Brunswick Corporation recently reported results for the first quarter of 2020.
“As we report our first quarter earnings, we must first recognize the immense impact that the COVID-19 pandemic has had on our employees, business partners, and the communities in which we operate,” said Brunswick Chief Executive Officer David Foulkes. “Brunswick and our employees have responded in many ways, including producing equipment used by first responders, donating PPE to local hospitals, and supporting charitable organizations. I could not be more proud of our employees around the world and want to thank them and their families for all their hard work, sacrifice, and giving during this challenging time.”
For the first quarter of 2020, Brunswick reported consolidated net sales of $965.5
million, down from $1,050.7 million in 2019. Diluted EPS for the quarter was $0.88 on a
GAAP basis and $0.96 on an as adjusted basis.
Brunswick reported slight decreases across all segments of its business: propulsion, parts and accessories, and boats.
“Due to our strong financial profile and healthy balance sheet, we will continue to invest in our businesses, consistent with our standing objective of driving shareholder value, while ensuring that we continue to prioritize and devote our best efforts to protecting the health and welfare of our employees,” said Foulkes. “The strategic portfolio actions and cost reduction efforts executed in the last two years, together with our strong pipeline of new products and successful execution of our capital strategy, position us well to navigate the near-term economic conditions and resume our growth trajectory as we exit the COVID-19 economic environment.”
You can find the full financial report from Brunswick here.