Brunswick Corp

BC: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$38.00	Lkmxljl	Qlcpxhgmb

Brunswick Earnings: New Model Year Demand Smothered by Strained Consumer Environment

Jaime M Katz

Jul 25, 2024

Narrow-moat Brunswick couldn’t escape the downtrend in demand for recreational goods in its second quarter. The second quarter wasn’t materially out of line with our forecast, with sales of $1.4 billion and adjusted EPS of $1.80. Segment sales at boats and propulsion suffered the most, down 23% and 21%, respectively, while the engine parts and accessories segment saw sales rise 2%. With dealers frustrated by higher floorplan financing expenses and consumers fatigued by inflation and higher loan costs, management revised its unit sales outlook for boats to a 10% decline in 2024, versus flat prior.

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