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
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