Brunswick remains stable in Q2 2020
Brunswick Corporation’s Q2 2020 results show strengthening demand, combined with market share gains despite the uncertainty caused by COVID-19 pandemic disruption.
For the second quarter of 2020, Brunswick reported consolidated net sales of US$987.8m, down from US$1,163.5m in 2019. Though the company experienced a drop in overall sales, the performance of the individual company segments reflected the stability demonstrated by the company in Q1 2020.
"While we remain very cognisant of potential future macroeconomic headwinds and other uncertainties, our resilient second quarter performance, together with a surging marine retail environment, has created substantial growth opportunities for the remainder of 2020 and 2021," said Brunswick CEO, David Foulkes.
The boat segment, which manufactures and distributes recreational boats and includes business acceleration operations, reported lower sales and earnings against prior year due to the temporary suspension of manufacturing in most plants in April and ramp-up of activities into May. Freedom Boat Club, which is part of the business acceleration, contributed approximately 2% of sales in the quarter, despite many locations being impacted by local business closure orders early in the quarter.
The aftermarket-driven parts and accessories business was boosted as lockdown restrictions were lifted and boaters returned to the water, with additional interest from new customers said Brunswick.
Demand in the US retail marine market accelerated into May and June resulting in robust new boat and engine sales, with sales to first-time purchasers or returning lapsed boaters representing approximately half of new boat sales.
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