Brunswick Corp. (BC, Financial) filed Quarterly Report for the period ended 2012-09-29.
Brunswick Corporation has a market cap of $2.06 billion; its shares were traded at around $24.62 with a P/E ratio of 15.3 and P/S ratio of 0.6. The dividend yield of Brunswick Corporation stocks is 0.2%.
Diluted earnings per common share, as adjusted, increased by $0.35 per share, or 24.0 percent, to $1.81 per share for the year-to-date period ending September 29, 2012 when compared with the same period ending October 1, 2011. For the nine months ended September 29, 2012, Restructuring, exit and impairment charges were $0.32 per share and Loss on early extinguishment of debt was $0.13 per share. In the nine months ended October 1, 2011, Restructuring, exit and impairment charges were $0.20 per share, Loss on early extinguishment of debt was $0.18 per share and special tax item benefits totaled $0.02 per share.
In the first nine months of 2012, net cash provided by operating activities totaled $106.7 million. The primary driver of the cash provided by operating activities was earnings adjusted for non-cash expenses. A seasonal increase in working capital had a negative effect on net cash provided by operating activities. Working capital is defined as Accounts and notes receivable, Inventories and Prepaid expenses and other, net of Accounts payable and Accrued expenses as presented in the Condensed Consolidated Balance Sheets. The decrease in Accrued expenses of $79.4 million during the first nine months of 2012 was driven mainly by the payments of the prior year's variable compensation, which had been accrued as of December 31, 2011, and seasonal reductions in dealer allowances. The increase in Accounts and notes receivable of $63.9 million during the first nine months of 2012 was driven primarily by seasonally higher sales in the Marine Engine segment. Inventory increased $46.9 million primarily in response to increased demand across the Company's marine segments as well as to build inventory in advance of the 2013 marine selling season. Partially offsetting these items was an increase in Accounts payable of $55.2 million, which was a result of increased production in the Company's Marine Engine and Boat segments.
In the first nine months of 2011, net cash provided by operating activities totaled $81.2 million. The most significant source of cash provided by operating activities resulted from earnings adjusted for non-cash expenses. Partially offsetting the cash provided by operating activities was a seasonal increase in working capital. Accounts and notes receivable increased $63.2 million during the first nine months of 2011, due primarily to seasonally higher sales in the Marine Engine, Boat and Bowling & Billiards segments. The decrease in Accrued expenses of $58.1 million during the first nine months of 2011 was driven primarily by the payment of dealer allowances and lower warranty accruals. Inventory increased by $22.4 million in response to increased demand across all segments. Partially offsetting these items was an increase in Accounts payable of $16.3 million, which was a result of increased production and related spending activity in the Company s Boat and Fitness segments.
Cash, cash equivalents and marketable securities totaled $455.4 million as of September 29, 2012, a decrease of $52.4 million from $507.8 million as of December 31, 2011, and a decrease of $91.3 million from $546.7 million as of October 1, 2011. Total debt as of September 29, 2012, December 31, 2011, and October 1, 2011 was $597.7 million, $692.8 million and $703.3 million, respectively. As a result, the Company's Net debt decreased to $142.3 million as of September 29, 2012, from $185.0 million at December 31, 2011, and from $156.6 million as of October 1, 2011. The Company's debt-to-capitalization ratio decreased to 76.3 percent as of September 29, 2012, from 95.7 percent as of December 31, 2011, due primarily to the effect of earnings on Shareholders' equity and reduced debt levels. The Company's debt-to-capitalization ratio of 76.3 percent as of September 29, 2012, decreased from 78.8 percent as of October 1, 2011, mainly resulting from earnings and reduced debt levels, partially offset by a decline in Shareholders' equity caused by higher Accumulated other comprehensive losses resulting from the remeasurement of the Company's defined benefit plan obligations at December 31, 2011.
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Brunswick Corporation has a market cap of $2.06 billion; its shares were traded at around $24.62 with a P/E ratio of 15.3 and P/S ratio of 0.6. The dividend yield of Brunswick Corporation stocks is 0.2%.
Highlight of Business Operations:
Diluted earnings per common share, as adjusted – defined as Diluted earnings per common share, excluding the earnings or loss per share impact for Restructuring, exit and impairment charges, Loss on early extinguishment of debt and special tax items – increased by $0.10 per share, or 30.3 percent, to $0.43 per share for the third quarter of 2012 when compared with the third quarter of 2011. For the three months ended September 29, 2012, Restructuring, exit and impairment charges were $0.31 per share, Loss on early extinguishment of debt was $0.08 per share and special tax item charges totaled $0.02 per share. In the three months ended October 1, 2011, Restructuring, exit and impairment charges were $0.14 per share, Loss on early extinguishment of debt was $0.13 per share and special tax item charges totaled $0.01 per share.Diluted earnings per common share, as adjusted, increased by $0.35 per share, or 24.0 percent, to $1.81 per share for the year-to-date period ending September 29, 2012 when compared with the same period ending October 1, 2011. For the nine months ended September 29, 2012, Restructuring, exit and impairment charges were $0.32 per share and Loss on early extinguishment of debt was $0.13 per share. In the nine months ended October 1, 2011, Restructuring, exit and impairment charges were $0.20 per share, Loss on early extinguishment of debt was $0.18 per share and special tax item benefits totaled $0.02 per share.
In the first nine months of 2012, net cash provided by operating activities totaled $106.7 million. The primary driver of the cash provided by operating activities was earnings adjusted for non-cash expenses. A seasonal increase in working capital had a negative effect on net cash provided by operating activities. Working capital is defined as Accounts and notes receivable, Inventories and Prepaid expenses and other, net of Accounts payable and Accrued expenses as presented in the Condensed Consolidated Balance Sheets. The decrease in Accrued expenses of $79.4 million during the first nine months of 2012 was driven mainly by the payments of the prior year's variable compensation, which had been accrued as of December 31, 2011, and seasonal reductions in dealer allowances. The increase in Accounts and notes receivable of $63.9 million during the first nine months of 2012 was driven primarily by seasonally higher sales in the Marine Engine segment. Inventory increased $46.9 million primarily in response to increased demand across the Company's marine segments as well as to build inventory in advance of the 2013 marine selling season. Partially offsetting these items was an increase in Accounts payable of $55.2 million, which was a result of increased production in the Company's Marine Engine and Boat segments.
In the first nine months of 2011, net cash provided by operating activities totaled $81.2 million. The most significant source of cash provided by operating activities resulted from earnings adjusted for non-cash expenses. Partially offsetting the cash provided by operating activities was a seasonal increase in working capital. Accounts and notes receivable increased $63.2 million during the first nine months of 2011, due primarily to seasonally higher sales in the Marine Engine, Boat and Bowling & Billiards segments. The decrease in Accrued expenses of $58.1 million during the first nine months of 2011 was driven primarily by the payment of dealer allowances and lower warranty accruals. Inventory increased by $22.4 million in response to increased demand across all segments. Partially offsetting these items was an increase in Accounts payable of $16.3 million, which was a result of increased production and related spending activity in the Company s Boat and Fitness segments.
Cash, cash equivalents and marketable securities totaled $455.4 million as of September 29, 2012, a decrease of $52.4 million from $507.8 million as of December 31, 2011, and a decrease of $91.3 million from $546.7 million as of October 1, 2011. Total debt as of September 29, 2012, December 31, 2011, and October 1, 2011 was $597.7 million, $692.8 million and $703.3 million, respectively. As a result, the Company's Net debt decreased to $142.3 million as of September 29, 2012, from $185.0 million at December 31, 2011, and from $156.6 million as of October 1, 2011. The Company's debt-to-capitalization ratio decreased to 76.3 percent as of September 29, 2012, from 95.7 percent as of December 31, 2011, due primarily to the effect of earnings on Shareholders' equity and reduced debt levels. The Company's debt-to-capitalization ratio of 76.3 percent as of September 29, 2012, decreased from 78.8 percent as of October 1, 2011, mainly resulting from earnings and reduced debt levels, partially offset by a decline in Shareholders' equity caused by higher Accumulated other comprehensive losses resulting from the remeasurement of the Company's defined benefit plan obligations at December 31, 2011.
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