RETAIL SALES TO SLIDE IN 2023

US marine industry retail sales are expected to be to be down in 2023 versus 2022, with premium segments performing better than certain value segments.

That’s the guidance provided by Brunswick as the organisation released its fourth quarter and full year results.

Net sales of between $6.8 billion and $7.2 billion are expected with an adjusted operating margin of around 15%.

Operating expenses are expected to be flat and increase slightly as a percent of sales.

The organisation reported a strong performance in the fourth quarter, capping an ‘outstanding’ 2022 in which Brunswick delivered record sales, operating margins, and operating earnings, said David Foulkes, Brunswick CEO. For the first time in company history, boat business’ full year adjusted operating margin exceeding 10%.

Exceptional

“Our exceptional operating performance and cost containment in a challenging macro-economic environment continues to highlight the strength of our businesses, our leaders, and the durability of our portfolio and earnings profile,” said David.

The propulsion business performed strongly, with high sales and operating margins, particularly for engines over 300hp.

Parts and accessories returned to a more normal seasonality in the last quarter of 2022, though still delivered earnings and margin growth as anticipated.

Sales were impacted by certain headwinds, however, on a full year basis, revenue was down less than 1% versus a record 2021.

The legacy Navico business saw strong growth and the boat business delivered ‘exceptional’ topline and earnings growth in the quarter, reaching 10.2% full-year adjusted operating margins, while continuing to ensure healthy pipeline inventory levels into 2023.

Freedom Boat Club also had another strong quarter, continuing to integrate its 2022 acquisitions while growing membership and attracting a younger and increasingly diverse customer base.

Ron Berry, the founder of Wilks (Rubber Plastics), has passed away, just days before his 90th birthday.

Ron, together with his wife Marie, founded Wilks in 1973 from a shed in their back garden in Witham, Essex, initially buying and selling fendering extrusions.

After relocating to Tollesbury in Essex a couple of years later, Wilks began to extrude its own profiles and developed into one of the world’s leading manufacturers and suppliers of boat fendering, and in later years synthetic decking.

For many years Wilks has also manufactured the checkout bumpers for some of the UK’s major supermarkets.

Wilks, now in its 50th year, still maintains the virtues of a family run company that Ron instilled from the beginning.

Having been run by his sons, Chris and Scott for many years, Wilks was