Brunswick (NYSE:BC) Updates FY24 Earnings Guidance

Brunswick (NYSE:BC) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $7.00-$8.00 for the period, compared to the consensus earnings per share estimate of $7.38. The company issued revenue guidance of $6.0-$6.2 billion, compared to the consensus revenue estimate of $6.03 billion. Brunswick also updated its FY 2024 guidance to 7.000-8.000 EPS.

Brunswick Price Performance

BC stock traded up $1.08 during trading on Friday, hitting $81.08. The company had a trading volume of 682,420 shares, compared to its average volume of 752,359. The company has a fifty day moving average price of $89.13 and a two-hundred day moving average price of $84.77. The company has a current ratio of 1.68, a quick ratio of 0.59 and a debt-to-equity ratio of 1.16. The company has a market cap of $5.58 billion, a P/E ratio of 15.07 and a beta of 1.56. Brunswick has a fifty-two week low of $66.47 and a fifty-two week high of $99.68.

Brunswick (NYSE:BC) last announced its quarterly earnings results on Thursday, April 25th. The company reported $1.35 EPS for the quarter, missing the consensus estimate of $1.36 by ($0.01). The company had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.36 billion. Brunswick had a net margin of 6.24% and a return on equity of 25.37%. Brunswick’s quarterly revenue was down 21.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.57 EPS. Equities research analysts expect that Brunswick will post 7.5 earnings per share for the current fiscal year.

Brunswick Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Monday, February 26th were given a $0.42 dividend. This is an increase from Brunswick’s previous quarterly dividend of $0.40. The ex-dividend date was Friday, February 23rd. This represents a $1.68 annualized dividend and a yield of 2.07%. Brunswick’s payout ratio is presently 31.23%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on BC shares. B. Riley upgraded Brunswick from a neutral rating to a buy rating and lifted their price objective for the company from $100.00 to $108.00 in a research report on Tuesday, February 20th. DA Davidson reiterated a neutral rating and issued a $77.00 price objective on shares of Brunswick in a research report on Friday, March 15th. Roth Mkm restated a buy rating and set a $94.00 target price on shares of Brunswick in a research report on Thursday. Stifel Nicolaus boosted their target price on Brunswick from $88.00 to $97.00 and gave the stock a buy rating in a research report on Wednesday, January 17th. Finally, Truist Financial dropped their target price on Brunswick from $115.00 to $105.00 and set a buy rating for the company in a research report on Friday, February 2nd. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, Brunswick currently has an average rating of Moderate Buy and an average target price of $92.83.

Insider Activity at Brunswick

In related news, CEO David M. Foulkes sold 35,000 shares of the company’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $87.11, for a total value of $3,048,850.00. Following the completion of the sale, the chief executive officer now owns 272,626 shares in the company, valued at $23,748,450.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Brunswick news, EVP John G. Buelow sold 2,426 shares of the business’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $87.12, for a total value of $211,353.12. Following the completion of the transaction, the executive vice president now directly owns 14,199 shares of the company’s stock, valued at $1,237,016.88. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO David M. Foulkes sold 35,000 shares of the business’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $87.11, for a total value of $3,048,850.00. Following the completion of the transaction, the chief executive officer now directly owns 272,626 shares of the company’s stock, valued at $23,748,450.86. The disclosure for this sale can be found here. Over the last quarter, insiders sold 52,696 shares of company stock worth $4,574,199. 0.81% of the stock is owned by insiders.

About Brunswick

Brunswick Corporation designs, manufactures, and markets recreation products in the United States, Europe, the Asia-Pacific, Canada, and internationally. It operates through four segments: Propulsion, Engine P&A, Navico Group, and Boat. The Propulsion segment provides outboard, sterndrive, inboard engines, propulsion-related controls, rigging, and propellers for boat builders through marine retail dealers under the Mercury, Mercury MerCruiser, Mariner, Mercury Racing, Mercury Diesel, Avator, and Fliteboard brands.