Quarterly Data (unaudited)
Brunswick maintains its financial records on the basis of a fiscal year ending on December 31, with the fiscal quarters spanning thirteen weeks, with the first, second and third quarters ending on the Saturday closest to the end of the first, second and third thirteen-week periods, respectively. The first three quarters of fiscal year 2015 ended on April 4, 2015, July 4, 2015, and October 3, 2015, and the first three quarters of fiscal year 2014 ended on March 29, 2014, June 28, 2014, and September 27, 2014.
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Quarter Ended |
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(in millions, except per share data) |
April 4,
2015 |
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July 4,
2015 |
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October 3,
2015 |
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December 31,
2015 |
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Year Ended December 31, 2015 |
Net sales |
$ |
985.7 |
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$ |
1,142.0 |
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$ |
991.9 |
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$ |
986.1 |
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$ |
4,105.7 |
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Gross margin (A)
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258.8 |
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324.4 |
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281.7 |
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249.7 |
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1,114.6 |
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Pension settlement charge (B)
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— |
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— |
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— |
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82.3 |
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82.3 |
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Restructuring, exit and impairment charges (C)
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— |
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— |
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— |
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12.4 |
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12.4 |
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Net earnings (loss) from continuing operations |
56.6 |
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107.6 |
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72.2 |
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(9.0 |
) |
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227.4 |
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Net earnings (loss) from discontinued operations, net of tax (D)
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0.4 |
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10.2 |
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3.7 |
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(0.3 |
) |
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14.0 |
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Net earnings (loss) |
57.0 |
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117.8 |
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75.9 |
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(9.3 |
) |
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241.4 |
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Basic earnings (loss) per common share: |
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Net earnings (loss) from continuing operations |
$ |
0.60 |
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$ |
1.15 |
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$ |
0.78 |
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$ |
(0.10 |
) |
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$ |
2.45 |
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Net earnings (loss) from discontinued operations (D)
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$ |
0.01 |
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$ |
0.11 |
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$ |
0.04 |
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$ |
(0.00 |
) |
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$ |
0.15 |
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Net earnings (loss) |
$ |
0.61 |
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$ |
1.26 |
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$ |
0.82 |
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$ |
(0.10 |
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$ |
2.60 |
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Diluted earnings (loss) per common share: |
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Net earnings (loss) from continuing operations |
$ |
0.59 |
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$ |
1.14 |
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$ |
0.77 |
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$ |
(0.10 |
) |
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$ |
2.41 |
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Net earnings (loss) from discontinued operations (D)
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$ |
0.01 |
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$ |
0.11 |
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$ |
0.04 |
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$ |
(0.00 |
) |
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$ |
0.15 |
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Net earnings (loss) |
$ |
0.60 |
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$ |
1.25 |
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$ |
0.81 |
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$ |
(0.10 |
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$ |
2.56 |
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Dividends declared |
$ |
0.125 |
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$ |
0.125 |
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$ |
0.125 |
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$ |
0.15 |
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$ |
0.525 |
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Common stock price (NYSE symbol: BC): |
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High |
$ |
56.40 |
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$ |
55.29 |
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$ |
55.27 |
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$ |
55.51 |
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$ |
56.40 |
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Low |
$ |
50.22 |
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$ |
50.05 |
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$ |
46.49 |
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$ |
47.64 |
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$ |
46.49 |
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Quarter Ended |
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(in millions, except per share data) |
March 29,
2014 |
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June 28,
2014 |
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September 27,
2014 |
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December 31,
2014 |
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Year Ended December 31, 2014 |
Net sales |
$ |
894.9 |
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$ |
1,073.1 |
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$ |
932.1 |
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$ |
938.6 |
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$ |
3,838.7 |
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Gross margin (A)
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243.3 |
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304.3 |
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259.2 |
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230.0 |
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1,036.8 |
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Pension settlement charge (B)
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— |
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— |
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— |
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27.9 |
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27.9 |
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Restructuring, exit and impairment charges (C)
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— |
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3.1 |
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0.9 |
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0.2 |
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4.2 |
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Impairment of equity method investment (E)
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— |
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— |
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— |
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(20.2 |
) |
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(20.2 |
) |
Loss on early extinguishment of debt |
— |
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— |
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— |
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(0.1 |
) |
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(0.1 |
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Net earnings (loss) from continuing operations |
49.1 |
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87.1 |
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61.0 |
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(2.3 |
) |
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194.9 |
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Net earnings (loss) from discontinued operations, net of tax (D)
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7.9 |
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1.5 |
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43.4 |
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(2.0 |
) |
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50.8 |
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Net earnings (loss) |
57.0 |
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88.6 |
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104.4 |
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(4.3 |
) |
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245.7 |
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Basic earnings (loss) per common share: |
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Net earnings (loss) from continuing operations |
$ |
0.53 |
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$ |
0.93 |
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$ |
0.65 |
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$ |
(0.03 |
) |
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$ |
2.08 |
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Net earnings (loss) from discontinued operations (D)
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$ |
0.08 |
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$ |
0.02 |
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$ |
0.46 |
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$ |
(0.02 |
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$ |
0.55 |
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Net earnings (loss) |
$ |
0.61 |
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$ |
0.95 |
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$ |
1.11 |
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$ |
(0.05 |
) |
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$ |
2.63 |
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Diluted earnings (loss) per common share: |
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Net earnings (loss) from continuing operations |
$ |
0.52 |
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$ |
0.92 |
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$ |
0.64 |
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$ |
(0.03 |
) |
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$ |
2.05 |
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Net earnings (loss) from discontinued operations (D)
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$ |
0.08 |
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$ |
0.01 |
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$ |
0.46 |
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$ |
(0.02 |
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$ |
0.53 |
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Net earnings (loss) |
$ |
0.60 |
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$ |
0.93 |
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$ |
1.10 |
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$ |
(0.05 |
) |
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$ |
2.58 |
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Dividends declared |
$ |
0.10 |
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$ |
0.10 |
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$ |
0.125 |
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$ |
0.125 |
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$ |
0.45 |
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Common stock price (NYSE symbol: BC): |
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High |
$ |
46.74 |
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$ |
46.53 |
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$ |
44.90 |
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$ |
51.94 |
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$ |
51.94 |
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Low |
$ |
40.13 |
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$ |
38.95 |
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$ |
39.55 |
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$ |
39.29 |
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$ |
38.95 |
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(A) Gross margin is defined as Net sales less Cost of sales as presented in the Consolidated Statements of Operations.
(B) Pension settlement charges are discussed in Note 17 – Postretirement Benefits in the Notes to Consolidated Financial Statements.
(C) Restructuring, exit and impairment charges are discussed in Note 3 – Restructuring Activities in the Notes to Consolidated Financial Statements.
(D) Certain quarterly earnings and earnings per share numbers include gains on the disposal of the Bowling Products and Bowling Retail businesses in 2015 and 2014, respectively. Refer to Note 2 – Discontinued Operations in the Notes to Consolidated Financial Statements.
(E) Impairment of the marine equity method investment is discussed in Note 9 – Investments in the Notes to Consolidated Financial Statements.
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