Brunswick Corp. (BC) reported that its first-quarter net earnings rose to $49.8 million or $0.53 per share, from $39.7 million or $0.43 per share in the same quarter last year.
Net earnings from continuing operations were $54.9 million, or $0.59 per share, compared with net earnings from continuing operations of $47.0 million, or $0.51 per share, for the first quarter of 2012.
The earnings per share for the first quarter of 2013 included $0.05 per share of restructuring, exit and impairment charges and a $0.12 per diluted share charge from special tax items. The diluted earnings per share for the first quarter of 2012 included a $0.01 per diluted share charge from special tax items.
For the quarter, the Company reported operating earnings of $89.9 million, which included $5.6 million of restructuring, exit and impairment charges. In the first quarter of 2012, the Company had operating earnings of $75.3 million, which included $0.2 million of restructuring, exit and impairment charges.
For the first quarter of 2013, the Company reported net sales of $995.3 million, up from $959.6 million a year earlier.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.63 per share on revenues of $998.66 million for the quarter. Analysts' estimates typically exclude special items.
The company increased its 2013 adjusted earnings per share from continuing operations to a range of $2.30 to $2.50 per share from the prior range of $2.20 to $2.45 per share. The company continues to target 3 percent to 5 percent growth in overall revenue in 2013.
Analysts expect the company to report earnings of $2.42 per share on revenues of $3.91 billion for fiscal 2013.
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