Brunswick Corporation announced the restart of its systematic share repurchase program. The share repurchase program had been suspended earlier this year due to the uncertainty related to the COVID-19 pandemic.
Prior to the suspension, the company had completed roughly one-third of its $100 million target planned for the year. This is in addition to the $400 million of share repurchases completed in 2019.
The announcement to resume the share repurchase program is consistent with Brunswick’s long-term capital plan outlined at its February Investor Day event in Miami.
This comes just weeks after Brunswick announced the repayment of the remaining $85 million balance of its revolving line of credit, resulting in enhanced liquidity and financial flexibility.
“Entering September, we continue to see a very healthy marine market which is driving the strong cash flow performance of our business. We believe that resuming this element of our capital plan offers a tremendous opportunity to drive and increase shareholder value,” said Ryan Gwillim, Brunswick Corporation Chief Financial Officer. “This action, along with strategic investments in technology, capacity and growth initiatives, will strengthen our company and position us for further success.”