Brunswick Corporation (NYSE:BC) Q1 2015 Earnings Conference Call - Final Transcript

Apr 30, 2015 • 11:00 am ET


Brunswick Corporation (NYSE:BC) Q1 2015 Earnings Conference Call - Final Transcript


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Good morning and welcome to Brunswick Corporation 2015 First Quarter 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 Bruce Byots; Vice President Investor Relations.

Bruce J. Byots

Good morning, and thank you for joining us. On the call this morning is Dusty McCoy, Brunswick's Chairman and CEO; Mark Schwabero, President and Chief Operating Officer; and Bill Metzker; 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 the details on the factors to consider, please refer to our recent SEC filings and today's press release. All these documents are available on our website at During our presentation, we're using certain non-GAAP financial information, reconciliations of GAAP to non-GAAP financial measures are provided in this presentation as well as in the supplemental information sections of the Consolidated Financial Statements accompanying today's results. I would also like to remind you that the figures in this presentation reflect continuing operations only unless otherwise noted.

I would now like to turn the call over to Dusty.

Dustan E. McCoy

Thanks, Bruce. Good morning, everyone. Our goal in 2015 is to continue to enhance and expand the growth we've been demonstrating now for several quarters. And as we finish the first quarter and are working our way through the second quarter, we're bullish about this goal. Our key end markets continue to be resilient and the US market provides us with a solid platform from which to continue the growth of our businesses. Our recently launched new insurance boats and fitness equipment are beginning to generate market share gains around the world.

Mark and I will provide insights into how our current product lineup I think is enabling us to generate above-market growth rates. As the year is unfolding the challenges of the increasingly volatile global economic landscape, the intensifying headwinds of foreign currency present risks, but they also offer opportunities for Brunswick to leverage our fundamentalism.

Right people technology, innovation, leading brand position, product quality is the unravel breath and the strength of our distribution networks. So how we manage these risks, we're focused on taking advantage of the opportunities we've created and are increasingly confident we will achieve the 2015 growth goals embedded in our guidance for the year. Pre-tax earnings growth of 15% to 20%.

Let's now talk about the first-quarter results. To more accurately reflect the operating and market fundamentals of our operating segments, we will present net sales on a constant currency basis excluding currency changes. Reported revenue in the quarter increased 10%. On a constant currency basis, revenue increased by 14%. This is in line with our first-half sales growth guidance of high-single to low-double-digit percent, which brings growth and all the major