Brunswick reports 3Q resultsPosted on
Brunswick Corp. today announced a gain in third-quarter sales, from $874.3 million a year earlier to $892.4 million, and reported a small dip in sales in its boat segment.
For the quarter that ended Sept. 28, Brunswick reported operating earnings of $63.6 million, a 6 percent decrease from the same period in 2012.
Brunswick reported net earnings from continuing operations of $57.4 million, or 61 cents a diluted share, for the 2013 quarter, compared with $22.5 million, or 24 cents a share, a year earlier.
Overall net earnings were $57.8 million, or 61 cents a share, compared with $2 million, or 2 cents a share, in the 2012 quarter.
The boat segment reported net sales of $191.7 million, a decrease of 2 percent from $195.4 million in the quarter last year. International sales, which represented 34 percent of total segment sales for the quarter, increased by 1 percent during the period. The boat segment reported an operating loss of $16.9 million for the 2013 quarter, including restructuring charges of $2.6 million. That compares with an operating loss of $24.3 million for the quarter last year, including restructuring charges of $13.8 million.
The decrease in sales resulted from wholesale shipment declines in the segment’s fiberglass sterndrive/inboard boat categories, reflecting the segment’s plan to further lower pipeline levels, particularly for larger boats. This decrease was mostly offset by sales growth in outboard boats. The unfavorable shift in sales mix, along with increased product development-related costs, had a negative effect on the segment’s quarterly operating earnings. Partially offsetting these factors were lower restructuring, exit and impairment charges and benefits from successful cost-reduction activities.
The marine engine segment reported net sales of $511.1 million for the quarter, up 2 percent from $503.5 million last year. International sales, which represented 34 percent of total segment sales in the quarter, increased by 3 percent. The marine engine segment reported operating earnings of $75.2 million for the quarter, compared with $74.5 million in the 2012 quarter.
Sales increases in the quarter were led by the segment’s parts and accessories businesses, partially offset by declines in outboard engine sales, due to differences in back-order trends between years, as well as lower sales of sterndrive engines.