Brunswick Trims FY24 Outlook As Q3 Results Miss Estimates

Brunswick

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(RTTNews) - While reporting financial results for the third quarter on Thursday, recreation products maker Brunswick Corp. (BC) trimmed its adjusted earnings and net sales for the full-year 2024. For fiscal 2024, the company now projects adjusted earnings of about $4.50 per share on net sales between $5.1 billion and $5.2 billion.

Previously, the company expected adjusted earnings in a range of $5.0 to $5.50 per share on net sales between $5.2 billion and $5.4 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $5.23 per share on net sales of $5.30 billion for the year. Analysts' estimates typically exclude special items.

For the third quarter, the company reported net earnings of $44.6 million or $0.67 per share, sharply lower than $112.5 million or $1.61 per share in the same quarter last year.

Net earnings from continuing operations were $0.71 per share, compared to $1.63 per share in the year-ago quarter.

Excluding items, adjusted earnings for the quarter was $1.17 per share, compared to $2.42 per share in the year-ago quarter.

Net sales for the quarter grew to $1.27 billion from $1.59 billion in the same quarter last year.

The Street was looking for earnings of $1.20 per share on net sales of $1.29 billion for the year.