Brunswick Corporation (NYSE:BC) Q4 2022 Results Conference Call February 2, 2023 11:00 AM ET

Company Participants

Neha Clark - Senior Vice President, Enterprise Finance

David Foulkes - Chief Executive Officer

Ryan Gwillim - Chief Financial Officer

Conference Call Participants

Xian Siew - Exane BNP Paribas

James Hardiman - Citigroup Investment Research

Fred Wightman - Wolfe Research

Michael Swartz - Truist Securities

Anna Glaessgen - Jefferies

Eric Wold - B. Riley

Scott Stember - MKM Partners

Operator

Good morning, and welcome to Brunswick Corporation’s Fourth Quarter and Full-year 2022 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 questions, you may disconnect at this time. I’m sorry 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.

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.

David Foulkes

Thanks Neha, and good morning everyone. We concluded 2022 by delivering record performance of $6.8 billion in net sales and almost $1.05 billion of adjusted operating earnings for the full-year, continuing our exceptional history of strong operating performance and cost control and a challenging macroeconomic environment.

Our full-year adjusted earnings per share of $10.03 highlights the strength of our businesses and leaders and the robustness of our portfolio and earnings profile. All our divisions contributed to the strong performance, with our Boat segment exceeding 10% full-year adjusted operating margins for the first time in company history. And the Propulsion and Parts and Accessories segments delivering exceptional top-line and operating earnings growth versus prior year.