX

Legend Boats Partners With Boat Fix

The Canadian builder will offer the telematics system, which provides tracking, monitoring and 24-7 service, on new models starting next year.

MARINEMAX

MarineMax Establishes Technology Division

The company’s Boatyard and Boatzon units will operate under the new entity, New Wave Innovations.

SUNTEX

Suntex Purchases New Jersey Facility

Green Cove Marina in Brick is the company’s latest acquisition on the Jersey Shore, joining Channel Club Marina and Key Harbor Marina.