Brunswick Corporation Announces Segment Reporting Changes and Date for First Quarter 2023 Financial Results and Conference Call
Brunswick Corporation (NYSE: BC) announced a reorganization of its reportable segments from three to four starting in Q1 2023. This change separates the Parts & Accessories segment into Engine Parts & Accessories and Navico Group, reflecting the integration of acquisitions made in late 2021. The Navico Group now includes the Advanced Systems Group, Navico, and RELiON businesses, while the Engine Parts & Accessories segment consists of Mercury Marine and Quicksilver products. CEO Dave Foulkes stated that this restructuring will provide stakeholders with better visibility into the company’s operations. The first quarter earnings call is set for April 27, 2023, when the updated segment financial data will also be discussed.
- Restructured segments provide better clarity into business operations.
- Integration of Navico and RELiON expected to enhance market position.
- Potential challenges in integrating new segments and managing expectations.
METTAWA, Ill., April 10, 2023 (GLOBE NEWSWIRE) -- Brunswick Corporation (NYSE: BC), the world’s largest recreational marine technology company, announced today that effective the first quarter of 2023, it has updated its reportable segments from three segments to four - Propulsion, Engine Parts & Accessories, Navico Group and Boat. The Company’s previous Parts & Accessories reportable segment will now be split into Engine Parts & Accessories and Navico Group.
The Navico Group segment now represents the organizational integration between the legacy Advanced Systems Group business with two key acquisitions that were completed in late 2021 - Navico and RELiON. The Engine Parts & Accessories segment consists of Mercury Marine and Quicksilver engine parts and consumables such as oils and lubricants, electrical products, boat parts and systems and the Company’s distribution businesses (Land ‘N’ Sea, BLA, and Lankhorst Taselaar).
“With the continued integration of the Navico business and the significant restructuring actions already completed in early 2023, we feel the decision to change our reportable segments will give our stakeholders better visibility into our Company and more closely align with our internal operating structure,” said Dave Foulkes, Brunswick Corporation CEO.
Management will discuss the segment change during the Company’s first quarter earnings call on April 27, 2023, at 10:00am CST. Details about the call can be found at Brunswick.com and in this release.
Selected restated segment financial data reflecting the segment change for the 12 months ended December 31, 2021, the three months ended April 2, 2022, the three and six months ended July 2, 2022, the three and nine months ended October 1, 2022, and the three and twelve months ended December 31, 2022, is included in the Current Report on Form 8-K filed concurrently with this release.
First Quarter Earnings Call Scheduled for April 27
Brunswick Corporation (NYSE: BC) will release its first quarter 2023 financial results on Thursday, April 27, 2023 before the market opens by way of an advisory release, notifying the public that the complete and full-text results will be available on the Company’s website at https://ir.brunswick.com. The results will also be available on the SEC’s website with the Form 8-K filing of the release at http://goo.gl/wJQN1.
The Company will hold a conference call at 10 a.m. CST/ 11 a.m. EST, Thursday, April 27, 2023, hosted by David M. Foulkes, chief executive officer, Ryan M. Gwillim, executive vice president and chief financial officer and Neha Clark, senior vice president, enterprise finance. A copy of the presentation to be used on this call will be available when the results are released as noted above.
Security analysts and investors wishing to participate via telephone should call 877-900-9524 (No Password Needed). Callers outside of North America should call 412-902-0029 (No Password Needed) to be connected. These numbers can be accessed 15 minutes before the call begins, as well as during the call.
To listen via the Internet, go to www.brunswick.com/investors. Please go to the website at least 15 minutes before the call to register, download and install any needed audio software.
A replay of the conference call will be available through 1pm CST Thursday May 4, 2023, by calling 877-660-6853 or 201-612-7415 (Access ID: 13737688). The replay also will be available at www.brunswick.com/investors.
About Brunswick Corporation:
Brunswick Corporation (NYSE: BC) is the global leader in marine recreation, delivering innovation that transforms experiences on the water and beyond. Our unique, technology-driven solutions are informed and inspired by deep consumer insights and powered by our belief that “Next Never Rests™”. Brunswick is dedicated to industry leadership, to being the best and most trusted partner to our many customers, and to building synergies and ecosystems that enable us to challenge convention and define the future. Brunswick is home to more than 60 industry-leading brands. In the category of Marine Propulsion, these brands include, Mercury Marine, Mercury Racing and MerCruiser. Brunswick’s comprehensive collection of parts, accessories, distribution, and technology brands includes Mercury Parts & Accessories, Land ‘N’ Sea, Lowrance, Simrad, B&G, Mastervolt, RELiON, Attwood and Whale. Our boat brands are some of the best known in the world, including Boston Whaler, Lund, Sea Ray, Bayliner, Harris Pontoons, Princecraft and Quicksilver. Our service, digital and shared-access businesses include Freedom Boat Club, Boateka and a range of financing, insurance, and extended warranty businesses. While focused primarily on the marine industry, Brunswick also successfully leverages its portfolio of advanced technologies to deliver an exceptional suite of solutions in mobile and industrial applications. Headquartered in Mettawa, IL, Brunswick has more than 18,500 employees operating in 29 countries. In 2022, Brunswick was named by Forbes as a World’s Best Employer and as one of America’s Most Responsible Companies by Newsweek, both for the third consecutive year. For more information, visit www.Brunswick.com.
Forward-Looking Statements
Certain statements in this news release are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations, estimates, and projections about Brunswick’s business and by their nature address matters that are, to different degrees, uncertain. Words such as “may,” “could,” “should,” “expect,” "anticipate," "project," "position," “intend,” “target,” “plan,” “seek,” “estimate,” “believe,” “predict,” “outlook,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties that may cause actual results to differ materially from expectations as of the date of this news release. These risks include, but are not limited to: the effect of adverse general economic conditions, including the amount of disposable income consumers have available for discretionary spending; changes in currency exchange rates; fiscal and monetary policy changes; higher energy and fuel costs; competitive pricing pressures; adverse capital market conditions; actual or anticipated increases in costs, disruptions of supply, or defects in raw materials, parts, or components we purchase from third parties; supplier manufacturing constraints, increased demand for shipping carriers, and transportation disruptions; managing our manufacturing footprint; international business risks, geopolitical tensions or conflicts, sanctions, embargoes, or other regulations; public health emergencies or pandemics, such as the coronavirus (COVID-19) pandemic; adverse weather conditions, climate change events and other catastrophic event risks; our ability to develop new and innovative products and services at a competitive price; loss of key customers; our ability to meet demand in a rapidly changing environment; absorbing fixed costs in production; risks associated with joint ventures that do not operate solely for our benefit; our ability to integrate acquisitions, including Navico, and the risk for associated disruption to our business; our ability to successfully implement our strategic plan and growth initiatives; attracting and retaining skilled labor, implementing succession plans for key leadership, and executing organizational and leadership changes; our ability to identify, complete, and integrate targeted acquisitions; the risk that restructuring or strategic divestitures will not provide business benefits; maintaining effective distribution; dealers and customers being able to access adequate financing; requirements for us to repurchase inventory; inventory reductions by dealers, retailers, or independent boat builders; risks related to the Freedom Boat Club franchise business model; outages, breaches, or other cybersecurity events regarding our technology systems, which could affect manufacturing and business operations and could result in lost or stolen information and associated remediation costs; our ability to protect our brands and intellectual property; changes to U.S. trade policy and tariffs; any impairment to the value of goodwill and other assets; product liability, warranty, and other claims risks; legal, environmental, and other regulatory compliance, including increased costs, fines, and reputational risks; changes in income tax legislation or enforcement; managing our share repurchases; and risks associated with certain divisive shareholder activist actions.
Additional risk factors are included in the Company’s Annual Report on Form 10-K for 2022 and in subsequent Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date on which they are made, and Brunswick does not undertake any obligation to update them to reflect events or circumstances after the date of this news release.
FAQ
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