Groupe Beneteau reported first-quarter revenues of $246.57 million, a 39% decline year-over-year.
In a statement, the group stated:
“During this first quarter, which is not particularly representative in relation to the seasonality of recreational boat sales, the impact of the slowdown in demand and the destocking across the networks primarily concerns the Motor business, down 50% in 2024 following 47% growth during the first quarter of 2023. While the number of units delivered contracted by 65% over the quarter, the premiumization across all the Dayboating and Real Estate on the Water segments limited the impacts on revenues. The main drivers behind this include the launch of the M48 and M8 catamarans for the Prestige brand, and the TH36 for Four Winns, as well as the release of the DB 37 by Jeanneau, the Antares 12 by Beneteau and the F4 by Prestige.”
The Sailing business was down 25% in the quarter after being up 81% in the year-prior period.
“The first quarter of 2024 is in line with our roadmap,” CEO Bruno Thivoyon said in the statement. “It confirms the return to a more traditional seasonality in terms of delivers, following an exceptional first quarter in 2023, which benefitted from a normalization of sourcing conditions and a restocking by distributors.”
Groupe Beneteau said it is maintaining its Boat division full-year forecast for an operating margin from 7% to 10%. The company also said it will launch the Beneteau Trawler 54, the Prestige F5, the Lagoon 43 and Lagoon 60 this year.
