Brunswick Corp. continued to reap the benefits of strong demand across all its business segments, reporting a record first quarter with net sales of $1.43 billion, a 48.4 percent increase compared with the same quarter last year.
“Our business had a fantastic start to 2021,” CEO David Foulkes said, “with a very healthy marine market, strong boating participation and outstanding operating performance driving historic financial results.”
While each of its segments saw double-digit growth for the quarter, the top performer was the propulsion segment, filing $657.8 million in sales — a 47 percent increase compared with the year prior. The company introduced the industry’s largest outboard in February — the V-12 600-hp Mercury engine — and said it continued to gain market share in every segment higher than 50 hp, with the most substantial movement in engines over 200 hp.
Brunswick’s boat brands also had a record quarter, posting double-digit operating margins for the first time in more than two decades. The division had $420 million in sales, a 44 percent increase from the first quarter of 2020.
Parts and accessories were up 52.4 percent with $459.6 million in sales, showing growth across all businesses in all geographic regions and robust aftermarket sales driven by the increased participation in boating.
Freedom Boat Club contributed approximately 2 percent of sales to the boat segment in the quarter, the company said, as it continued to expand, buying franchises and growing its international footprint.
Brunswick said it has increased production and is working to manage historically low pipeline levels because of continued strong demand.
“Our production plans for the year remain on track, [and] our outstanding performance in a healthy marine market is further evidence of our ability to continue to successfully execute our marine strategy,” Foulkes said.