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 Stock Up 1.3 %

Shares of BC traded up $1.05 during midday trading on Friday, reaching $81.05. 682,385 shares of the stock were exchanged, compared to its average volume of 754,562. Brunswick has a 12-month low of $66.47 and a 12-month high of $99.68. The firm has a 50 day simple moving average of $89.13 and a 200-day simple moving average of $84.77. The company has a quick ratio of 0.59, a current ratio of 1.43 and a debt-to-equity ratio of 0.95. The company has a market cap of $5.58 billion, a price-to-earnings ratio of 13.62 and a beta of 1.56.

Brunswick (NYSE:BC) last posted its quarterly earnings results on Thursday, April 25th. The company reported $1.35 earnings per share for the quarter, missing analysts’ consensus estimates of $1.36 by ($0.01). Brunswick had a return on equity of 29.78% and a net margin of 6.57%. The firm had revenue of $1.37 billion for the quarter, compared to analysts’ expectations of $1.36 billion. During the same period last year, the business earned $2.57 earnings per share. The firm’s revenue for the quarter was down 21.7% on a year-over-year basis. Research analysts forecast that Brunswick will post 7.5 EPS for the current year.

Brunswick Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Monday, February 26th were paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.07%. This is an increase from Brunswick’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Friday, February 23rd. Brunswick’s dividend payout ratio (DPR) is presently 28.24%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Stifel Nicolaus raised their price objective on Brunswick from $88.00 to $97.00 and gave the company a buy rating in a research note on Wednesday, January 17th. DA Davidson reissued a neutral rating and issued a $77.00 price objective on shares of Brunswick in a research note on Friday, March 15th. Truist Financial cut their price objective on Brunswick from $115.00 to $105.00 and set a buy rating on the stock in a research note on Friday, February 2nd. Morgan Stanley cut their price objective on Brunswick from $91.00 to $86.00 and set an equal weight rating on the stock in a research note on Friday. Finally, Roth Mkm reissued a buy rating and issued a $94.00 price objective on shares of Brunswick in a research note on Thursday. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $92.83.

Insider Buying and Selling at Brunswick

In other news, CEO David M. Foulkes sold 35,000 shares of Brunswick stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $87.11, for a total transaction of $3,048,850.00. Following the sale, the chief executive officer now owns 272,626 shares of the company’s stock, valued at approximately $23,748,450.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Ryan M. Gwillim sold 9,036 shares of Brunswick stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $87.10, for a total transaction of $787,035.60. Following the sale, the chief financial officer now owns 28,966 shares of the company’s stock, valued at approximately $2,522,938.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO David M. Foulkes sold 35,000 shares of Brunswick stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 272,626 shares in the company, valued at approximately $23,748,450.86. The disclosure for this sale can be found here. Insiders have sold 52,696 shares of company stock valued at $4,574,199 in the last 90 days. 0.81% of the stock is currently owned by insiders.

Brunswick Company Profile

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.