Brunswick Corp. this morning released its 2024 full year and fourth quarter financial results.
Net sales for the year were $5.24 billion, an 18.2% year-over-year decline. Net sales for the fourth quarter also declined, down 15.2% to $1.15 billion.
Adjusted operating earnings for the year were down significantly to $495.4 million, a 43% year-over-year decline. Adjusted operating earnings for the fourth quarter were down 66.7% to $47.2 million.
“We had a very solid finish to 2024 characterized by significant cash generation in the fourth quarter, further outboard engine market share gains, successful new product launches, and optimal operating performance in the circumstances, all of which enabled us to conclude full-year 2024 slightly ahead of our recent expectations,” CEO David Foulkes said in a statement. “Our ongoing, diligent management of field inventory and production volumes resulted in well-balanced levels exiting the year, with 36.8 weeks on hand of boats in the U.S. dealer pipeline.”
Brunswick’s propulsion, engine parts and accessories, Navico and boat units all reported declines for the year and the quarter. The most significant net sales declines for the year were in the propulsion and boat categories, which were down 25% and 21.9%, respectively.
In providing guidance for 2025, Brunswick is forecasting net sales between $5.2 billion and $5.6 billion, adjusted operating margin between 7.5% and 9%, free cash flow in excess of $350 million, and first quarter revenue of $1 billion to $1.2 billion.
