adjusted eps
9.8–10.3 $per share
FY 2022
official guidance
BRUNSWICK CORPORATION
Last · NYSE$61.91-0.57 (-0.91%)close · yahoo · 11h ago
Market cap$4.01B64.8M sh
P/E · TTM-46.9fwd 11.4 · eps -1.32 · loss
Beta1.38vs S&P 500
Div yield2.82%annual · TTM
52w range
$59.06$90.25
Volume515.3Ksession
| Revenue | $5.6B |
|---|---|
| Operating income | $179.7M |
| Net income | $130.8M |
| Free cash flow | $341.2M |
| Operating margin | 3.2% |
| Net margin | 2.3% |
| Return on equity | 7.8% |
| Period | TTM 2026-07-04 |
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong BuyBuyHoldSellStrong Sell
Strong execution, backlog visibility, capacity-driven growth, and aggressive capital returns outweigh cyclical and supply-chain risks.
Buy: Brunswick delivered a strong Q1, with sales up 18%, adjusted operating margin of 15.8%, and adjusted EPS of $2.53, up 13%.
Management raised FY2022 adjusted EPS guidance to $9.80-$10.30 and plans $300 million of buybacks, while severe inventory shortages and fully paid but delayed boat deliveries support near-term revenue. The key tension is that retail demand remains difficult to observe, China lockdowns are disrupting components, and Q2 earnings flow-through is being cushioned by higher interest expense and conservatism.
Themes
- Q1 2022 Results
- Boat Inventory
- Supply Chain
- Mercury Propulsion
- Share Repurchase
- Freedom Boat Club
Near term
Q2 deliveries should benefit from improving weather in northern U.S. and Canada, including approximately 4,000 fully paid boats awaiting delivery and registration.
China lockdowns and freight delays are the principal near-term supply-chain risks; engineered components from China could constrain production.
Pricing actions, particularly in propulsion, are weighted toward the remainder of 2022, but demand elasticity remains untested after substantial boat price increases.
Q2 EPS conversion may look weak because of approximately $0.08 per share of incremental interest expense and back-half-loaded buyback benefits.
Longer term
Mercury has gained 310 basis points of outboard retail share over 24 months, including more than 1,000 basis points in engines above 300 horsepower; the Fond du Lac expansion adds approximately 60% capacity from 175 horsepower upward and is scheduled for Q4 2022.
The added high-horsepower capacity is already spoken for and should improve channel mix by supporting international repower dealers and additional OEM customers, potentially expanding propulsion margins.
Freedom Boat Club reached 350 locations and more than 48,000 memberships, creating a recurring-revenue and cross-selling platform across Brunswick's marine portfolio.
Navico, RELiON, and SemahTronix expand the parts-and-accessories portfolio but are currently slightly dilutive to segment margins, leaving integration and cost discipline important.
The company remains exposed to discretionary demand and financing conditions: approximately 78% of boats sell below $50,000, while around half of observed transactions use credit.
Red flags
Management did not update its prior low-single-digit industry retail outlook despite Q1 industry retail declines, saying there was insufficient information; this leaves demand visibility unresolved.
Dealer pipeline inventory is only about 19 weeks, roughly half typical first-quarter levels, increasing dependence on flawless production and component availability.
The company expects a roughly $60 million tariff headwind for 2022, while inflation and manufacturing inefficiencies are already pressuring propulsion and boat margins.
Management emphasized that cancellations remain absent, but cancellation penalties vary by boat and dealer, so the durability of the backlog has not been fully quantified.
Boat pricing has risen cumulatively to roughly the mid-teens to 20% versus pre-COVID levels, creating a longer-term risk of demand elasticity once supply normalizes.
Forward outlook
Recommendation history
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
Upcoming earnings
1:30 PM UTC+1
Period
Sep 2026
Est. EPS
$1.34
Est. revenue
1.5B
Earnings transcripts
Press & signals
- GlobeNewswire
Brunswick Corporation Schedules 2026 Third Quarter Earnings Conference Call
- GlobeNewswire
Brunswick Corporation Announces Senior Leadership Appointments
- GlobeNewswire
Brunswick Corporation Announces Leadership Transition
The rest of this company's wire — with summaries and source links — is part of Pro.
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