Brunswick Corporation Reports Record Performance at the 2024 Miami International Boat Show
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Insights
The performance of Brunswick Corporation at the Miami International Boat Show is indicative of robust consumer demand and market strength within the boating industry. The record-setting sales figures, particularly for Boston Whaler and Sea Ray brands, suggest a significant year-over-year growth in retail revenue. This growth, especially in the context of a post-pandemic recovery, demonstrates consumer confidence and discretionary spending resilience.
Furthermore, the dominance of Mercury Marine in outboard engine share reflects Brunswick's competitive advantage in this segment. The successful launch of new products, such as the 365 Conquest and the Flite AIR models, aligns with the company's ACES strategy (Autonomy, Connectivity, Electrification and Shared-Access), which is pivotal in driving innovation and future growth.
The awards received for innovation and customer satisfaction are also a testament to the company's commitment to quality and excellence. These accolades may enhance brand reputation and contribute to customer loyalty, potentially leading to sustained sales momentum.
Brunswick Corporation's strong show performance, with significant sales increases, can be expected to positively influence its financials in the upcoming quarters. The double-digit sales growth for Boston Whaler and the 25 percent increase in unit sales for Sea Ray are likely to translate into higher revenue and potentially improved margins if the company has maintained operational efficiency.
Investors should note that boat shows often serve as leading indicators for annual performance in the boating industry. Brunswick's impressive market share in outboard engines, particularly in higher horsepower categories, may signal robust top-line growth and market leadership, which is crucial for investor confidence.
The introduction of lower-cost e-foiling models by Flite suggests a strategic move to capture a wider customer base and enter new market segments. This diversification could mitigate risks associated with economic downturns and reduce reliance on high-end market segments.
The introduction of Mercury Marine’s Avator electric outboard portfolio, including the 75e and 110e models, represents Brunswick's commitment to sustainability and innovation in the boating industry. Electrification of marine propulsion systems is a growing trend, driven by increasing environmental awareness and regulatory pressures on emissions.
The shift towards electric and hybrid systems is expected to play a critical role in the long-term sustainability of the boating industry. Brunswick's early adoption and display of these technologies at a major boat show could position the company as a leader in the transition towards more environmentally friendly boating solutions. This focus on sustainability may also appeal to a new segment of environmentally conscious consumers, potentially opening up new markets and revenue streams.
METTAWA, Ill., Feb. 20, 2024 (GLOBE NEWSWIRE) -- Brunswick Corporation (NYSE: BC) and its many industry-leading brands have returned from another record-setting performance at the Miami International Boat Show. During the five-day event, the Company saw record sales for some of its boat brands, continued strong outboard engine share, and an unprecedented number of awards for its products, brands, and teams.
Some of the many notable highlights of the show for Brunswick were:
- Boston Whaler set an all-time Miami show retail revenue record, increasing sales mid double digits vs. 2023, including the very successful launch of the 365 Conquest which was well-received by consumers and channel partners. The 2024 show also marked the highest unit sales number for Whaler since before the pandemic.
- Sea Ray reported the highest unit sales and retail revenue at the show since before the pandemic, with unit sales up more than 25 percent vs. 2023, including particularly strong orders for its Sundancer models.
- For the sixth consecutive year, Mercury Marine had more outboard engines than any other manufacturer at the show, achieving significantly more than half of all outboards across the multiple show venues and in excess of 60 percent of all outboards 150hp and above.
- Navico Group remains a partner to more than 90 percent of exhibitors at the Miami Boat Show and reported strong interest in its new and industry-leading Simrad® NSX® ULTRAWIDE multi-function display.
- Flite exhibited as part of Brunswick and Mercury for the first time and launched the Flite AIR and AIR PRO, a new line of lower-cost models designed to make e-foiling accessible to a broader market. Initial response to the new products has been very positive.
- Brunswick won a record 16 awards during the show highlighting innovation, customer satisfaction and marketing excellence, including: three NMMA Innovation Awards, two for Boston Whaler (365 Conquest and 210 Vantage) and another for the Mercury Racing 500R; five CSI awards; and eight Neptune Marketing Awards. Prior to the show, the Veer V13 won a Boating Magazine Boat of the Year award, which was officially presented at the Show.
“Once again, Miami proved to be an outstanding show for Brunswick and our brands, with strong sales, impressive outboard engine share, and successful new product launches that advance our ACES strategy,” said Dave Foulkes, Brunswick Corporation CEO. “We are encouraged by the early season shows and I am very proud of the outstanding work of our teams around the world and their exceptional early accomplishments as we enter the 2024 season.”
Also, on display in Miami for the first time were: Mercury Marine’s full Avator electric outboard portfolio, including the 75e and 110e which were launched earlier in 2024; Mercury’s Joystick Piloting system for Single-Engine Vessels; Boston Whaler’s new 210 Vantage model, and the new Trophy Pilothouse and Explorer models, which were all very well-received.
About Brunswick
Brunswick Corporation (NYSE: BC) is the global leader in marine recreation, delivering innovation that transforms experiences on the water and beyond. Our unique, technology-driven solutions are informed and inspired by deep consumer insights and powered by our belief that “Next Never Rests™”. Brunswick is dedicated to industry leadership, to being the best and most trusted partner to our many customers and to building synergies and ecosystems that enable us to challenge convention and define the future. Brunswick is home to more than 60 industry-leading brands. In the category of Marine Propulsion, these brands include, Mercury Marine, Mercury Racing, MerCruiser and Flite. Brunswick’s comprehensive collection of parts, accessories, distribution and technology brands includes Mercury Parts & Accessories, Land ‘N’ Sea, Lowrance, Simrad, B&G, Mastervolt, RELiON, Attwood and Whale. Our boat brands are some of the best known in the world, including Boston Whaler, Lund, Sea Ray, Bayliner, Harris Pontoons, Princecraft and Quicksilver. Our service, digital and shared-access businesses include Freedom Boat Club, Boateka and a range of financing, insurance and extended warranty businesses. While focused primarily on the marine industry, Brunswick also successfully leverages its portfolio of advanced technologies to deliver an exceptional suite of solutions in mobile and industrial applications. Headquartered in Mettawa, IL, Brunswick has more than 17,000 employees operating in 25 countries. In 2023, Brunswick was named by Forbes as a World’s Best Employer and as one of America’s Most Responsible Companies by Newsweek, both for the fourth consecutive year. The Company was also named to the 2023 list of Best Companies to Work for by U.S. News & World Report and one of America’s Most Responsible Companies by Newsweek. For more information, visit www.Brunswick.com.
FAQ
What were some highlights of Brunswick's performance at the Miami International Boat Show?
How many awards did Brunswick win at the show and for what categories?
Which new products were launched at the show by Flite and Boston Whaler?
What percentage of exhibitors at the Miami Boat Show are partners with Navico Group?
What was the response to Mercury Marine's new Avator electric outboard portfolio at the show?
