Plus   Neg

Brunswick Q4 Adj. EPS Tops Estimate

Recreational goods maker Brunswick Corp. (BC) said Thursday that its fourth quarter loss widened from last year, hurt by bigger losses from discontinued operations stemming mainly from the company's Hatteras and CABO boat businesses that it plans to exit.

However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations.

Brunswick share are currently trading at $34.75, up $1.95 or 5.94%.

The company reported a net loss for the fourth quarter of 75.3 million or $0.84 per share, compared to a net loss of $29.6 million or $0.33 per share for the year-ago quarter.

Loss from continuing operations for the fourth quarter was $16.1 million or $0.18 per share, compared to a loss from continuing operations of $25.4 million, or $0.28 per share in the prior year quarter.

The latest quarter results include $0.11 per share of restructuring, exit and impairment charges, a $0.05 per share loss on early extinguishment of debt, and a $0.04 per share charge from special tax items.

Excluding items, adjusted earnings from continuing operations for the latest quarter were $0.02 per share.

On average, 9 analysts polled by Thomson Reuters expected the company to report a loss of $0.08 per share for the fourth quarter.

Net sales for the fourth quarter rose 9% to $829.8 million from $761.5 million in the same quarter last year. Ten analysts had a consensus revenue estimate of $849.27 million for the fourth quarter.

All of the company's four business segments - Marine Engine, Boat, Fitness, Bowling & Billiards - recorded sales growth.

For the full year 2013, the company forecast adjusted earnings of $2.20 to $2.45 per share with revenue growth of 3% to 5%. Analysts currently expect the company to earn $2.23 per share on revenue growth of 5.90%.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Meredith Corp. said Wednesday that it has decided to explore the sale of its Time, Sports Illustrated, Fortune, and Money brands. In addition, the company will cut 1,000 jobs over the next ten months as part of its plan to realize cost synergies from its acquisition of Time Inc. Further, Meredith has notified about 200 employees that their positions have been eliminated. Canadian integrated oil company Cenovus Energy Inc. said Thursday that the critical shortage of export pipeline capacity in Western Canada is having a negative impact on the Canadian oil industry and showed the urgent need for approved pipeline projects in Canada to proceed as soon as possible. The company noted that Canadian heavy oil is selling at a wide discount to West Texas Intermediate. Conagra Brands, Inc. (CAG) reported that its third-quarter adjusted earnings per share from continuing operations grew 27.1% to $0.61 from $0.48, prior year. On average, 14 analysts polled by Thomson Reuters expected the company to report profit per share of $0.56 for the quarter. Analysts' estimates typically exclude special items. Aided by a lower effective tax rate, earnings per share from continuing operations grew 112.2% to $0.87 from $0.41, a year ago.
comments powered by Disqus
Follow RTT