Brunswick (BC) Q1 FY2024 earnings: revenue $1.4 billion, down 21.7% on the year

Brunswick Corp. (BC) reported revenue of $1.4 billion for Q1 FY2024, the quarter ended 30 March 2024, down 21.7% on the same quarter a year earlier. Net income was $68 million, down 39.4% on the year, and diluted earnings per share $0.99. The figures are the company's own, from the 10-Q it filed with the SEC on 2 May 2024.

Revenue$1.4 billiondown 21.7%

Net income$68 milliondown 39.4%

Diluted EPS$0.99

QuarterQ1 FY2024ended 30 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	1,365	1,362	n/a	n/a
Cost of revenue	991	998	n/a	n/a
Gross profit	374	364	n/a	n/a
Gross margin	27.4%	26.8%	n/a
Research and development	45.8	42.4	n/a	n/a
Selling, general and administrative	204	199	n/a	n/a
Operating income	111	108	n/a	n/a
Operating margin	8.1%	8.0%	n/a
Interest expense	28.6	27.3	n/a	n/a
Pre-tax income	87.0	85.8	n/a	n/a
Income tax	18.6	14.8	n/a	n/a
Effective tax rate	21.4%	17.2%	n/a
Net income	68.0	60.9	n/a	n/a
Net margin	5.0%	4.5%	n/a
Diluted EPS	$0.99	$0.89	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	-153	283	n/a	n/a
Capital expenditure	54.0	56.2	n/a	n/a
Free cash flow	-207	227	n/a	n/a
Free cash flow margin	-15.2%	16.7%	n/a
Cash from investing	-55.4	-69.0	n/a	n/a
Cash from financing	294	-84.1	n/a	n/a
Depreciation and amortisation	69.4	71.5	n/a	n/a
Share-based compensation	6.1	7.4	n/a	n/a
Buybacks	63.6	55.0	n/a	n/a
Dividends paid	28.6	27.4	n/a	n/a
Dividend per share	$0.42	$0.42	n/a	n/a
Diluted shares, weighted	68m	70m	n/a	n/a
Shares outstanding at period end	68m	68m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	2,050	2,087	n/a	n/a
Debt	2,827	2,430	n/a	n/a
Operating lease liabilities	141	134	n/a	n/a
Other liabilities	1,491	1,579	n/a	n/a
Total liabilities and equity	6,509	6,230	n/a	n/a
Fixed assets	1,309	1,316	n/a	n/a
Goodwill	1,026	1,031	n/a	n/a
Intangible assets	964	978	n/a	n/a
Investments	0.8	0.8	n/a	n/a
Cash and equivalents	548	468	n/a	n/a
Receivables	617	493	n/a	n/a
Inventory	1,555	1,477	n/a	n/a
Other assets	488	467	n/a	n/a
Total assets	6,509	6,230	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,594	1,362	1,365	1,444	1,273	1,155	1,222	1,447	1,360	1,334	1,378	1,558
Cost of revenue	1,149	998	991	1,053	940	902	918	1,077	1,009	1,026	1,034	1,120
Gross profit	445	364	374	391	333	253	304	370	351	308	344	438
Gross margin	28%	27%	27%	27%	26%	22%	25%	26%	26%	23%	25%	28%
R&D	45.2	42.4	45.8	43.0	41.7	39.1	38.5	41.8	43.4	45.0	46.3	50.4
SG&A	187	199	204	182	181	182	208	217	216	211	242	251
Operating income	196	108	111	158	98.4	-55.7	56.3	103	-242	41.9	50.3	129
Operating margin	12%	8%	8%	11%	8%	-5%	5%	7%	-18%	3%	4%	8%
Interest expense	28.1	27.3	28.6	32.6	33.0	32.4	29.7	30.0	27.0	25.0	24.6	24.8
Pre-tax income	160	85.8	87.0	132	69.9	-86.1	28.1	75.3	-266	27.2	26.9	106
Tax rate	29%	17%	21%	21%	32%	n/a	28%	21%	n/a	32%	22%	-2%
Net income	112	60.9	68.0	100	44.6	-82.5	20.2	59.3	-236	18.7	21.0	110
Net margin	7%	4%	5%	7%	4%	-7%	2%	4%	-17%	1%	2%	7%
Diluted EPS	$1.61	$0.89	$0.99	$1.48	$0.67	-$1.21	$0.30	$0.89	-$3.59	$0.32	$0.32	$1.68
Operating cash flow	198	283	-153	211	67.4	306	-27.4	316	140	133	-64.1	314
Capital expenditure	59.7	56.2	54.0	47.1	36.0	30.3	37.7	44.9	33.9	49.3	57.2	41.4
Free cash flow	138	227	-207	164	31.4	276	-65.1	271	106	83.6	-121	272
Buybacks	87.8	55.0	63.6	106	20.0	10.0	25.6	17.5	21.9	15.0	16.2	15.0
Dividends paid	27.8	27.4	28.6	28.2	27.8	27.7	28.2	28.4	28.0	28.0	28.7	28.5
Shares outstanding	69m	68m	68m	66m	66m	66m	66m	65m	65m	65m	65m	65m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 March 2024, filed 2 May 2024, accession 0000014930-24-000103: the filing on EDGAR. All of Brunswick Corp.'s filings: EDGAR company page.

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