Brunswick Corp (BC) has reported a marginal increase of 0.15 percent in profit for the quarter ended Apr. 01, 2017. The company has earned $64.90 million, or $0.71 a share, compared with $64.80 million or $0.70 a share, a year ago. On an adjusted basis, earnings per share were at $0.84 for the quarter compared with $0.71 in the same period last year.
Revenue during the quarter grew 8.41 percent to $1,160.30 million from $1,070.30 million in the previous year period. Gross margin for the quarter contracted 49 basis points over the previous year period to 25.86 percent. Total expenses were 92.33 percent of quarterly revenues, up from 91.03 percent for the same period last year. That has resulted in a contraction of 130 basis points in operating margin to 7.67 percent.
Operating income for the quarter was $89 million, compared with $96 million in the previous year period.
However, the adjusted operating income for the quarter stood at $104.20 million compared to $99.80 million in the prior year period. At the same time, adjusted operating margin contracted 34 basis points in the quarter to 8.98 percent from 9.32 percent in the last year period.
"Our first quarter revenues increased by 8 percent," said Brunswick chairman and chief executive officer Mark Schwabero. "Our top line reflected strong growth rates in all three of our primary boat categories, as well as in our marine parts and accessories, Fitness and outboard engine businesses."
For financial year 2017, the company projects diluted earnings per share to be in the range of $3.95 to $4.10 on adjusted basis.
Operating cash flow remains almost stable Brunswick Corp has spent $86.60 million cash to meet operating activities during the quarter as against cash outgo of $85.80 million in the last year period.
The company has spent $22.30 million cash to meet investing activities during the quarter as against cash outgo of $232.70 million in the last year period.
The company has spent $43.20 million cash to carry out financing activities during the quarter as against cash outgo of $59.50 million in the last year period.
Cash and cash equivalents stood at $273.30 million as on Apr. 01, 2017, down 3.15 percent or $8.90 million from $282.20 million on Apr. 02, 2016.
Working capital remains almost stable
Working capital of Brunswick Corp remained almost stable for the quarter at $714.50 million, when compared with the previous year period. Current ratio was at 1.75 as on Apr. 01, 2017, down from 1.80 on Apr. 02, 2016.
Cash conversion cycle (CCC) has decreased to 40 days for the quarter from 83 days for the last year period. Days sales outstanding went down to 36 days for the quarter compared with 40 days for the same period last year.
Days inventory outstanding has decreased to 43 days for the quarter compared with 84 days for the previous year period. At the same time, days payable outstanding went down to 39 days for the quarter from 41 for the same period last year.
Debt comes down marginally Brunswick Corp has recorded a decline in total debt over the last one year. It stood at $441.80 million as on Apr. 01, 2017, down 2.02 percent or $9.10 million from $450.90 million on Apr. 02, 2016. Total debt was 13.49 percent of total assets as on Apr. 01, 2017, compared with 14.44 percent on Apr. 02, 2016. Debt to equity ratio was at 0.30 as on Apr. 01, 2017, down from 0.35 as on Apr. 02, 2016. Interest coverage ratio deteriorated to 13.48 for the quarter from 14.12 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
