Brunswick Corporation (BC) 2013年年度报告「NYSE」.pdf

1、March 27,2014DEARFELLOWSHAREHOLDERS:At Brunswick Corporation,we are happy to report our fourth consecutive year of strong improvements inearnings during 2013.Operating earnings,pretax earnings and diluted earnings per common share,all on an asadjusted basis,increased by 12 percent,27 percent,and 31

2、percent,respectively,for the year.Net sales increasedby 5 percent to$3,887.5 million.Our 2013 gross margin of 26.1 percent reflected an increase of 70 basis points from the prior year andrepresented the highest annual level achieved since 2000.Operating expenses increased by 5 percent,due tohigher i

3、nvestment spending on growth-related strategic initiatives.Reductions in net interest expense,resultingfrom our successful debt reduction strategy,and a lower effective tax rate(excluding the impact of restructuringcharges,losses on early extinguishment of debt,reversal of deferred tax valuation all

4、owance reserves and specialtax items)also contributed to our higher diluted earnings per common share,as adjusted.We believe these outstanding results are the product of strong execution of our business strategy by our 16,000global employees.In addition to producing excellent 2013 results,we also co

5、ntinued to create a solid platformfor continued improvement in future financial results.Our accomplishments were many and evident across all segments of our business at Brunswick.At MercuryMarine,new products and improved quality contributed to share gains in most major markets and productcategories

6、.We made outstanding progress in our outboard engine business.Mercurys award-winning 150hpFourStroke engine has been extraordinarily successful and has set the standard for new engine systems underdevelopment.In our parts and accessories businesses,Attwood and Land NSea achieved record sales for the