Groupe Beneteau reports slowdown for Q1

Groupe Beneteau recently reported its Q1 2024 revenues, which came to €229m for the first quarter, down 39% from a high basis for comparison (+57% for the first quarter of 2023).

“For Groupe Beneteau, the first quarter of 2024 is in line with our roadmap. It confirms the return to a more traditional seasonality in terms of deliveries, following an exceptional first quarter in 2023 which benefited from a normalization of sourcing conditions and a restocking by distributors,” said Bruno Thivoyon, Groupe Beneteau CEO. “In an environment that continues to be marked by a wait-and-see approach, affected by higher interest rates, the Group is moving forward with its innovation and premiumization strategy. With the positive response to the new models, presented at the spring shows or private events, and the industrial adaptation measures rolled out at the start of the year, the Boat division expects to record an operating margin of between 7% and 10% in 2024, despite the market slowdown.”

During this first quarter, Beneteau reported the impact of the slowdown in demand and the destocking across the networks primarily concerns the company’s motor business, down 50% in 2024 following 47% growth during the first quarter of 2023. While the number of units delivered contracted by 65% over the quarter, the premiumization across all the Dayboating and Real Estate on the Water segments limited the impacts on revenues. The main drivers behind this include the company’s launch of the M48 and M8 catamarans for the PRESTIGE brand, and the TH36 for FOURWINNS, as well as the release of the DB 37 by JEANNEAU, the Antares 12 by BENETEAU and the F4 by PRESTIGE.

Following an exceptional performance during the first quarter of 2023 (+81%), Beneteau reported the sailing business was more resilient (-25%). The contraction focused on the monohull models, while sales of multihulls stabilized over the period.

In its 2024 outlook, Beneteau said it is factoring in the level of interest rates and the impacts of destocking within the distribution networks, visibility over the level of business for the coming boat season and is focused mainly on the premium segments.

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