Brunswick Corporation (NYSE: BC) recently reported results for the fourth quarter and full-year of 2020.
"Our businesses executed extremely well against our operating and strategic priorities in 2020, demonstrating the strength and resilience of our marine-focused portfolio," said Brunswick Chief Executive Officer David Foulkes. "Despite the many challenges faced in 2020, including the significant disruptions to our global operations during the first-half of the
year due to the pandemic, we expanded gross and operating margins, delivered an eleventh consecutive year of adjusted EPS growth, and generated record free cash flow. The transformational changes we have made to our business in recent years have reinforced our position as the market leader in the marine industry, and have positioned us to meet or exceed the financial targets laid out in our strategic plan."
For the fourth quarter of 2020, Brunswick reported consolidated net sales of $1,161.1 million, up from $917.6 million. Diluted EPS for the quarter was $1.22 on a GAAP basis and $1.32 on an as adjusted basis.
For the year ended Dec. 31, 2020, Brunswick reported consolidated net sales of $4,347.5 million, up from $4,108.4 million in 2019 on a GAAP basis. Diluted EPS in 2020 was $4.70 on a GAAP basis and $5.07 on an as adjusted basis.
"While we remain very cognizant of potential macroeconomic headwinds and pandemic-related uncertainties, our continued strong performance in a robust marine retail environment has created improved visibility into our substantial growth opportunities for 2021," said Foulkes. "Elevated production levels over time will be required to rebuild boat and engine
pipelines, and together with significant upcoming new product offerings, increased boat and engine production capacity, expanded OEM partnerships within propulsion, and exceptionally strong boating participation, are anticipated to drive wholesale growth through 2021 and well beyond."
"Finally, I want to offer heartfelt thanks to our global employee population for all their hard work and sacrifices in this challenging year. Given their efforts, we are able to reiterate continued confidence in our ability to successfully execute our 2022 strategic plan while also ensuring
that we continue to prioritize protecting the health and welfare of our employees in the COVID-19 environment. I look forward to sharing more information on our progress against our 2022 strategic goals and financial targets as we progress through the year, but will offer today that our current expectation for our 2022 EPS target is likely at or above $7.00 per
share," Foulkes concluded.