UPDATE 1-Brunswick posts lower quarterly profit but raises outlook

Thu Jul 25, 2013 9:04am EDT

CHICAGO, July 25 (Reuters) - Brunswick Corp posted lower quarterly earnings on Thursday, as a series of one-time charges offset a small improvement in sales of its recreational boats and marine engines.

The Lake Forest, Illinois-based company, which also makes fitness equipment and pool tables, reported a second-quarter profit from continuing operations of $79.3 million, or 85 cents a share, down from $94.0 million, or $1.03, a share a year before.

The results were pulled down by a flurry of one-time restructuring-, tax- and debt-related charges.

Sales rose 4 percent to $1.1 billion.

Brunswick said it continued to be challenged by what it characterized as an "uneven recovery in the U.S. powerboat market."

Even so, it said it was raising its outlook for 2013 diluted earnings per share from continuing operations to a range of $2.55 to $2.65 a share, up from a previously forecast range of $2.30 to $2.50 a share.

The company said its fitness segment, which makes equipment sold under the Life Fitness and Hammer Strength brands, was doing especially well this year.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.