Brunswick Beats Q1 Estimates; Reiterates 2023 Guidance

Loading...
Loading...
  • Brunswick Corp BC reported Q1 2023 sales growth of 3% year-on-year, to $1.74 billion, beating the consensus of $1.71 billion.
  • Segment Sales: Propulsion increased 7% Y/Y, Engine Parts and Accessories fell 13%, Navico Group was down 11% Y/Y and Boat climbed 17%.
  • Selling, general and administrative expenses rose 10% Y/Y to $211.3 million.
  • Adjusted operating margin was 15.0%, and adjusted operating income for the quarter fell 2% Y/Y to $262.4 million.
  • The company held $399.7 million in cash and marketable securities as of Q1 2023. Net cash used for operating activities of continuing operations was $(14.5) million.
  • Adjusted EPS of $2.57 beat the analyst consensus of $2.38.
  • The company repurchased shares worth $60 million and paid dividends of $28.5 million.
  • Outlook: Brunswick reiterated guidance for 2023 sales of $6.8 billion - $7.2 billion (vs. consensus of $6.98 billion) and adjusted EPS of $9.50 - $11.00 (vs. consensus of $10.27).
  • The company expects share repurchases of above $200 million in 2023.
  • It sees Q2 net sales flat to slightly up Y/Y and adjusted EPS of $2.60 - $2.70 (vs. consensus of $3.03).
  • Price Action: BC shares are trading lower by 0.61% at $82.57 on the last check Thursday.
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsEquitiesMid CapNewsGuidanceMarketsBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...