Brunswick Corporation reported significant declines in both revenue and profitability for the third quarter and the first nine months of 2024 compared to the same periods in 2023. For the three months ended September 28, 2024, net sales totaled $1,273.3 million, a decrease of 20.1% from $1,593.6 million in the prior year. Similarly, net sales for the nine months ended September 28, 2024, were $4,082.2 million, down 19.0% from $5,039.5 million in 2023.
Operating earnings also saw a substantial decline, with Q3 2024 reporting $98.4 million, down 49.8% from $196.1 million in Q3 2023. For the nine-month period, operating earnings fell to $367.3 million from $626.6 million, a decrease of 41.4%. Net earnings from continuing operations for Q3 2024 were $47.3 million, down 58.5% from $113.9 million in the same quarter of 2023, while net earnings for the nine months were $220.5 million, compared to $361.6 million in the previous year.
The decline in revenue was attributed to lower sales across several segments, particularly in the Propulsion segment, which reported a 32.3% decrease in Q3 sales to $485.9 million. The Boat segment also experienced a 19.4% decline in sales for the same period. Despite these challenges, the Engine Parts and Accessories segment achieved record operating margins of 26%, even with slightly lower sales.
Brunswick's financial position showed a decrease in cash and cash equivalents, which fell to $284.1 million as of September 28, 2024, down from $467.8 million at the end of 2023. Total debt increased to $2,571.9 million, up from $2,430.4 million at the end of the previous year, with a debt-to-capitalization ratio rising to 56%.
Strategically, Brunswick made several acquisitions, including the purchase of additional Freedom Boat Club franchise operations for $31.2 million in September 2024 and Fliteboard Pty Ltd for $88.3 million in September 2023. The company also recorded restructuring and impairment charges totaling $12.2 million for Q3 2024 and $33.6 million for the nine months, reflecting ongoing efforts to streamline operations.
Overall, Brunswick's performance in 2024 has been marked by significant revenue and profit declines, alongside strategic acquisitions aimed at enhancing its market position.
About BRUNSWICK CORP
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