Delaware | 001-01043 | 36-0848180 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
26125 N. Riverwoods Blvd., Suite 500, Mettawa, Illinois | 60045-3420 | |
(Address of Principal Executive Offices) | (Zip Code) |
Brunswick Corporation | ||||||||
Segment Restatement - Continuing Operations | ||||||||
First Quarter 2017 | ||||||||
(in millions) | ||||||||
(unaudited) | ||||||||
GAAP | Net Sales | Operating Earnings (Loss) | ||||||
Marine Engine | $ | 631.8 | $ | 88.6 | ||||
Boat | 382.7 | 3.2 | ||||||
Marine eliminations | (89.8 | ) | — | |||||
Total Marine | 924.7 | 91.8 | ||||||
Fitness | 235.6 | 18.3 | ||||||
Corporate/Other | — | (18.7 | ) | |||||
Total | $ | 1,160.3 | $ | 91.4 | ||||
As Adjusted | Net Sales (1) | Operating Earnings (Loss) (2) | ||||||
Marine Engine | $ | 631.8 | $ | 88.6 | ||||
Boat | 343.8 | 21.6 | ||||||
Marine eliminations | (89.8 | ) | — | |||||
Total Marine | 885.8 | 110.2 | ||||||
Fitness | 235.6 | 20.7 | ||||||
Corporate/Other | — | (16.3 | ) | |||||
Total | $ | 1,121.4 | $ | 114.6 |
Brunswick Corporation | ||||||||||||||||
Segment Restatement - Continuing Operations | ||||||||||||||||
Second Quarter 2017 | ||||||||||||||||
(in millions) | ||||||||||||||||
(unaudited) | ||||||||||||||||
Net Sales | Operating Earnings (Loss) | |||||||||||||||
GAAP | Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | ||||||||||||
Marine Engine | $ | 766.2 | $ | 1,398.0 | $ | 148.3 | $ | 236.9 | ||||||||
Boat | 412.1 | 794.8 | 24.7 | 27.9 | ||||||||||||
Marine eliminations | (76.8 | ) | (166.6 | ) | — | — | ||||||||||
Total Marine | 1,101.5 | 2,026.2 | 173.0 | 264.8 | ||||||||||||
Fitness | 250.5 | 486.1 | 18.5 | 36.8 | ||||||||||||
Corporate/Other | — | — | (20.4 | ) | (39.1 | ) | ||||||||||
Total | $ | 1,352.0 | $ | 2,512.3 | $ | 171.1 | $ | 262.5 | ||||||||
Net Sales (1) | Operating Earnings (Loss) (2) | |||||||||||||||
As Adjusted | Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | ||||||||||||
Marine Engine | $ | 766.2 | $ | 1,398.0 | $ | 148.3 | $ | 236.9 | ||||||||
Boat | 359.0 | 702.8 | 29.3 | 50.9 | ||||||||||||
Marine eliminations | (76.8 | ) | (166.6 | ) | — | — | ||||||||||
Total Marine | 1,048.4 | 1,934.2 | 177.6 | 287.8 | ||||||||||||
Fitness | 250.5 | 486.1 | 23.0 | 43.7 | ||||||||||||
Corporate/Other | — | — | (20.4 | ) | (36.7 | ) | ||||||||||
Total | $ | 1,298.9 | $ | 2,420.3 | $ | 180.2 | $ | 294.8 |
Brunswick Corporation | ||||||||||||||||
Segment Restatement - Continuing Operations | ||||||||||||||||
Third Quarter 2017 | ||||||||||||||||
(in millions) | ||||||||||||||||
(unaudited) | ||||||||||||||||
Net Sales | Operating Earnings (Loss) | |||||||||||||||
GAAP | Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | ||||||||||||
Marine Engine | $ | 669.2 | $ | 2,067.2 | $ | 115.2 | $ | 352.1 | ||||||||
Boat | 309.3 | 1,104.1 | 0.1 | 28.0 | ||||||||||||
Marine eliminations | (79.8 | ) | (246.4 | ) | — | — | ||||||||||
Total Marine | 898.7 | 2,924.9 | 115.3 | 380.1 | ||||||||||||
Fitness | 242.8 | 728.9 | 19.4 | 56.2 | ||||||||||||
Corporate/Other | — | — | (20.5 | ) | (59.6 | ) | ||||||||||
Total | $ | 1,141.5 | $ | 3,653.8 | $ | 114.2 | $ | 376.7 | ||||||||
Net Sales (1) | Operating Earnings (Loss) (2) | |||||||||||||||
As Adjusted | Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | ||||||||||||
Marine Engine | $ | 669.2 | $ | 2,067.2 | $ | 115.2 | $ | 352.1 | ||||||||
Boat | 288.0 | 990.8 | 9.9 | 60.8 | ||||||||||||
Marine eliminations | (79.8 | ) | (246.4 | ) | — | — | ||||||||||
Total Marine | 877.4 | 2,811.6 | 125.1 | 412.9 | ||||||||||||
Fitness | 242.8 | 728.9 | 26.2 | 69.9 | ||||||||||||
Corporate/Other | — | — | (20.5 | ) | (57.2 | ) | ||||||||||
Total | $ | 1,120.2 | $ | 3,540.5 | $ | 130.8 | $ | 425.6 |
Brunswick Corporation | ||||||||||||||||
Segment Restatement - Continuing Operations | ||||||||||||||||
Fourth Quarter 2017 | ||||||||||||||||
(in millions) | ||||||||||||||||
(unaudited) | ||||||||||||||||
Net Sales | Operating Earnings (Loss) | |||||||||||||||
GAAP | Three Months Ended | Twelve Months Ended | Three Months Ended | Twelve Months Ended | ||||||||||||
Marine Engine | $ | 564.6 | $ | 2,631.8 | $ | 59.2 | $ | 411.3 | ||||||||
Boat | 386.5 | 1,490.6 | (22.7 | ) | 5.3 | |||||||||||
Marine eliminations | (73.8 | ) | (320.2 | ) | — | — | ||||||||||
Total Marine | 877.3 | 3,802.2 | 36.5 | 416.6 | ||||||||||||
Fitness | 304.8 | 1,033.7 | 7.9 | 64.1 | ||||||||||||
Corporate/Other | — | — | (22.8 | ) | (82.4 | ) | ||||||||||
Total | $ | 1,182.1 | $ | 4,835.9 | $ | 21.6 | $ | 398.3 | ||||||||
Net Sales (1) | Operating Earnings (Loss) (2) | |||||||||||||||
As Adjusted | Three Months Ended | Twelve Months Ended | Three Months Ended | Twelve Months Ended | ||||||||||||
Marine Engine | $ | 564.6 | $ | 2,631.8 | $ | 59.2 | $ | 411.3 | ||||||||
Boat | 348.2 | 1,339.0 | 24.9 | 85.7 | ||||||||||||
Marine eliminations | (73.8 | ) | (320.2 | ) | — | — | ||||||||||
Total Marine | 839.0 | 3,650.6 | 84.1 | 497.0 | ||||||||||||
Fitness | 304.8 | 1,033.7 | 38.1 | 108.0 | ||||||||||||
Corporate/Other | — | — | (21.8 | ) | (79.0 | ) | ||||||||||
Total | $ | 1,143.8 | $ | 4,684.3 | $ | 100.4 | $ | 526.0 |
Brunswick Corporation | ||||||||
Segment Restatement - Continuing Operations | ||||||||
First Quarter 2018 | ||||||||
(in millions) | ||||||||
(unaudited) | ||||||||
GAAP | Net Sales | Operating Earnings (Loss) | ||||||
Marine Engine | $ | 687.1 | $ | 95.7 | ||||
Boat | 376.5 | 14.4 | ||||||
Marine eliminations | (96.6 | ) | — | |||||
Total Marine | 967.0 | 110.1 | ||||||
Fitness | 244.4 | 11.0 | ||||||
Corporate/Other | — | (16.0 | ) | |||||
Total | $ | 1,211.4 | $ | 105.1 | ||||
As Adjusted | Net Sales (1) | Operating Earnings (Loss) (2) | ||||||
Marine Engine | $ | 687.1 | $ | 95.7 | ||||
Boat | 361.4 | 25.1 | ||||||
Marine eliminations | (96.6 | ) | — | |||||
Total Marine | 951.9 | 120.8 | ||||||
Fitness | 244.4 | 12.2 | ||||||
Corporate/Other | — | (14.3 | ) | |||||
Total | $ | 1,196.3 | $ | 118.7 |
Quarter Ended | |||
(in millions, except per share data) | March 31, 2018 | ||
Net sales, as adjusted | $ | 1,196.3 | |
Gross margin, as adjusted | 313.6 | ||
Gross margin percentage, as adjusted | 26.2 | % | |
Operating earnings, as adjusted | 118.7 | ||
Operating margin percentage, as adjusted | 9.9 | % | |
Net earnings, as adjusted | 90.1 | ||
Effective tax rate, as adjusted (A) | 20.8 | % | |
Diluted earnings per share, as adjusted | $ | 1.01 | |
Reconciliations | |||
Net sales | $ | 1,211.4 | |
Sport yacht & yacht operations | (15.1 | ) | |
Net sales, as adjusted | $ | 1,196.3 | |
Gross margin | $ | 310.0 | |
Sport yacht & yacht operations | 3.6 | ||
Gross margin, as adjusted | $ | 313.6 | |
Operating earnings | $ | 105.1 | |
Restructuring, exit, integration and impairment charges | 3.8 | ||
Separation costs | 1.7 | ||
Sport yacht & yacht operations | 8.1 | ||
Operating earnings, as adjusted | $ | 118.7 | |
Net earnings from continuing operations | $ | 72.9 | |
Restructuring, exit, integration and impairment charges | 2.9 | ||
Separation costs | 1.3 | ||
Sport yacht & yacht operations | 6.3 | ||
Special tax items | 6.7 | ||
Net earnings, as adjusted | $ | 90.1 | |
Diluted earnings per share | $ | 0.82 | |
Restructuring, exit, integration and impairment charges | 0.03 | ||
Separation costs | 0.01 | ||
Sport yacht & yacht operations | 0.07 | ||
Special tax items | 0.08 | ||
Diluted earnings per share, as adjusted | $ | 1.01 | |
(A) Effective tax rate, as adjusted, excludes the impact of restructuring, exit, integration and impairment charges, sport yacht & yacht operations, special tax items and charges related to the planned Fitness business separation. | |||
Quarter Ended | Full-Year | ||||||||||||||||||
(in millions, except per share data) | April 1, 2017 | July 1, 2017 | September 30, 2017 | December 31, 2017 | December 31, 2017 | ||||||||||||||
Net sales, as adjusted | $ | 1,121.4 | $ | 1,298.9 | $ | 1,120.2 | $ | 1,143.8 | $ | 4,684.3 | |||||||||
Gross margin, as adjusted | 303.3 | 369.3 | 319.4 | 290.9 | 1,282.9 | ||||||||||||||
Gross margin percentage, as adjusted | 27.0 | % | 28.4 | % | 28.5 | % | 25.4 | % | 27.4 | % | |||||||||
Operating earnings, as adjusted | 114.6 | 180.2 | 130.8 | 100.4 | 526.0 | ||||||||||||||
Operating margin percentage, as adjusted | 10.2 | % | 13.9 | % | 11.7 | % | 8.8 | % | 11.2 | % | |||||||||
Net earnings, as adjusted | 82.4 | 125.3 | 88.1 | 66.3 | 362.1 | ||||||||||||||
Effective tax rate, as adjusted (A) | 25.2 | % | 28.6 | % | 29.9 | % | 29.6 | % | 28.4 | % | |||||||||
Diluted earnings per share, as adjusted | $ | 0.90 | $ | 1.38 | $ | 0.98 | $ | 0.74 | $ | 4.02 | |||||||||
Reconciliations | |||||||||||||||||||
Net sales | $ | 1,160.3 | $ | 1,352.0 | $ | 1,141.5 | $ | 1,182.1 | $ | 4,835.9 | |||||||||
Sport yacht & yacht operations | (38.9 | ) | (53.1 | ) | (21.3 | ) | (38.3 | ) | (151.6 | ) | |||||||||
Net sales, as adjusted | $ | 1,121.4 | $ | 1,298.9 | $ | 1,120.2 | $ | 1,143.8 | $ | 4,684.3 | |||||||||
Gross margin | $ | 301.2 | $ | 369.9 | $ | 314.4 | $ | 276.6 | $ | 1,262.1 | |||||||||
Sport yacht & yacht operations | 2.1 | (0.6 | ) | 5.0 | 5.9 | 12.4 | |||||||||||||
Product field campaigns charge | — | — | — | 8.4 | 8.4 | ||||||||||||||
Gross margin, as adjusted | $ | 303.3 | $ | 369.3 | $ | 319.4 | $ | 290.9 | $ | 1,282.9 | |||||||||
Operating earnings | $ | 91.4 | $ | 171.1 | $ | 114.2 | $ | 21.6 | $ | 398.3 | |||||||||
Restructuring, exit, integration and impairment charges | 15.2 | 5.7 | 6.8 | 54.6 | 82.3 | ||||||||||||||
Sport yacht & yacht operations | 8.0 | 3.4 | 9.8 | 10.7 | 31.9 | ||||||||||||||
Product field campaigns charge | — | — | — | 13.5 | 13.5 | ||||||||||||||
Operating earnings, as adjusted | $ | 114.6 | $ | 180.2 | $ | 130.8 | $ | 100.4 | $ | 526.0 | |||||||||
Net earnings (loss) | $ | 64.9 | $ | 119.4 | $ | 79.0 | $ | (116.9 | ) | $ | 146.4 | ||||||||
Pension settlement charges | — | — | — | 61.9 | 61.9 | ||||||||||||||
Restructuring, exit, integration and impairment charges | 13.0 | 3.9 | 3.7 | 34.5 | 55.1 | ||||||||||||||
Sport yacht & yacht operations | 5.0 | 2.2 | 6.1 | 6.7 | 20.0 | ||||||||||||||
Product field campaigns charge | — | — | — | 9.0 | 9.0 | ||||||||||||||
Special tax items | (0.5 | ) | (0.2 | ) | (0.7 | ) | 71.1 | 69.7 | |||||||||||
Net earnings, as adjusted | $ | 82.4 | $ | 125.3 | $ | 88.1 | $ | 66.3 | $ | 362.1 | |||||||||
Diluted earnings (loss) per share | $ | 0.71 | $ | 1.32 | $ | 0.88 | $ | (1.32 | ) | $ | 1.62 | ||||||||
Pension settlement charges | — | — | — | 0.70 | 0.69 | ||||||||||||||
Restructuring, exit, integration and impairment charges | 0.15 | 0.04 | 0.04 | 0.38 | 0.63 | ||||||||||||||
Sport yacht & yacht operations | 0.05 | 0.02 | 0.07 | 0.08 | 0.22 | ||||||||||||||
Product field campaigns charge | — | — | — | 0.10 | 0.10 | ||||||||||||||
Special tax items | (0.01 | ) | (0.00 | ) | (0.01 | ) | 0.80 | 0.76 | |||||||||||
Diluted earnings per share, as adjusted | $ | 0.90 | $ | 1.38 | $ | 0.98 | $ | 0.74 | $ | 4.02 |
(A) | Effective tax rate, as adjusted, excludes the impact of restructuring, exit, integration and impairment charges, sport yacht & yacht operations, pension settlement charges, costs relating to product field campaigns pertaining to certain Cybex products designed prior to the acquisition, and special tax items, as applicable. |
BRUNSWICK CORPORATION | ||
Dated: July 19, 2018 | By: | /S/ DANIEL J. TANNER |
Daniel J. Tanner | ||
Vice President and Controller |
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