Skip to main content

Brunswick reduces annual stock dividend

Brunswick Corp. has declared an annual dividend on its common stock of 5 cents per share, payable Dec. 15 to shareholders of record on Nov. 24.

Brunswick currently has approximately 87.7 million shares of common stock outstanding. The annual dividend declared in 2007 was 60 cents per share.

"Given the unprecedented downturn in the marine industry, we believe reducing the dividend is consistent with our objective of conserving cash and maintaining a healthy balance sheet during these uncertain times," said chairman and CEO Dustan E. McCoy in a statement.

McCoy outlined steps the company has taken in the last two years to reduce expenses, such as closing 12 North American boat plants, reducing production rates throughout the marine division, and reducing staff by about 5,300 positions this year.

"Our actions have been deliberate and appropriate to events and changes in the marketplace,” McCoy said. “We will continue to monitor developments closely and react swiftly and aggressively to market conditions. We believe these actions are in the best interest of the company and its shareholders, and will better position us to benefit when the markets improve.”

Related

TPG Adds to Marine Portfolio

The hospitality and marina management firm acquired Conanicut Marina and Taylor Point Boat Yard in Jamestown, R.I.

Trade Only Today Returns Jan. 18

The daily e-newsletter will not publish Monday, Jan. 17, in observation of Martin Luther King Jr. Day. We wish everyone a happy and safe holiday weekend.

ECONOMY REPORT: Omnipresent Omicron

The year closed with an uptick in consumer confidence, but the latest coronavirus variant threatens to derail progress

Mixed Reactions

Though generally positive about market conditions, many dealers report they won’t be attending boat shows.

Sportsman Boats Hires CFO

Greg House was previously chief financial officer with Sea Star Solutions and Dometic.

NMMA Reports Strong Boat Sales in 2021

Annual new powerboat sales are expected to exceed 300,000 units for the second consecutive year.

Lowrance Releases Software Update

The software release enables a new sonar feature and autopilot compatibility for Ghost trolling motors and Ghost-compatible MFDs.

Keeping the Sales Team Motivated and Sharp

Here are some strategies from the “Undisputed King of Motivation,” Zig Ziglar, for sales success before, during and after the transaction.

Retired CG Officer Joins Commonwealth PR

Chad Saylor, who served as a public affairs officer, is an account executive with the Virginia-based public relations and marketing firm.