Brunswick Corporation (BC) 2014年年度报告「NYSE」.pdf

1、March 26,2015DEARFELLOWSHAREHOLDERS:We are pleased to report that our results in 2014 represented the fifth consecutive year of strong improvements inoperating performance for Brunswick Corporation,reflecting the outstanding execution of our business strategyby our global workforce.In addition to de

2、livering exceptional financial performance in 2014,we are activelypositioning the Company for future success,including:announcement of our plan to exit our bowling businesses;introduction of multiple new products across the enterprise;expansion of manufacturing facilities in all our business segment

3、s;and theimplementation of a management succession process.2014FINANCIAL HIGHLIGHTSFor 2014,revenue increased by 7 percent to$3.8 billion,as U.S.and international sales grew 8 percent and 4percent,respectively.Our revenue performance benefited from investments in growth initiatives,including newprod

4、ucts across all business segments,as well as marine parts and accessories acquisitions made during the year.Our 2014 gross margin of 27.0 percent represented the highest annual level achieved since 2000.Strongimprovement in adjusted operating earnings,combined with lower net interest expense,contrib

5、uted to a 32percent increase in adjusted pretax earnings.This increase was more than offset by a higher effective tax rate,resulting in$2.42 diluted earnings per share,as adjusted.At a constant tax rate,our 2014 diluted EPS,asadjusted,would have increased by 30 percent versus 2013.The market recogni

6、zed this performance andrewarded shareholders with a record high closing stock price in 2014 of$51.94.EXIT FROM BOWLING BUSINESSNotable in 2014 was our decision to exit our bowling businesses,beginning with the sale of our retail bowlingcenters to Bowlmor AMF for$270 million.It was a unique opportun