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Brunswick Corporation 26125 N. Riverwoods Blvd., Suite 500, Mettawa, IL 60045 | |
Telephone 847.735.4700 Facsimile 847.735.4750 |
Release: | IMMEDIATE | |
Contact: | Ryan Gwillim | |
Vice President - Finance and Treasurer | ||
Phone: | 847-735-4926 | |
Contact: | Daniel Kubera | |
Director - Media Relations and Corporate Communications | ||
Phone: | 847-735-4617 | |
Email: | daniel.kubera@brunswick.com |
Q2 2019 | ||||||||||||
$ millions (except per share data) | GAAP | Increase | As Adjusted | Increase | ||||||||
Net Sales | $ | 1,163.5 | 1.3 | % | $ | 1,164.2 | 3.1 | % | ||||
Operating Earnings | $ | 162.7 | 74.8 | % | $ | 180.1 | 14.6 | % | ||||
Operating Margin | 14.0 | % | 590 bps | 15.5 | % | 160 bps | ||||||
Operating Leverage | NM | 65 | % | |||||||||
Diluted EPS | $ | 1.28 | $ | 1.45 | ||||||||
bps = basis points NM = not meaningful |
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Brunswick Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:
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Outlook The Company is projecting 2019 to be another year of revenue and earnings growth with strong free cash flow generation in excess of $260 million.
Cash Flow Outlook and Capital Plan The Company is projecting an increase in net earnings in 2019 when compared with 2018.
On a constant currency basis, international sales decreased 7 percent reflecting declines in Europe and Canada.
Net interest expense increased for the three months and six months ended June 29, 2019 when compared with the same prior year period as a result of recent debt issuances as discussed in Note 15 -Debt in the Notes to Condensed Consolidated Financial Statements and Note 17 in the Notes to Consolidated Financial Statements in the 2018 Form 10-K.
Additionally, the operating earnings increase included favorable comparisons versus the prior year due to unfavorable plant efficiencies associated with production ramp-up for new products and warehouse management integration in the first half of 2018, favorable changes in sales mix and cost control measures.
Due to the factors described...Read more
On a constant currency basis,...Read more
Additionally, less favorable plant efficiencies...Read more
Quarterly dividend payments in the...Read more
The Company is targeting slight...Read more
Excluding the impact of Sport...Read more
Cash, cash equivalents and marketable...Read more
Excluding the impact of Sport...Read more
For the year-to-date period, Corporate...Read more
Boat segment net sales were...Read more
Management believes that the non-GAAP...Read more
The Company anticipates solid improvements...Read more
Additionally, gross margin percentage reflected...Read more
Brunswick's major sources of funds...Read more
Accounts and notes receivable increased...Read more
Accounts and notes receivable increased...Read more
The Company includes non-GAAP financial...Read more
The Company expects net sales...Read more
Additionally, operating earnings comparisons were...Read more
Selling, general and administrative expense...Read more
The net charge of $1.8...Read more
The net charge of $1.8...Read more
Boat segment operating earnings increased...Read more
By category, aluminum freshwater sales...Read more
Net sales for the first...Read more
Matters Affecting Comparability Certain events...Read more
Improvements in the Marine Engine...Read more
The bonds will be retired,...Read more
30 30 Overview and Outlook...Read more
Net sales increased during the...Read more
The Company anticipates operating earnings...Read more
33 33 Results of Operations...Read more
The increase in operating earnings...Read more
Marine Engine Segment The following...Read more
During the six months ended...Read more
Net sales for the first...Read more
Accrued expenses decreased $14.6 million,...Read more
The Company expects to incur...Read more
The Company expects to incur...Read more
The Company received net proceeds...Read more
Management believes that the non-GAAP...Read more
36 36 Boat Segment The...Read more
These actions are expected to...Read more
This comparison reflected higher net...Read more
The primary driver of the...Read more
The primary driver of the...Read more
Boat segment net sales were...Read more
International net sales were 30...Read more
International net sales were 31...Read more
In June and July of...Read more
In June and July of...Read more
Marine Engine segment operating earnings...Read more
These negative factors were partially...Read more
The Company recognized an income...Read more
The company recognized an income...Read more
Excluding the impact of Sport...Read more
The effective tax rate for...Read more
The effective tax rate for...Read more
Mostly offsetting these positive factors...Read more
The Company has appropriately adjusted...Read more
Sales increases were due to...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Material Contracts, Statements, Certifications & more
Brunswick Corp provided additional information to their SEC Filing as exhibits
Ticker: BC
CIK: 14930
Form Type: 10-Q Quarterly Report
Accession Number: 0000014930-19-000136
Submitted to the SEC: Fri Aug 02 2019 12:36:51 PM EST
Accepted by the SEC: Fri Aug 02 2019
Period: Saturday, June 29, 2019
Industry: Engines And Turbines