Brunswick (BC) Q2 FY2024 earnings: revenue $1.4 billion, down 15.2% on the year

Brunswick Corp. (BC) reported revenue of $1.4 billion for Q2 FY2024, the quarter ended 29 June 2024, down 15.2% on the same quarter a year earlier. Net income was $100 million, down 25.8% on the year, and diluted earnings per share $1.48. The figures are the company's own, from the 10-Q it filed with the SEC on 1 August 2024.

Revenue$1.4 billiondown 15.2%

Net income$100 milliondown 25.8%

Diluted EPS$1.48

QuarterQ2 FY2024ended 29 June 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	1,444	1,365	n/a	n/a
Cost of revenue	1,053	991	n/a	n/a
Gross profit	391	374	n/a	n/a
Gross margin	27.1%	27.4%	n/a
Research and development	43.0	45.8	n/a	n/a
Selling, general and administrative	182	204	n/a	n/a
Operating income	158	111	n/a	n/a
Operating margin	11.0%	8.1%	n/a
Interest expense	32.6	28.6	n/a	n/a
Pre-tax income	132	87.0	n/a	n/a
Income tax	27.7	18.6	n/a	n/a
Effective tax rate	20.9%	21.4%	n/a
Net income	100	68.0	n/a	n/a
Net margin	6.9%	5.0%	n/a
Diluted EPS	$1.48	$0.99	n/a	n/a

$ million except per share.

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	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	211	-153	n/a	n/a
Capital expenditure	47.1	54.0	n/a	n/a
Free cash flow	164	-207	n/a	n/a
Free cash flow margin	11.4%	-15.2%	n/a
Cash from investing	-121	-55.4	n/a	n/a
Cash from financing	-137	294	n/a	n/a
Depreciation and amortisation	70.4	69.4	n/a	n/a
Share-based compensation	5.1	6.1	n/a	n/a
Buybacks	106	63.6	n/a	n/a
Dividends paid	28.2	28.6	n/a	n/a
Dividend per share	$0.42	$0.42	n/a	n/a
Diluted shares, weighted	68m	68m	n/a	n/a
Shares outstanding at period end	66m	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	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Shareholders' equity	2,014	2,050	n/a	n/a
Debt	2,827	2,827	n/a	n/a
Operating lease liabilities	136	141	n/a	n/a
Other liabilities	1,419	1,491	n/a	n/a
Total liabilities and equity	6,396	6,509	n/a	n/a
Fixed assets	1,300	1,309	n/a	n/a
Goodwill	1,024	1,026	n/a	n/a
Intangible assets	948	964	n/a	n/a
Investments	82.5	0.8	n/a	n/a
Cash and equivalents	494	548	n/a	n/a
Receivables	530	617	n/a	n/a
Inventory	1,524	1,555	n/a	n/a
Other assets	492	488	n/a	n/a
Total assets	6,396	6,509	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 29 June 2024, filed 1 August 2024, accession 0000014930-24-000126: the filing on EDGAR. All of Brunswick Corp.'s filings: EDGAR company page.

The same record on your computer

GreekSoup is also a free program for your own computer. It reads these same filings for the names you follow, refreshed as they land, with no account. One pasted line installs it.

Install