Analysts at Wachovia Capital Markets are raising their earnings estimates for Brunswick Corp., following last week’s report from the boatbuilder’s largest customer, MarineMax.
MarineMax reported a $108 million drop in revenue and a net loss of $113.3 million for its third quarter ending June 30. The retailer also said it plans to order about 40 percent fewer 2009 models from its manufacturers.
However, MarineMax noted that 2009 models have been slow to come in because of plant shutdowns. This has helped the retailer move some older inventory.
Wachovia raised its 2008 and 2009 earnings estimates for Brunswick to a 63-cents-per-share loss in 2008 and a gain of 87 cents per share in 2009. This compares to previous estimates of a 73-cents-per-share loss and a 10-cents-per-share gain in 2008 and 2009, respectively.