0000014930-26-000087
SEC filingQ2业绩超预期，销售与盈利强劲增长，上调全年指引，IEEPA退税为主要驱动。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Net Sales | $1,557.8M | $1,447.0M | +7.7% |
| Operating Earnings (GAAP) | $129.4M | $103.3M | +25.3% |
| Operating Earnings (As Adjusted) | $150.1M | $126.0M | +19.1% |
| Operating Margin (GAAP) | 8.3% | 7.1% | +120 bps |
| Operating Margin (As Adjusted) | 9.6% | 8.7% | +90 bps |
| Net Earnings from Continuing Operations | $108.2M | $59.6M | +82% |
| Diluted EPS from Continuing Operations (GAAP) | $1.66 | $0.90 | +84.4% |
| Diluted EPS from Continuing Operations (As Adjusted) | $1.56 | $1.16 | +34.5% |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY2026 | Net Sales | $5.7B - $5.8B | N/A |
| FY2026 | Adjusted Operating Margin | ~8.0% | Non-GAAP |
| FY2026 | Adjusted Diluted EPS | $4.35 - $4.75 | Non-GAAP |
| FY2026 | Free Cash Flow | $400M or more | Non-GAAP |
| Q3 2026 | Revenue | $1.4B - $1.5B | N/A |
| Q3 2026 | Adjusted Diluted EPS | $1.20 - $1.40 | Non-GAAP |
简评
Brunswick 二季度业绩全面超预期，净销售额 $1,557.8M（+7.7%）与调整后稀释 EPS $1.56（+34.5%）均实现强劲增长，且四大分部连续第四个季度实现同比销售增长。增长动力来自 OEM 需求稳健、P&A 与售后市场表现强劲、前期定价措施及产品组合改善，同时 IEEPA 关税退税（净额约 $25-$30M）对盈利形成额外支撑。调整后营业利润率提升 90bps 至 9.6%，反映销售增长、有利组合与运营执行效率，部分抵消通胀、增量关税及加速的产品开发投入。
分部层面，Navico Group 调整后营业利润大增 143%（利润率 +680bps 至 12.1%），主要受益于 IEEPA 退税与销售增长；Engine Parts & Accessories 利润率 +200bps 至 23.3%，体现产品组合与经营杠杆；Boat 分部调整后营业利润 +44.7%，Freedom Boat Club 达成 450 个全球网点里程碑。管理层上调全年指引，调整后 EPS 区间 $4.35-$4.75，并预计全年增量关税约 $40M（上半年集中体现）。资本回报方面，上半年回购 $31.2M（年初至今 $35M），支付股息 $57.2M，并重申年内至少偿还 $160M 债务，维持投资级资产负债表。