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Brunswick Corporation (BC-1.47%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The report details the company's financial performance, noting a decrease in net sales to $5,237.1 million from $6,401.4 million in the previous year. This decline is attributed to lower wholesale ordering patterns and unfavorable foreign currency exchange rates.
Gross margin decreased to 25.8% from 27.9% in the prior year, impacted by lower production levels and material and labor inflation.
Operating earnings fell to $311.6 million from $734.9 million, with restructuring, exit, and impairment charges rising to $121.7 million from $54.7 million.
Net earnings from continuing operations were $149.3 million, down from $432.6 million, with diluted earnings per share from continuing operations at $2.21, compared to $6.13 in the previous year.
The Propulsion segment reported net sales of $2,074.2 million, a decrease of 25.0%, due to softer market conditions and lower OEM production rates.
The Engine P&A segment's net sales decreased by 3.3% to $1,160.8 million, impacted by market conditions, though operating earnings increased slightly due to operational efficiencies.
Navico Group's net sales were $800.2 million, down 12.5%, due to reduced sales to marine OEMs and a weak RV manufacturing environment.
The Boat segment's net sales fell 21.9% to $1,553.5 million, influenced by lower wholesale orders and selective discounting.
Brunswick's total liquidity as of December 31, 2024, was $1,266.8 million, with cash and cash equivalents totaling $269.8 million.
The company anticipates a capital strategy in 2025 involving debt reductions, capital expenditures, and share repurchases.
Brunswick continues to focus on its strategic initiatives, including product innovation and market expansion, while addressing challenges such as economic conditions and supply chain disruptions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Brunswick Corporation annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.