WASHINGTON (dpa-AFX) - (Adds Outlook, Share movement)
Brunswick Corporation (BC) provided third-quarter guidance and revised down its annual guidance, below below analysts' estimates. The stock was down more than 4 percent in the pre-market trade.
David Foulkes, CEO of Brunswick, said: 'With the majority of the retail selling season behind us, it is evident that the 2024 U.S. marine retail market is underperforming in peak season versus our initial expectations and is likely to end the year at unit levels similar to 2010. The macro-economic environment remains uncertain.'
For the third-quarter, the company expects adjusted income per share of $1.15 to $1.25, below analysts' forecast of $2.24 per share. Third-quarter sales are seen in the range of $1.2 billion-$1.3 billion, below the Street view of $1.62 billion.
For the full year, the company now expects adjusted earnings per share of $5 to $5.50 against its previous outlook of $7 to $8 per share. Annual sales are now projected to be in the range of $5.2 billion to $5.4 billion, lower that earlier expectation $6 billion to $6.2 billion.
Analysts, on average, expect the firm to post EPS of $7.13, on revenue of $5.96 billion, for the year.
BC was trading down by 4.37 percent at $70.30 in the pre-market trade on the New York Stock Exchange.
Q2 Results:
Brunswick revealed a profit for second quarter that decreased from the same period last year and missed the Street estimates.
The company's bottom line totaled $104.8 million, or $1.55 per share. This compares with $135.3 million, or $1.91 per share, in last year's second quarter.
Excluding items, Brunswick Corp. reported adjusted earnings of $1.80 per share for the period.
Analysts on average had expected the company to earn $1.9 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter fell 15.2% to $1.443 billion from $1.702 billion last year.
Brunswick Corp. earnings at a glance (GAAP) :
-Earnings (Q2): $104.8 Mln. vs. $135.3 Mln. last year. -EPS (Q2): $1.55 vs. $1.91 last year. -Revenue (Q2): $1.443 Bln vs. $1.702 Bln last year.
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