Brunswick Reports Lower Earnings in Fourth Quarter of 2023

Mettawa, Illinois-based Brunswick Corp. Reported fourth quarter net sales of  $1,361.9 million, down from a record fourth quarter in 2022 of $1,582.7 million, according to a media release. Brunswick’s boat segment operates manufacturing facilities in Flagler and Volusia counties.

“Strong cash generation, high-horsepower outboard market share gains, and steady operating performance in the fourth quarter helped close out a successful 2023 in which Brunswick delivered the second highest sales and adjusted EPS in Company history,” said Brunswick CEO David Foulkes, in the release. “Despite the challenging macroeconomic backdrop leading to some consumer and channel caution, resilient demand for our products and services, especially across our premium brands, together with continued cost containment and robust capital strategy execution, allowed us to deliver strong earnings and sector-leading shareholder returns, again demonstrating the robustness of our portfolio.”

The company’s boat segment reported a 22% decrease in sales resulting from softer wholesale orders, as dealers continue to manage pipeline levels, coupled with higher levels of selective discounting, which offset favorable mix and the impact of pricing actions taken earlier in the year, according to the release.

In line with prior expectations, U.S. new boat retail sales ended 2023 down mid-to high single-digit percent versus 2022, with Brunswick performing slightly better than the overall market, the release states.