Brunswick Corp. yesterday reported its third quarter financial results. Net sales were $1.36 billion in the quarter, up 6.8% from the year-before period. Sales increased as a result of strong orders from OEMs and dealers, steady boating participation driving P&A and aftermarket business strength, and pricing actions taken in recent periods.
Adjusted operating earnings were $106.4 million, down 15.5% year-over-year due to the enterprise impacts of tariffs and the reinstatement of variable compensation, partially offset by the impacts of the sales increases, according to a company statement. For the quarter, Brunswick posted diluted EPS from continuing operations of $0.97 on an adjusted basis, down 17.1% from the third quarter of 2024.
“Brunswick delivered strong third quarter results, with each reporting segment generating revenue growth over the third quarter of 2024 and overall financial performance exceeding expectations and guidance for the quarter,” chairman and CEO David Foulkes said in the statement.
“Brunswick’s third quarter boat retail sales were flat year-over-year — a notable relative improvement from the first half of the year — driven by resilience in our premium and core categories,” Foulkes said. “We continue to drive forward with financial and operational efficiencies through the announced, margin-accretive footprint actions in our boating business, continued enterprisewide tariff mitigation initiatives, prudent pipeline management, and excellent capital strategy execution.”
The statement also said that the company’s propulsion segment reported a 10% increase in sales. “The propulsion business delivered significant sales growth, with revenues in each of its three business lines — outboards, sterndrive, and controls, rigging and propellers — up over the prior year as OEM order strength continued later into the boating season,” Foulkes said.
The engine parts and accessories segment reported an 8% increase in sales due to healthy boater participation, driving a 4% increase in the products business and a 12% increase in the distribution business. Navico Group reported a 2% increase in sales led by strong growth in the electronics portfolio. The boat segment reported a 4% increase in sales, resulting from improved retail sales in the quarter, pulling through steady wholesale orders as dealer inventories remain lean.
Foulkes confirmed Brunswick’s 2025 guidance for net sales of approximately $5.2 billion and an adjusted, diluted EPS of approximately $3.25 with annual share repurchases of at least $80 million.
“With the large majority of the retail selling season now complete, the 2025 U.S. marine retail market is trending down by approximately 8%, with year-over-year comparisons improving significantly in the back-half of the season following U.S. trade policy and capital market shocks in the second quarter. Our businesses continue to drive year-on-year revenue growth, benefiting from improved OEM ordering, low and healthy dealer inventories, improved retail for Brunswick boat brands versus the industry, continued propulsion market share gains, and resilient boating participation driving our recurring revenue businesses.”
