Christopher Dekker, Executive Vice President, General Counsel, and Secretary of Brunswick Corp (NYSE:BC), recently sold 2,000 shares of the company's common stock. The shares were sold at a price of $83.71 each, totaling $167,420. Following this transaction, Dekker holds 39,697 shares directly. Additionally, an estimated 3,353 shares are held indirectly through a savings plan trustee. The indirect holdings are subject to fluctuations based on the price of Brunswick stock due to the plan's stock fund unit accounting.
In other recent news, Brunswick Corporation reported a 20% year-over-year decrease in net sales for Q3 2024, alongside an adjusted earnings per share (EPS) of $1.17. Despite facing a challenging marine market, the company managed to maintain its performance through market share gains and new product contributions. Looking ahead, Brunswick anticipates a 10% year-over-year decrease in new boat retail unit sales for the full year.
In terms of financial adjustments, Brunswick has amended its credit facility and commercial paper program to $1 billion each, enhancing its capital flexibility. Furthermore, the company executed $190 million in share repurchases year-to-date. The company's guidance for Q4 indicates steady market conditions with net sales expected to range between $5.1 to $5.2 billion, and an adjusted EPS of approximately $4.50.
Despite the propulsion segment experiencing a 32% sales drop, the aftermarket parts business achieved record margins of 26%. However, Navico Group's sales decreased by 14% due to lower OEM orders. Regardless, Brunswick remains optimistic about the upcoming Fort Lauderdale Boat Show and new product launches. These recent developments highlight Brunswick's resilience in navigating the turbulent marine market.
InvestingPro Insights
As Christopher Dekker reduces his stake in Brunswick Corp (NYSE:BC), investors might be curious about the company's current financial standing and future prospects. According to InvestingPro data, Brunswick has a market capitalization of $5.5 billion and a P/E ratio of 16.51 based on the last twelve months as of Q3 2024. This valuation metric suggests that the stock is trading at a moderate premium compared to its earnings.
Despite the recent insider sale, Brunswick has demonstrated a commitment to shareholder returns. An InvestingPro Tip highlights that the company has raised its dividend for 12 consecutive years, with a current dividend yield of 2.02%. This consistent dividend growth may provide some reassurance to long-term investors.
However, it's worth noting that Brunswick faces some challenges. Another InvestingPro Tip indicates that 15 analysts have revised their earnings downwards for the upcoming period. This, coupled with the company's revenue decline of 17.79% in the last twelve months, suggests that Brunswick may be navigating through a period of financial headwinds.
For investors seeking a more comprehensive analysis, InvestingPro offers additional insights with 9 more tips available for Brunswick Corp. These tips could provide valuable context for understanding the company's financial health and market position in light of the recent insider transaction.
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