Brunswick’s 2021 sales ‘sets foundation for growth’
Boosted by a powerful fourth quarter performance, Brunswick – owner of some of the industry’s biggest fishing boat brands – has concluded its financial year with record sales and earnings.
The US corporation ended 2021 with net sales of $5.85 billion, an increase on 2020 of 34.5%, and earnings of $813 million, up by just over 53%, generating a margin of 13.9%.
The annual figures were amplified by net sales of $1.43 billion in quarter four, up 23.2%, and earnings of almost $122 million, up 7.3%. Margin was 8.5%.
“We delivered record sales and earnings in 2021 and, more importantly, set a foundation for growth across all our businesses in 2022 and for years to come,” said Brunswick Chief Executive Officer, David Foulkes.
“Our outstanding operational performance in a challenging environment continues to prove the strength and durability of our portfolio and earnings profile, with robust capital generation enabling accelerated investments in our core businesses. These include propulsion, parts and accessories and Freedom Boat Club, as well as critical ACES, digital and other technology programmes.”
Brunswick’s propulsion business delivered yet another strong quarter of sales and earnings growth, while its parts and accessories businesses benefited from favourable late-season weather that drove aftermarket demand in many areas.
The company’s boat business, which includes the Bayliner, Crestliner, Lowe, Lund, Boston Whaler and Mercury among its brands, delivered strong top-line growth and earnings stability over the year. This was despite continued supply chain disruption, cost inflation and labour constraints at suppliers and some of its own facilities.
“Inventories remain at historically low levels with just over 15 weeks on hand at the end of the year, as elevated levels of retail-sold product and continued strong demand constrain our ability to build field inventory,” said Foulkes.
However, the boat segment reported a 14% increase in sales for the quarter due to increased deliveries to dealers to meet continued strong retail customer demand.