Click for Mulder Click for Northern Lights Click for Delta Click for Furuno Click for Burger

Industry Update-Brunswick Profits Sicks 29%!!!!

Discussion in 'General Yachting Discussion' started by lwrandall, Jul 27, 2007.

You need to be registered and signed in to view this content.
  1. lwrandall

    lwrandall senior member

    Joined:
    Mar 31, 2004
    Messages:
    292
    Location:
    Baltimore
    Here is an article stating that Brunswick, I think the US largest Boat Manufacturer and engine producer, had a bad quarter. Not a big surprise but news worthy. It's not just the housing bubble that burst.

    Brunswick profit sinks 29%

    Tribune staff, wire reports
    July 27, 2007

    Brunswick Corp. on Thursday reported a sharp drop in second-quarter earnings as higher interest rates and rising gasoline costs continued to cut into demand for its recreational boats and engines.

    The Lake Forest-based company, which signaled its weak report last week, said net income tumbled 29 percent, to $59.3 million, or 65 cents a diluted share, from $83.2 million, or 87 cents a share, in the year-ago period. Revenue slipped 1.3 percent, to $1.52 billion.

    "We are pleased with our second-quarter results given the increasingly difficult economic environment in which consumers are deferring expenditures for large-ticket discretionary items" such as pleasure boats, said Chairman and Chief Executive Dustan McCoy.

    Brunswick shares fell last week after the nation's biggest boatmaker, citing "anemic" retail demand for boats and engines, lowered its full-year 2007 earnings guidance to $1.20 to $1.35 a share, from the previous range of $1.65 to $2.00 a share. At the time, it indicated that second-quarter earnings would be in the range of 64 or 65 cents a share.

    Shares of Brunswick lost 92 cents, to $28.54, on the New York Stock Exchange.
  2. CaptTom

    CaptTom Senior Member

    Joined:
    Jan 26, 2006
    Messages:
    1,949
    Location:
    Palm Beach to Ft Lauderdale
    This was a big week on Wall St., with many earnings reports coming out, and not the best information, as witnessed by Brunswick and other companies. There does seem to be a slowdown in the economy, thanks to sustained high gas prices and the housing market. And Wall St took it on the chin, dropping 600 or so points. I think it was a week ago the Dow topped 14,000, but today closed at 13,265 (lost 208 today!). Hold on for a bumpy ride.