Brunswick Corp. (BC) announced Wednesday preliminary results for the second quarter, anticipating earnings per share below initial expectations, as well as below market estimates. The company also cut its fiscal 2023 earnings view.
In pre-market activity on the NYSE, Brunswick shares were losing around 6.1 percent to trade at $80.01.
The company said the latest preliminary results are below initial expectations mainly due to the impacts of the recent IT security incident that was disclosed in June. Excluding this, results would have met or exceeded the adjusted earnings per share guidance provided earlier.
For the quarter, earnings per share is now expected in the range of $1.85 to $1.90 and adjusted earnings per share in the range of $2.30 to $2.35.
On average, 15 analysts polled by Thomson Reuters expect earnings of $2.68 per share for the quarter. Analysts' estimates typically exclude special items.
Revenue are expected to be approximately $1.7 billion. The Street is looking for revenues of $1.84 billion.
In the prior year's second quarter, earnings were $2.59 per share, earnings from continuing operations were $2.61 per share and adjusted earnings were $2.82 per share on revenues of $1.836 billion.
Further, for fiscal 2023, the company now expects adjusted earnings per share to be around $9.50. The previous outlook was earnings of $9.50 to $11.00 per share. Analysts estimate earnings of $10.26 per share for the year.
Dave Foulkes, Brunswick CEO, said, "For the full year, while we see some positive signals, with stronger than expected new boat retail in the recent months and continued high Mercury retail market share, the impact of the IT security incident combined with anticipated continued pressure on consumers globally, lead us to be cautious regarding second-half financial performance."
The company will provide more details on its second quarter results and full-year outlook during its earnings call on July 27.
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