Earnings and Analysts

Quarterly earnings statements from public companies and periodic reports from analysts reveal the health and direction of the industry.

Garmin sees overall revenue gain

Garmin Ltd. said today that total revenue for the third quarter ending Sept. 27, was $870 million, up 19 percent from $729 million in the same period of 2007. In the marine segment, however, revenue decreased 8 percent to $44 million in the third quarter of 2008. Garmin reported diluted earnings per share of 82…more

Marine Products releases 3Q results

Marine Products Corp., manufacturer of Chaparral and Robalo boats, this morning announced a decline in sales for the third quarter, which ended Sept. 30. For the quarter, Marine Products reported net sales of nearly $31.6 million, a 39.8 percent decrease compared to net sales of nearly $52.5 million in the same period last year. The…more

West Marine sees dip in 3Q sales, profits

West Marine today reported a moderate decrease in sales and profits for the third quarter ended Sept. 27. Sales for the quarter were $180.2 million, compared to $188.4 million in the same period 2007, or a drop of 4.3 percent. Comparable store sales were down 4.7 percent. Adjusted net income was $4.8 million and 23…more

Brunswick CEO admits ‘tough times’ after 3Q earnings

Brunswick Corp. today reported a 22 percent drop in net sales, driven by a 28 percent decline in marine sales. “These are tough times,” chairman and CEO Dustan McCoy said this morning in a conference call. “The marine market in the United States is becoming increasingly challenging due to difficult economic conditions, financial market upheaval,…more

Caterpillar has record 3Q sales, though profit dips

Caterpillar Inc. reported record third-quarter sales and revenues of nearly $13 billion, 13 percent higher than the $11.4 billion reported in the 2007 quarter. “We are pleased to have set a new third-quarter sales and revenues record, particularly considering the recessionary conditions in North America and growing weakness in Europe and Japan,” chairman and CEO…more

Twin Disc sees drop in sales

Twin Disc of Racine, Wis., reported a 1.3 percent decline in sales and a 51 percent drop in net earnings for the 2009 fiscal first quarter, which ended Sept. 26. The company had sales of $72.7 million in the recent quarter, compared with $73.6 million in the year-ago period. Demand in the commercial marine and…more

MarineMax projects loss of revenue in fourth quarter

In advance of releasing its fourth-quarter and year-end results next month, MarineMax is reporting an expected net loss per share of between 58 cents and 68 cents for the fourth quarter. This compares to net earnings per diluted share of 35 cents in the same quarter of 2007. The company also expects to report fiscal…more

Fountain: Auditor’s opinion no cause for concern

Fountain Powerboat Industries said this morning that a recent auditor’s opinion raising concerns about the company’s finances is a “formality.” “This is the second year in a row we’ve had a net loss,” Irving Smith, Fountain CFO, told Soundings Trade Only this morning. “Based on that, the auditor is required to put a going concern…more

Marine industry watches for fallout from market intervention

Marine industry leaders are taking a wait-and-see attitude on how they may be affected by the latest federal buyouts to help shore up lending institutions and financial markets. “It’s early yet, but I’m encouraged by the way the markets are reacting,” Jim Coburn, president of the National Marine Bankers Association, told Soundings Trade Only this morning.…more

Brunswick optimistic despite 2Q earnings report

Despite a 2 percent drop in sales and a net loss of $6 million for the second quarter, Brunswick Corp. executives remain upbeat about the company’s efforts to reduce inventory pipeline, cut costs and remain profitable in the current economic downturn. “We had a solid quarter in a difficult economic climate,” chairman and CEO Dustan…more

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