Brunswick Q4 Earnings Beat Estimates, Issues Solid FY22 Outlook

  • Brunswick Corp BC reported fourth-quarter FY21 sales growth of 23.2% year-on-year, to $1.43 billion, beating the analyst consensus of $1.38 billion.
  • Propulsion segment revenue rose 12% Y/Y, parts & accessories climbed 40%, and the boat segment sales grew 14%.
  • Adjusted EPS of $1.44 beat the analyst consensus of $1.35.
  • Selling, general and administrative expenses rose 28% to $207.5 million.
  • The operating margin was 8.5%, and operating income for the quarter fell 11% to $121.8 million.
  • "Although we continue navigating certain headwinds, including the effects of COVID-19 and elevated supply chain, labor, and freight costs, we remain extremely focused on executing our Next Wave strategy and we are confident that we will continue to lead the marine industry in growth and innovation," said CEO David Foulkes.
  • The company held $367.5 million in cash and equivalents as of December 31, 2021. Total debt of Brunswick amounted to $1.8 billion.
  • Outlook: Brunswick sees FY22 sales of $6.7 billion - $7 billion, topping the consensus of $6.45 billion.
  • The company expects FY22 adjusted EPS of $9.60 - $10.25, above the consensus of $9.23.
  • For Q1, the company expects revenue growth of approximately 15%, with low-to-mid single-digit EPS growth.
  • Price Action: BC shares closed lower by 0.38% at $87.07 on Wednesday.
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