Brunswick Corporation announced 4th quarter and 2018 year-end results today with total marine revenues of US$4.12 billion for the year, up 12% (adjusted)
2018 Highlights
IBI has summarised the top-line takeaways from Brunswick’s earnings presentation today and will provide a more in-depth analysis of the full year-end report shortly.
| 2018 Sales & Earnings* | Amount (adjusted) | Growth |
|---|---|---|
|
Marine Engine Sales (incl P&A) |
$2.99bn |
+13.7% |
|
Boat Sales |
$1.42bn |
+6.2% |
|
Total Marine Sales |
$4.07bn |
+11.5% |
|
Marine Operating Earnings |
$589m |
+19.0% |
* Constant currency, excluding acquisitions and Sea Ray Sport Yachts & Yachts
- Record sales & growth
- Global marine markets remain steady
- Robust demand for outboard engines
- Unit volume for main US powerboat segments up 3%
- Retail unit sales: up 3% in US; up 2% globally
- Boston Whaler, Lund & Sea Ray were market leaders in their respective categories
- Inventory pipelines are well-positioned leading into main retail selling season
- Global revenue across combined marine segments up 12% (8% constant currency, adjusted)
Revenue Growth Rates by Region
| Region | Engines | Boats | Total | 2018 Mix* |
|---|---|---|---|---|
|
US |
11% |
9% |
11% |
71% |
|
Europe |
7% |
(2)% |
4% |
11% |
|
Canada |
9% |
0% |
4% |
7% |
|
Asia-Pacific |
4% |
8% |
4% |
7% |
|
Rest-of-World |
7% |
(33)% |
(1)% |
4% |
|
Total |
10% |
6% |
8% |
100% |
* Constant currency, excluding acquisitions and Sea Ray Sport Yachts & Yachts
“Our combined marine portfolio had a fantastic 2018, which led to the company’s ninth consecutive year of adjusted EPS growth.”
Brunswick Chief Executive Officer David Foulkes
2019 Outlook
Continued revenue and margin growth
- Total revenue growth: 9%-11% (including 4% from completed acquisitions)
- Engine Segment: low-to-mid teens growth (including parts and accessories)
- Boats (US): mid-single digit growth
- Boats (International): flat
- Boats Total: low-to-mid-single digit growth
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