Delaware | 001-01043 | 36-0848180 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
26125 N. Riverwoods Blvd., Suite 500 Mettawa, Illinois | 60045-3420 | |
(Address of Principal Executive Offices) | (Zip Code) |
Exhibit No. | Description of Exhibit |
BRUNSWICK CORPORATION | |||
Dated: April 25, 2019 | By: | /S/ DANIEL J. TANNER | |
Daniel J. Tanner | |||
Vice President and Controller |
![]() | ![]() |
Brunswick Corporation 26125 N. Riverwoods Blvd., Suite 500, Mettawa, IL 60045 | |
Telephone 847.735.4700 Facsimile 847.735.4750 |
Release: | IMMEDIATE | |
Contact: | Ryan Gwillim | |
Vice President - Investor Relations | ||
Phone: | 847-735-4926 | |
Contact: | Daniel Kubera | |
Director - Media Relations and Corporate Communications | ||
Phone: | 847-735-4617 | |
Email: | daniel.kubera@brunswick.com |
Q1 2019 | ||||||||||||
$ millions (except per share data) | GAAP | Increase/(Decrease) | As Adjusted | Increase/(Decrease) | ||||||||
Marine Business Net Sales | $ | 1,050.7 | 8.7 | % | $ | 1,050.7 | 10.4 | % | ||||
Marine Business Operating Earnings | $ | 114.1 | 20.7 | % | $ | 124.5 | 18.3 | % | ||||
Marine Business Operating Margin | 10.9 | % | 110 bps | 11.8 | % | 80 bps | ||||||
Marine Business Operating Leverage | 23 | % | 20 | % | ||||||||
Marine Business Diluted EPS | $ | 0.87 | $ | 0.94 | ||||||||
Consolidated Net Sales | $ | 1,275.9 | 5.3 | % | $ | 1,275.9 | 6.7 | % | ||||
Consolidated Operating Margin | (2.2) | % | NM | 10.0 | % | 10 bps | ||||||
Diluted EPS | $ | (0.42 | ) | NM | $ | 0.99 | (2) | % | ||||
bps = basis points NM = not meaningful |
Quarter Ended | ||||||||||||||||
Operating Earnings (Loss) | Diluted Earnings (Loss) Per Share | |||||||||||||||
$ millions (except per share data) | Q1 2019 | Q1 2018 | Q1 2019 | Q1 2018 | ||||||||||||
GAAP | $ | (28.6 | ) | $ | 105.1 | $ | (0.42 | ) | $ | 0.82 | ||||||
Restructuring, exit, integration and impairment charges | 141.5 | 3.8 | 1.29 | 0.03 | ||||||||||||
Separation costs | 7.8 | 1.7 | 0.07 | 0.01 | ||||||||||||
Purchase accounting amortization | 7.2 | — | 0.06 | — | ||||||||||||
Sport Yacht & Yacht operations | — | 8.1 | — | 0.07 | ||||||||||||
Special Tax Items | — | — | (0.01 | ) | 0.08 | |||||||||||
As Adjusted | $ | 127.9 | $ | 118.7 | $ | 0.99 | $ | 1.01 | ||||||||
Percent Increase (Decrease) | 8 | % | (2 | )% | ||||||||||||
GAAP Operating Margin | (2.2 | )% | 8.7 | % | NM | |||||||||||
Adjusted Operating Margin | 10.0 | % | 9.9 | % | 10 bps | |||||||||||
bps = basis points NM = not meaningful |
Brunswick Corporation Comparative Condensed Consolidated Statements of Operations (in millions, except per share data) (unaudited) | ||||||||||
Three Months Ended | ||||||||||
March 30, 2019 | March 31, 2018 | % Change | ||||||||
Net sales | $ | 1,275.9 | $ | 1,211.4 | 5 | % | ||||
Cost of sales | 938.4 | 901.4 | 4 | % | ||||||
Selling, general and administrative expense | 189.6 | 163.5 | 16 | % | ||||||
Research and development expense | 35.0 | 37.6 | -7 | % | ||||||
Restructuring, exit, integration and impairment charges | 141.5 | 3.8 | NM | |||||||
Operating earnings (loss) | (28.6 | ) | 105.1 | NM | ||||||
Equity earnings | 1.9 | 1.0 | 90 | % | ||||||
Other expense, net | (1.6 | ) | (0.0 | ) | NM | |||||
Earnings (loss) before interest and income taxes | (28.3 | ) | 106.1 | NM | ||||||
Interest expense | (19.8 | ) | (6.7 | ) | NM | |||||
Interest income | 0.4 | 0.7 | -43 | % | ||||||
Earnings (loss) before income taxes | (47.7 | ) | 100.1 | NM | ||||||
Income tax provision (benefit) | (11.4 | ) | 27.2 | NM | ||||||
Net earnings (loss) | $ | (36.3 | ) | $ | 72.9 | NM | ||||
Earnings (loss) per common share: | ||||||||||
Basic | $ | (0.42 | ) | $ | 0.83 | NM | ||||
Diluted | $ | (0.42 | ) | $ | 0.82 | NM | ||||
Weighted average shares used for computation of: | ||||||||||
Basic earnings (loss) per common share | 87.5 | 88.1 | ||||||||
Diluted earnings (loss) per common share | 87.5 | 88.8 | ||||||||
Effective tax rate | 23.9 | % | 27.2 | % | ||||||
NM = not meaningful |
Brunswick Corporation Comparative Condensed Consolidated Statements of Operations - Reconciliations to Adjusted Metrics (in millions, except per share data) (unaudited) | ||||||||||
Three Months Ended | ||||||||||
March 30, 2019 | March 31, 2018 | % Change | ||||||||
Reconciliations | ||||||||||
Net sales | $ | 1,275.9 | $ | 1,211.4 | 5 | % | ||||
Sport Yacht & Yacht operations (1) | — | (15.1 | ) | |||||||
Adjusted net sales | $ | 1,275.9 | $ | 1,196.3 | 7 | % | ||||
Gross margin | $ | 337.5 | $ | 310.0 | 9 | % | ||||
Sport Yacht & Yacht operations (1) | — | 3.6 | ||||||||
Adjusted gross margin | $ | 337.5 | $ | 313.6 | 8 | % | ||||
Operating earnings (loss) | $ | (28.6 | ) | $ | 105.1 | NM | ||||
Restructuring, exit, integration and impairment charges | 141.5 | 3.8 | ||||||||
Separation costs (2) | 7.8 | 1.7 | ||||||||
Purchase accounting amortization (3) | 7.2 | — | ||||||||
Sport Yacht & Yacht operations (1) | — | 8.1 | ||||||||
Adjusted operating earnings | $ | 127.9 | $ | 118.7 | 8 | % | ||||
Earnings (loss) before income taxes | $ | (47.7 | ) | $ | 100.1 | NM | ||||
Restructuring, exit, integration and impairment charges | 141.5 | 3.8 | ||||||||
Separation costs (2) | 7.8 | 1.7 | ||||||||
Purchase accounting amortization (3) | 7.2 | — | ||||||||
Sport Yacht & Yacht operations (1) | — | 8.1 | ||||||||
Adjusted pretax earnings | $ | 108.8 | $ | 113.7 | -4 | % | ||||
Earnings (loss) per common share | $ | (0.42 | ) | $ | 0.82 | NM | ||||
Restructuring, exit, integration and impairment charges | 1.29 | 0.03 | ||||||||
Separation costs (2) | 0.07 | 0.01 | ||||||||
Purchase accounting amortization (3) | 0.06 | — | ||||||||
Sport Yacht & Yacht operations (1) | — | 0.07 | ||||||||
Special tax items | (0.01 | ) | 0.08 | |||||||
Adjusted diluted earnings per common share | $ | 0.99 | $ | 1.01 | -2 | % | ||||
(1) In the second quarter of 2018, the Company announced its intention to wind down Sport Yacht & Yacht operations. Sport Yacht & Yacht operations had operating losses of $8.1 million for the three months ended March 30, 2018, consisting of $15.1 million of Net sales, $18.7 million of Cost of sales (COS) and $4.5 million of Selling, general and administrative expense (SG&A). Activity related to Sport Yacht & Yacht operations was not material in 2019. | ||||||||||
(2) During the three months ended March 30, 2019 and March 31, 2018, the Company recorded $7.8 million and $1.7 million, respectively, of charges within SG&A related to the planned Fitness business separation. The charges in 2019 consisted of $6.1 million within Corporate/Other and $1.7 million within the Fitness segment, and the charge in 2018 was recorded within Corporate/Other. | ||||||||||
(3) In the third quarter of 2018, the Company acquired Power Products – Global Marine & Mobile, resulting in acquisition-related purchase accounting amortization of $7.2 million for the three months ended March 30, 2019, recorded within SG&A within the Marine Engine segment. |
Brunswick Corporation Selected Financial Information (in millions) (unaudited) Segment Information - GAAP | |||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||
Net Sales | Operating Earnings (Loss) | Operating Margin | |||||||||||||||||||||||||
Mar 30, 2019 | Mar 31, 2018 | % Change | Mar 30, 2019 | Mar 31, 2018 | % Change | Mar 30, 2019 | Mar 31, 2018 | ||||||||||||||||||||
Marine Engine | $ | 766.0 | $ | 687.1 | 11 | % | $ | 112.9 | $ | 95.7 | 18 | % | 14.7 | % | 13.9 | % | |||||||||||
Boat | 373.3 | 376.5 | -1 | % | 22.0 | 14.4 | 53 | % | 5.9 | % | 3.8 | % | |||||||||||||||
Marine eliminations | (88.6 | ) | (96.6 | ) | -8 | % | — | — | |||||||||||||||||||
Total Marine | 1,050.7 | 967.0 | 9 | % | 134.9 | 110.1 | 23 | % | 12.8 | % | 11.4 | % | |||||||||||||||
Fitness | 225.2 | 244.4 | -8 | % | (139.1 | ) | 11.0 | NM | -61.8 | % | 4.5 | % | |||||||||||||||
Corporate/Other | — | — | (24.4 | ) | (16.0 | ) | 53 | % | |||||||||||||||||||
Total | $ | 1,275.9 | $ | 1,211.4 | 5 | % | $ | (28.6 | ) | $ | 105.1 | NM | -2.2 | % | 8.7 | % | |||||||||||
Three Months Ended | |||||||||||||||||||||||||||
Net Sales (1) | Operating Earnings (Loss) (2) | Operating Margin | |||||||||||||||||||||||||
Mar 30, 2019 | Mar 31, 2018 | % Change | Mar 30, 2019 | Mar 31, 2018 | % Change | Mar 30, 2019 | Mar 31, 2018 | ||||||||||||||||||||
Marine Engine | $ | 766.0 | $ | 687.1 | 11 | % | $ | 120.1 | $ | 95.7 | 25 | % | 15.7 | % | 13.9 | % | |||||||||||
Boat | 373.3 | 361.4 | 3 | % | 24.0 | 25.1 | -4 | % | 6.4 | % | 6.9 | % | |||||||||||||||
Marine eliminations | (88.6 | ) | (96.6 | ) | -8 | % | — | — | |||||||||||||||||||
Total Marine | 1,050.7 | 951.9 | 10 | % | 144.1 | 120.8 | 19 | % | 13.7 | % | 12.7 | % | |||||||||||||||
Fitness | 225.2 | 244.4 | -8 | % | 0.9 | 12.2 | -93 | % | 0.4 | % | 5.0 | % | |||||||||||||||
Corporate/Other | — | — | (17.1 | ) | (14.3 | ) | 20 | % | |||||||||||||||||||
Total | $ | 1,275.9 | $ | 1,196.3 | 7 | % | $ | 127.9 | $ | 118.7 | 8 | % | 10.0 | % | 9.9 | % | |||||||||||
Brunswick Corporation Selected Financial Information (in millions) (unaudited) Disaggregated Revenue | |||||||||||||||
Three Months Ended | |||||||||||||||
March 30, 2019 | |||||||||||||||
Marine Engine | Boat (1) | Fitness | Total | ||||||||||||
Geographic Markets | |||||||||||||||
United States | $ | 524.2 | $ | 273.9 | $ | 115.1 | $ | 913.2 | |||||||
Europe | 119.2 | 36.7 | 45.4 | 201.3 | |||||||||||
Asia-Pacific | 56.1 | 5.4 | 35.7 | 97.2 | |||||||||||
Canada | 31.3 | 50.0 | 6.4 | 87.7 | |||||||||||
Rest-of-World | 35.2 | 7.3 | 22.6 | 65.1 | |||||||||||
Marine eliminations | (88.6 | ) | — | — | (88.6 | ) | |||||||||
Total | $ | 677.4 | $ | 373.3 | $ | 225.2 | $ | 1,275.9 | |||||||
Major Product Lines | |||||||||||||||
Propulsion | $ | 400.0 | $ | — | $ | — | $ | 400.0 | |||||||
Parts & Accessories | 366.0 | — | — | 366.0 | |||||||||||
Aluminum Freshwater Boats | — | 166.2 | — | 166.2 | |||||||||||
Recreational Fiberglass Boats | — | 115.0 | — | 115.0 | |||||||||||
Saltwater Fishing Boats | — | 90.2 | — | 90.2 | |||||||||||
Commercial Cardio Fitness Equipment | — | — | 121.5 | 121.5 | |||||||||||
Commercial Strength Fitness Equipment | — | — | 84.8 | 84.8 | |||||||||||
Consumer Fitness Equipment | — | — | 18.9 | 18.9 | |||||||||||
Other | — | 1.9 | — | 1.9 | |||||||||||
Marine eliminations | (88.6 | ) | — | — | (88.6 | ) | |||||||||
Total | $ | 677.4 | $ | 373.3 | $ | 225.2 | $ | 1,275.9 |
Three Months Ended | |||||||||||||||
March 31, 2018 | |||||||||||||||
Marine Engine | Boat (1) | Fitness | Total | ||||||||||||
Geographic Markets | |||||||||||||||
United States | $ | 476.5 | $ | 274.7 | $ | 121.6 | $ | 872.8 | |||||||
Europe | 97.8 | 43.1 | 53.4 | 194.3 | |||||||||||
Asia-Pacific | 50.4 | 7.0 | 42.1 | 99.5 | |||||||||||
Canada | 28.9 | 46.8 | 7.1 | 82.8 | |||||||||||
Rest-of-World | 33.5 | 4.9 | 20.2 | 58.6 | |||||||||||
Marine eliminations | (96.6 | ) | — | — | (96.6 | ) | |||||||||
Total | $ | 590.5 | $ | 376.5 | $ | 244.4 | $ | 1,211.4 | |||||||
Major Product Lines | |||||||||||||||
Propulsion | $ | 379.0 | $ | — | $ | — | $ | 379.0 | |||||||
Parts & Accessories | 308.1 | — | — | 308.1 | |||||||||||
Aluminum Freshwater Boats | — | 161.6 | — | 161.6 | |||||||||||
Recreational Fiberglass Boats | — | 127.7 | — | 127.7 | |||||||||||
Saltwater Fishing Boats | — | 85.7 | — | 85.7 | |||||||||||
Commercial Cardio Fitness Equipment | — | — | 132.3 | 132.3 | |||||||||||
Commercial Strength Fitness Equipment | — | — | 90.9 | 90.9 | |||||||||||
Consumer Fitness Equipment | — | — | 21.2 | 21.2 | |||||||||||
Other | — | 1.5 | — | 1.5 | |||||||||||
Marine eliminations | (96.6 | ) | — | — | (96.6 | ) | |||||||||
Total | $ | 590.5 | $ | 376.5 | $ | 244.4 | $ | 1,211.4 |
Brunswick Corporation Comparative Condensed Consolidated Balance Sheets (in millions) (unaudited) | |||||||||||
March 30, 2019 | December 31, 2018 | March 31, 2018 | |||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents, at cost, which approximates fair value | $ | 161.5 | $ | 294.4 | $ | 284.0 | |||||
Restricted cash | 9.1 | 9.0 | 9.4 | ||||||||
Short-term investments in marketable securities | 0.8 | 0.8 | 0.8 | ||||||||
Total cash and short-term investments in marketable securities | 171.4 | 304.2 | 294.2 | ||||||||
Accounts and notes receivable, net | 683.7 | 550.7 | 623.6 | ||||||||
Inventories | |||||||||||
Finished goods | 650.2 | 614.2 | 562.0 | ||||||||
Work-in-process | 112.1 | 106.1 | 133.1 | ||||||||
Raw materials | 228.8 | 223.4 | 208.0 | ||||||||
Net inventories | 991.1 | 943.7 | 903.1 | ||||||||
Prepaid expenses and other | 91.6 | 81.6 | 41.8 | ||||||||
Current assets | 1,937.8 | 1,880.2 | 1,862.7 | ||||||||
Net property | 811.2 | 805.3 | 722.7 | ||||||||
Other assets | |||||||||||
Goodwill | 634.1 | 767.1 | 428.3 | ||||||||
Other intangibles, net | 636.7 | 646.4 | 148.0 | ||||||||
Operating lease right-of-use assets | 99.2 | — | — | ||||||||
Deferred income tax asset | 109.4 | 96.1 | 171.0 | ||||||||
Equity investments | 38.5 | 34.6 | 29.5 | ||||||||
Other long-term assets | 62.9 | 56.0 | 42.4 | ||||||||
Other assets | 1,580.8 | 1,600.2 | 819.2 | ||||||||
Total assets | $ | 4,329.8 | $ | 4,285.7 | $ | 3,404.6 | |||||
Liabilities and shareholders’ equity | |||||||||||
Current liabilities | |||||||||||
Short-term debt and current maturities of long-term debt | $ | 40.9 | $ | 41.3 | $ | 5.1 | |||||
Accounts payable | 473.3 | 527.8 | 431.0 | ||||||||
Accrued expenses | 691.5 | 687.4 | 640.3 | ||||||||
Current liabilities | 1,205.7 | 1,256.5 | 1,076.4 | ||||||||
Debt | 1,245.6 | 1,179.5 | 428.9 | ||||||||
Other long-term liabilities | 351.6 | 267.1 | 418.5 | ||||||||
Shareholders’ equity | 1,526.9 | 1,582.6 | 1,480.8 | ||||||||
Total liabilities and shareholders’ equity | $ | 4,329.8 | $ | 4,285.7 | $ | 3,404.6 | |||||
Supplemental Information | |||||||||||
Debt-to-capitalization rate | 45.7 | % | 43.5 | % | 22.7 | % |
Brunswick Corporation Comparative Condensed Consolidated Statements of Cash Flows (in millions) (unaudited) | |||||||
Three Months Ended | |||||||
March 30, 2019 | March 31, 2018 | ||||||
Cash flows from operating activities | |||||||
Net earnings (loss) | $ | (36.3 | ) | $ | 72.9 | ||
Stock compensation expense | 3.3 | 1.9 | |||||
Depreciation and amortization | 39.8 | 27.8 | |||||
Pension expense, net of funding | 0.3 | 0.9 | |||||
Asset impairment charges | 138.7 | — | |||||
Deferred income taxes | (3.4 | ) | 20.0 | ||||
Changes in certain current assets and current liabilities | (211.2 | ) | (224.2 | ) | |||
Long-term extended warranty contracts and other deferred revenue | 1.2 | 2.6 | |||||
Fitness business separation costs | 7.8 | — | |||||
Cash paid for Fitness business separation costs | (1.5 | ) | — | ||||
Income taxes | (16.2 | ) | 32.5 | ||||
Other, net | (1.9 | ) | (1.5 | ) | |||
Net cash used for operating activities | (79.4 | ) | (67.1 | ) | |||
Cash flows from investing activities | |||||||
Capital expenditures | (88.1 | ) | (37.1 | ) | |||
Investments | (3.8 | ) | (4.8 | ) | |||
Proceeds from the sale of property, plant and equipment | — | 0.1 | |||||
Other, net | — | (0.2 | ) | ||||
Net cash used for investing activities | (91.9 | ) | (42.0 | ) | |||
Cash flows from financing activities | |||||||
Proceeds from issuances of short-term debt | 215.0 | — | |||||
Payments of short-term debt | (215.0 | ) | — | ||||
Net proceeds from issuances of long-term debt | 222.0 | — | |||||
Payments of long-term debt including current maturities | (159.0 | ) | (0.1 | ) | |||
Common stock repurchases | — | (35.0 | ) | ||||
Cash dividends paid | (18.3 | ) | (16.6 | ) | |||
Proceeds from share-based compensation activity | 0.5 | 1.0 | |||||
Tax withholding associated with shares issued for share-based compensation | (6.8 | ) | (9.3 | ) | |||
Other, net | (0.2 | ) | — | ||||
Net cash provided by (used for) financing activities | 38.2 | (60.0 | ) | ||||
Effect of exchange rate changes | 0.3 | 4.3 | |||||
Net decrease in Cash and cash equivalents and Restricted cash | (132.8 | ) | (164.8 | ) | |||
Cash and cash equivalents and Restricted cash at beginning of period | 303.4 | 458.2 | |||||
Cash and cash equivalents and Restricted cash at end of period | 170.6 | 293.4 | |||||
Less: Restricted cash | 9.1 | 9.4 | |||||
Cash and cash equivalents at end of period | $ | 161.5 | $ | 284.0 | |||
Reconciliation | |||||||
Free cash flow | |||||||
Net cash used for operating activities | $ | (79.4 | ) | $ | (67.1 | ) | |
Net cash provided by (used for): | |||||||
Plus: Capital expenditures | (88.1 | ) | (37.1 | ) | |||
Plus: Proceeds from the sale of property, plant and equipment | — | 0.1 | |||||
Plus: Effect of exchange rate changes | 0.3 | 4.3 | |||||
Less: Cash paid for Fitness business separation costs, net of tax | 0.3 | — | |||||
Free cash flow | $ | (167.5 | ) | $ | (99.8 | ) |
Brunswick Corporation - Selected Financial Information, As Adjusted Excluding Fitness (in millions, except per share data) (unaudited) | |||||||
Three Months Ended | |||||||
March 30, 2019 | March 31, 2018 | ||||||
Reconciliations | |||||||
Net sales | $ | 1,275.9 | $ | 1,211.4 | |||
Net sales, Fitness (1) | (225.2 | ) | (244.4 | ) | |||
Net sales, Marine Business | 1,050.7 | 967.0 | |||||
Sport Yacht & Yacht operations (2) | — | (15.1 | ) | ||||
Adjusted net sales, Marine Business | $ | 1,050.7 | $ | 951.9 | |||
Gross margin | $ | 337.5 | $ | 310.0 | |||
Gross margin, Fitness (1) | (58.0 | ) | (66.9 | ) | |||
Gross margin, Marine Business | 279.5 | 243.1 | |||||
Sport Yacht & Yacht operations (2) | — | 3.6 | |||||
Adjusted gross margin, Marine Business | $ | 279.5 | $ | 246.7 | |||
Operating earnings (loss) | $ | (28.6 | ) | $ | 105.1 | ||
Operating (earnings) loss, Fitness (1) | 142.7 | (10.6 | ) | ||||
Operating earnings, Marine Business | 114.1 | 94.5 | |||||
Restructuring, exit, integration and impairment charges | 3.2 | 2.6 | |||||
Purchase accounting amortization (3) | 7.2 | — | |||||
Sport Yacht & Yacht operations (2) | — | 8.1 | |||||
Adjusted operating earnings, Marine Business | $ | 124.5 | $ | 105.2 | |||
Operating margin, Marine Business | 10.9 | % | 9.8 | % | |||
Adjusted operating margin, Marine Business | 11.8 | % | 11.1 | % | |||
Earnings (loss) before income taxes | $ | (47.7 | ) | $ | 100.1 | ||
(Earnings) loss before income taxes, Fitness (1) | 142.7 | (11.0 | ) | ||||
Earnings before income taxes, Marine Business | 95.0 | 89.1 | |||||
Restructuring, exit, integration and impairment charges | 3.2 | 2.6 | |||||
Purchase accounting amortization (3) | 7.2 | — | |||||
Sport Yacht & Yacht operations (2) | — | 8.1 | |||||
Adjusted earnings before income taxes, Marine Business | $ | 105.4 | $ | 99.8 | |||
Diluted earnings (loss) per common share | $ | (0.42 | ) | $ | 0.82 | ||
Diluted (earnings) loss per common share, Fitness (1) | 1.29 | (0.10 | ) | ||||
Diluted earnings per common share, Marine Business | 0.87 | 0.72 | |||||
Restructuring, exit, integration and impairment charges | 0.03 | 0.02 | |||||
Purchase accounting amortization (3) | 0.06 | — | |||||
Special tax items | (0.02 | ) | 0.08 | ||||
Sport Yacht & Yacht operations (2) | — | 0.07 | |||||
Adjusted diluted earnings per common share, Marine Business | $ | 0.94 | $ | 0.89 | |||
(1) Results of the Fitness segment are shown as if the business were reported as a discontinued operation. | |||||||
(2) In the second quarter of 2018, the Company announced its intention to wind down Sport Yacht & Yacht operations. In order to reflect the results of businesses the Company expects to operate going forward, the results of Sport Yacht & Yacht operations are excluded from adjusted metrics for 2018. Activity related to Sport Yacht & Yacht operations was not material in 2019. | |||||||
(3) In the third quarter of 2018, the Company acquired Power Products – Global Marine & Mobile, resulting in acquisition-related purchase accounting amortization. For purposes of comparability, these charges are excluded from adjusted metrics. |
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