METTAWA, Ill. – Brunswick Corporation (NYSE: NYSE:BC), a leading company in the marine recreation industry, announced today a quarterly dividend of $0.42 per share. Shareholders on record as of the close of business on August 21, 2024, will be eligible to receive the dividend, which is scheduled for payment on September 13, 2024.
The declaration of this dividend reflects Brunswick's ongoing financial performance and its commitment to delivering shareholder value. As a global entity, Brunswick operates with a diverse portfolio of more than 60 industry-leading brands, including well-known names in the marine propulsion sector such as Mercury Marine and Boston Whaler.
Brunswick's reputation for innovation and technology-driven solutions is recognized in the marine industry and beyond. The company's success is also reflected in its recognition by Forbes as a World’s Best Employer and by Newsweek as one of America’s Most Responsible Companies for four consecutive years, achievements that underscore its commitment to excellence and corporate responsibility.
The company, which is headquartered in Mettawa, IL, employs more than 18,000 people across 29 countries. Its comprehensive product and service offerings span marine propulsion, parts and accessories, boat manufacturing, and digital and shared-access services. Brunswick's strategic focus on the marine sector is complemented by its ventures into mobile and industrial applications, leveraging its advanced technology portfolio.
Investors should note that forward-looking statements regarding Brunswick’s business prospects involve risks and uncertainties that could affect actual results. These include economic conditions, changes in consumer discretionary spending, currency exchange rates, and various other factors detailed in the company's regulatory filings.
This dividend announcement is based on a press release statement from Brunswick Corporation and is intended to inform shareholders and the investment community about the company’s latest financial distribution.
In other recent news, Brunswick Corp has experienced a series of noteworthy changes. Stifel and B.Riley, two analyst firms, have adjusted their financial outlook for the company. Stifel lowered its price target from $97 to $95, while maintaining a Buy rating, anticipating a continued decline in Brunswick's second-quarter earnings. B.Riley also decreased its price target from $108 to $97, yet maintained a Buy rating, suggesting confidence in the company's future prospects.
Brunswick is expected to report second-quarter earnings per share of $1.93, a decrease from $2.35 during the same quarter of the previous year, with revenue projections set at $1.540 billion. Analysts predict declines in Propulsion revenue and Navico sales, with modest growth in Engine P&A. The Boat segment is anticipated to face a more pronounced revenue drop.
In addition to these financial adjustments, Brunswick Corp announced a quarterly dividend of $0.42 per share, highlighting its commitment to shareholder value. The company reported first-quarter net sales of $1.4 billion and adjusted earnings per share of $1.35, bolstered by market share gains in its Mercury Marine division and the successful launch of 25 new products.
Despite the challenging economic conditions, Brunswick Corp continues to execute strategic financial initiatives, including a $400 million debt issuance and plans for $250 million in share repurchases. These recent developments underscore Brunswick's commitment to its financial strategy and shareholder value.
InvestingPro Insights
Brunswick Corporation's (NYSE: BC) recent dividend announcement is a testament to its consistent financial performance and dedication to shareholder returns. Notably, the company has raised its dividend for 11 consecutive years, showcasing a strong commitment to providing regular shareholder payouts. This is further supported by the fact that Brunswick has maintained dividend payments for an impressive 54 consecutive years, indicating a stable financial position over the long term.
InvestingPro data reveals a robust market capitalization of $5.31 billion, with a P/E ratio that stands at an attractive 4.64. The company has also experienced a significant return over the last week, with a 1-week price total return of 13.0%. This recent performance may interest investors looking for companies with a potential for short-term gains.
For those considering an investment in Brunswick Corporation, it is worth noting that the company's liquid assets exceed its short-term obligations, which can be an indicator of financial health and the ability to weather economic downturns. Moreover, analysts predict the company will be profitable this year, which could be a reassuring factor for potential investors.
For more detailed analysis and additional InvestingPro Tips on Brunswick Corporation, visit https://www.investing.com/pro/BC. There are 8 more tips available that could provide valuable insights into the company's performance and prospects. Interested investors can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, gaining access to a wealth of investment information and expert analysis.
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