We knew it was coming.

But the extent of Brunswick's (NYSE:BC) latest earnings dive confirms that things in the boating industry will remain turbulent for the foreseeable future.

Brunswick's business likely keeps it from reaping the benefits most market leaders are able to realize. While it's the largest boat and marine engine manufacturer, its products are big-ticket items, meaning few consumers have the money to ante up for a high-performance speedboat or sport-fishing boat.

Throw in skyrocketing fuel costs, higher interest rates, and the fact that a boat is more a high-priced toy than a necessity, and it's no surprise that second-quarter sales fell slightly and earnings were down 25%. Worse yet, last week management said that demand for certain inboard fiberglass boats is falling further, contributing to weaker-than-expected results for the balance of the year.

As a result, Brunswick is cutting production, and expects earnings to come in at $1.20 to $1.35 for the year, well below earlier guidance of $1.65 to $2.00. The company does operate in fitness and bowling and billiards, too, but these two segments only accounted for about 16% of quarterly sales, with a decrease in the top line for bowling and billiards.

So while Brunswick is a market leader in many of its businesses, it doesn't qualify as a Rule Maker. The same can be said of rival Marine Products (NYSE:MPX), leading boat retailer MarineMax (NYSE:HZO), and rival West Marine (NASDAQ:WMAR).

In contrast, companies like Motley Fool Inside Value selections Coca-Cola and Anheuser-Busch can use their market dominance to increase prices and offset stagnating demand, and the repeat-purchase, mass-market appeal of their products means they are less likely to be subject to the macro-economic headwinds that are torpedoing Brunswick's prospects now.

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Fool contributor Ryan Fuhrmann has no financial interest in any company mentioned. Feel free to email him with feedback or to discuss any companies mentioned further. The Fool has an ironclad disclosure policy.