Brunswick raises dividend by 12.5% in 2020
Marine outboard engine maker Brunswick has a great dividend track record with eight consecutive years of double digit dividend increases. Last year the dividend was hiked by 14.3 percent and the average annual dividend increase announced in the last five years is 12.5 percent. The company will now pay an estimated $85 million in dividends to its shareholders annually.
“Our decision to increase the dividend is evidence of our board’s confidence in the strength of our focused marine portfolio and reflects our ongoing commitment to execute against our strategy and capital plans,” said Brunswick Chief Executive Officer David Foulkes. “The healthy marine market and the strong demand we continue to see for our industry leading brands, including the strong and steady profitability of our Parts & Accessories business, reflects the belief in our ability to continue to create long-term value for our shareholders.”
The dividend will be payable on December 18, 2020, to shareholders of record at the close of business on November 24, 2020. A new annual dividend rate of $1.08 per share yields 1.7% at a stock price of $65 for Brunswick Corp.
Headquartered in Mettawa, Ill., Brunswick Corporation’s leading consumer brands include Mercury Marine outboard engines; Mercury MerCruiser sterndrive and inboard packages; Mercury global parts and accessories including propellers and SmartCraft electronics; Power Products Integrated Solutions; MotorGuide trolling motors; Attwood, Garelick, and Whale marine parts; Land ’N’ Sea, BLA, Payne’s Marine, Kellogg Marine, and Lankhorst Taselaar marine parts distribution; Mercury and Quicksilver parts and oils; Bayliner, Boston Whaler, Crestliner, Cypress Cay, Harris, Heyday, Lowe, Lund, Princecraft, Quicksilver, Rayglass, Sea Ray, Thunder Jet and Uttern boats; Boating Services Network, Freedom Boat Club & NAUTIC-ON.