Brunswick Corporation (NYSE:BC) Q2 2023 Earnings Conference Call July 27, 2023 11:00 AM ET

Company Participants

Neha Clark - Senior Vice President, Enterprise Finance

Dave Foulkes - Chief Executive Officer & Director

Ryan Gwillim - Executive Vice President & Chief Financial Officer

Conference Call Participants

Matthew Boss - JPMorgan

Mike Swartz - Truist Securities

James Hardiman - Cit

Scott Stember - MKM Partners

Fred Wightman - Wolfe Research

iXian Siew - BNP Paribas

Craig Kennison - Baird

Joe Altobello - Raymond James

Tristan Thompson-Martin - BMO Capital Markets

Noah Zatzkin - KeyBanc Capital Markets

Operator

Good morning, and welcome to Brunswick Corporation's Second Quarter 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. Please proceed.

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. Our businesses executed a strong second quarter, benefiting from market share gains, well received new products, solid operational performance and diligent cost control. We delivered $1.7 billion in net sales and adjusted earnings per share of $2.35, including the financial impact of the IT Security Incident, which I'll discuss more in a moment.

Mercury Marine continues to gain market share with the US outboard retail market share up 140 basis points year-to-date versus prior year. While the new boat market continues to face headwinds, there's been relative improvement in recent months, with preliminary June US SSI main Powerboat retail turning positive and Brunswick outperforming the market in June and year-to-date.