METTAWA, Ill. - Brunswick Corporation (NYSE: NYSE:BC), a global leader in marine recreation, announced on Wednesday that its Board of Directors has declared a quarterly dividend of $0.42 per share on its common stock. Shareholders on record by the close of business on May 13, 2024, will be eligible for the dividend, which is scheduled for payment on June 14, 2024.
The company, known for its portfolio of marine brands, including Mercury Marine and Boston Whaler, operates in 25 countries with a workforce of 17,000 employees. Brunswick has been recognized by Forbes as a World’s Best Employer and by Newsweek as one of America’s Most Responsible Companies for four consecutive years.
The announcement of the dividend follows Brunswick's commitment to delivering shareholder value while maintaining its position in the marine industry. The company's strategic focus encompasses a range of sectors, from boat manufacturing to marine propulsion and parts, as well as digital and shared-access services like Freedom Boat Club.
Brunswick's forward-looking statements in the press release indicate a cautious approach, acknowledging various economic and market risks that could impact future performance. These include general economic conditions, currency exchange rates, competitive pressures, and supply chain challenges, among others.
This dividend declaration is part of Brunswick's financial strategy, as the company continues to navigate a rapidly changing environment and seeks to leverage its advanced technologies not only in marine applications but also in mobile and industrial sectors.
The information about the dividend and the company's operations is based on a press release statement from Brunswick Corporation.
InvestingPro Insights
Brunswick Corporation's (NYSE: BC) recent dividend declaration is a testament to its robust financial strategy and commitment to shareholder returns. The company's management has demonstrated confidence in Brunswick's financial health, as evidenced by aggressive share buybacks. This aligns with the company's history of rewarding its investors, having raised its dividend for 11 consecutive years, a streak that investors often look for as a sign of a company's reliability and potential for long-term investment.
With a market capitalization of $5.48 billion and a compelling price-to-earnings (P/E) ratio of 4.49, Brunswick stands out in the market. The adjusted P/E ratio for the last twelve months as of Q1 2024 is 12.54, reflecting the company's earnings relative to its share price. Despite the challenges highlighted in the company's forward-looking statements, Brunswick's liquid assets exceed its short-term obligations, indicating a strong liquidity position that may reassure investors about the company's ability to meet its financial commitments.
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