Brunswick Corporation (NYSE:BC) declared quarterly dividend of $ 0.27 per share, or $ 1.08 annualized. This is an increase of 12.5 percent from the previously announced dividend.
The dividend will be payable on December 18, 2020, to stockholders of record on November 24, 2020, with an ex-dividend date of November 23, 2020.
Brunswick Chief Executive Officer David Foulkes, commented, Our decision to increase the dividend is evidence of our board’s confidence in the strength of our focused marine portfolio and reflects our ongoing commitment to execute against our strategy and capital plans. The healthy marine market and the strong demand we continue to see for our industry leading brands, including the strong and steady profitability of our Parts & Accessories business, reflects the belief in our ability to continue to create long-term value for our shareholders.
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Brunswick Corporation recently reported second quarter financial results on July 30, 2020, before market open, manufacturer of recreation products worldwide unveiled income for the second quarter of $ 0.99 per share, from the revenue of $ 987.80 million. The quarterly earnings dropped 31.72 percent while revenues lowered 15.10 percent compared with the same quarter last year. According to street consensus, BC was expected to report 2Q20 income of $ 0.45 per share from revenue of $ 807.28 million. The bottom line results beat street analysts by $ 0.54 or 120.00 percent, at the same time, top line results outshined analysts by $ 180.52 million or 22.36 percent.
Shares of Brunswick Corporation traded up $ 3.01 or 4.80 percent on Tuesday, reaching $ 65.78 with volume of 395.30 thousand shares. The stock opened positive for the day at $ 64.80, after closing the previous day trading at $ 62.77.
According to the previous trading day, closing price of $ 62.77, representing a 148.89 % increase from the 52 week low of $ 25.22 and a 15.16 % decrease over the 52 week high of $ 73.99.
The company has a market capital of $ 5.21 billion and is part of the Consumer Cyclical sector and Leisure industry.
Brunswick Corporation designs, manufactures, and markets recreation products worldwide. The company offers marine engine products, including outboard, sterndrive, and inboard engine and propulsion systems; marine electronics and control integration systems, steering systems, instruments, controls, propellers, trolling motors, fuel systems, electrical systems, service parts, and lubricants; and integrated propulsion systems to the recreational and commercial marine markets, as well as parts and accessories. It provides its marine engine products for independent boat builders and governments through marine dealers and distributors, specialty marine retailers, and marine service centres under the Mercury, Mercury MerCruiser, Mercury Racing, and MotorGuide brands.