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Dec 31, 2021
Brunswick Q4 2021 Earnings Report
Brunswick's Q4 2021 earnings were reported, marked by strong performance and setting a foundation for future growth.
Key Takeaways
Brunswick Corporation reported a strong fourth quarter and full-year results for 2021, with record sales and earnings. The company's performance was driven by strong global demand for marine products, market share gains, and higher pricing.
Delivered record sales and earnings in 2021.
Propulsion business experienced strong top-line and earnings growth, with increased production efficiency and favorable customer mix.
Parts and accessories businesses leveraged favorable late-season weather conditions, driving robust aftermarket demand.
Freedom Boat Club had one of its busiest quarters on record, continuing its acquisition activity and membership growth.
Brunswick
Brunswick
Brunswick Revenue by Segment
Revenue by Segment
Propulsion Revenue
CapyFin.comEngine Parts & Acc. Revenue
CapyFin.comBoat Revenue
CapyFin.com Forward Guidance
Brunswick anticipates wholesale growth in all product categories throughout 2022 and well beyond. Net sales between $6.7 billion and $7.0 billion, Adjusted diluted EPS in the range of $9.60 - $10.25.
Positive Outlook
- U.S. marine industry retail unit growth remains supply constrained, up low-single digit percent versus 2021.
- Net sales between $6.7 billion and $7.0 billion, with strong growth in each segment.
- Adjusted operating margin growth between 20 and 60 basis points with operating margin expansion in each segment.
- Free cash flow in excess of $350 million, which is materially impacted by planned capital spending of more than $375 million.
- Adjusted diluted EPS in the range of $9.60 - $10.25, with EPS growth anticipated in each quarter.
Challenges Ahead
- Continue navigating certain headwinds, including the effects of COVID-19
- Elevated supply chain costs.
- Elevated labor costs.
- Elevated freight costs.
- Operating expenses as a percent of sales to increase 50 to 80 basis points, with elevated spending on ACES and other growth initiatives.
Revenue & Expenses
Visualization of income flow from segment revenue to net income