Brunswick will hold a conference call at 11 a.m. EDT July 24 to discuss its second-quarter financial results, which will be released before the market opens. Meanwhile, analysts from Wachovia Capital Markets reduced their earnings estimates for Brunswick for 2008 and 2009.
Wachovia now expects Brunswick to report a loss of 73 cents a share in 2008 and earnings of 10 cents a share in 2009. This compares to previous estimates of 50 cents a share and $1.10 a share for 2008 and 2009, respectively. The downward revisions are related to recently announced restructuring charges of $125 million to $145 million through 2009, and from lower assumed revenues and higher overhead.
“We believe additional ’08 restructurings — marine asset impairments, plant closures, brand consolidation — are likely,” said Tim Conder, managing director of leisure equity research for Wachovia, in a report released today.
“We believe it will now be [second quarter of 2009] before initial evidence could emerge that the U.S. retail marine market is stabilizing,” Conder reported. “Until then, [Brunswick] shares are unlikely to see any demand-related upward catalyst.”
The conference call will be hosted by Dustan E. McCoy, chairman and CEO; Peter G. Leemputte, senior vice president and chief financial officer; and Kathryn J. Chieger, vice president of corporate and investor relations.
The call will be broadcast over the Internet at www.brunswick.com. Security analysts and investors wishing to participate via telephone should call (888)-577-8991 (passcode: Brunswick Q2).
A replay of the conference call will be available through midnight CDT July 31 by calling (866) 457-5504 or (203) 369-1278. The replay also will be available at www.brunswick.com.