Brunswick Corp today reported sales of US$1.35bn for its second quarter, up from US$1.24bn a year ago. Net income was US$119.4m compared to US$108.1m a year ago.
Its Marine Engine segment had sales of US$766.2m, up 6%. International sales, representing 28% of total segment sales, were up 11%. The segment had operating earnings of US$148.2m for the quarter, compared to US$139.0m a year ago. Brunswick said sales increases were led by outboard engines and growth in its parts and accessories business. Sterndrive sales fell during the quarter.
Brunswick’s Boat Segment had sales of US$412.1m, up 12% from the previous year. International sales, representing 27% of total sales, were up by 11%. The Boat segment had operating earnings of US$24.7m compared to US$22.7m a year ago. Brunswick said sales gains reflected “strong growth” in its three primary boat categories.
“We expect our marine businesses’ top-line performance will benefit from the continuation of solid growth in the US and international markets and the success of our new products,” said Mark Schwabero, Brunswick chairman, in a statement, adding that annual sales should be up from 7% to 8%. “We are narrowing the range for our full-year expectations of diluted EPS, as adjusted, to US$4.00 to US$4.10. Our expectation remains that we will generate positive free cash flow in excess of US$250m,” said Schwabero.