BC - Brunswick Corporation (BC) Q4 2023 Earnings Call Transcript

2024-02-01 14:27:10 ET

Brunswick Corporation (BC)

Q4 2023 Earnings Conference Call

February 1, 2024, 11:00 AM ET

Company Participants

Neha Clark - Senior Vice President, Enterprise Finance

Dave Foulkes - Chief Executive Officer

Ryan Gwillim - Chief Financial Officer

Conference Call Participants

Matthew Boss - JPMorgan

James Hardiman - Citi

Mike Swartz - Truist Securities

Megan Alexander - Morgan Stanley

Craig Kennison - Baird

Xian Siew - BNP Paribas

Fred Wightman - Wolfe Research

Scott Stember - ROTH MKM

Presentation

Operator

Good morning. Welcome to Brunswick Corporation’s Fourth Quarter and Full Year 2023 Earnings Conference Call. All participants will be in a listen-only mode until the question-and-answer period. Today’s meeting will be recorded. If you have any objections, you may disconnect at this time.

I would now like to introduce Neha Clark, Senior Vice President, Enterprise Finance Brunswick Corporation. You may begin.

Neha Clark

Good morning and thank you for joining us. With me on the call this morning are Dave Foulkes, Brunswick’s CEO; and Ryan Gwillim, CFO.

Before we begin with our prepared remarks, I would like to remind everyone that during this call, our comments will include certain forward-looking statements about future results. Please keep in mind that our actual results could differ materially from these expectations. For details on these factors to consider, please refer to our recent SEC filings and today’s press release. All of these documents are available on our website at brunswick.com.

During our presentation, we will be referring to certain non-GAAP financial information. Reconciliations of GAAP to non-GAAP financial measures are provided in the appendix to this presentation and the reconciliation sections of the unaudited consolidated financial statements accompanying today’s results.

I will now turn the call over to Dave.

Dave Foulkes

Thanks, Neha, and good morning, everyone. Brunswick delivered another successful year in which we achieved the second highest sales and adjusted earnings per share in company history, despite market headwinds. We also continued to gain market share, increase our operational efficiency, launch exceptional new products, actively control costs and progress our strategic initiatives, including our ACES strategy.

Our full year net sales of $6.4 billion and adjusted earnings per share of $8.80 were slightly below our guidance range as wholesale customer ordering patterns softened late in the year. However, our diligent focus on cash generation resulted in outstanding free cash flow of $473 million and full year free cash flow conversion of 76%. In addition, we executed $275 million of share repurchases....

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