Brunswick Corporation reports sales slide in 2019
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Brunswick Corporation, owner of the Lund, Bayliner, Lowe, Princecraft and Thunderjet fishing boat brands, as well as marine engine manufacturer, Mercury, has reported net sales of $4.108m for the year ending December 31, 2019, down from $4.121m in 2018. Operating earnings for the year were $471m.
Sales in 2018 included $49.4m relating to Sport Yacht and Yachts, which Brunswick has since exited.
Net sales for the fourth quarter were $917.6m, down from $961.1m the previous year, which included $5.5m of sales related to Sport Yacht and Yachts. Earnings for the quarter were up to $74.5m from $69.7m in 2018.
“Our 2019 performance demonstrated the strength and resilience of our marine-focused portfolio. We expanded gross and operating margins and delivered a tenth consecutive year of adjusted EPS growth, despite a weaker than anticipated marine market in the first half of the year,” said Brunswick Chief Executive Officer, David Foulkes.
“The transformational changes we made to our business in 2019 reinforced our position as the market leader in the marine industry and set us up for further margin expansion and revenue growth in 2020 and beyond.”
The marine engine segment reported a slight sales decrease for the quarter and the boat segment of the business was also down. The recently completed expansion of the company’s capacity to produce higher horsepower engines to meet increasing demand is anticipated to generate growth in 2020, while boat sales will benefit from new product introductions and a continued focus on more technology.