Brunswick Q4 Net Earnings Beat On Higher Revenues; Revenues Miss

(RTTNews) - Brunswick Corporation (BC), on Thursday reported higher earnings for the fourth quarter amidst a strong growth in revenue. Whilst earnings topped estimates, revenues fell short.

Net earnings stood at $141.7 million or $1.95 per share as compared to $101.5 million or $1.30 per share in the corresponding period of the previous year.

Net earnings from continuing operations stood at $140.3 million or $1.93 per share as compared to $102.0 million or $1.31 per share in the corresponding period of the previous year.

Adjusted earnings stood at $1.99 per share as compared to $1.44 per share in the corresponding period of the previous year. 14 analysts polled by Thomson Reuters were expecting the company to report loss of $1.97 per share. Analysts typically exclude one-time items.

Net Sales increased 11 percent to $1.58 billion, from $1.43 billion in the year-ago period. Sales growth resulted from steady demand, successful new product introductions, and pricing implemented in previous quarters, partially offset by unfavorable changes in foreign currency exchange rates. 13 analysts polled by Thomson Reuters were expecting the company to report revenues of $1.67 billion.

For 2023, the company anticipates that the U.S. marine industry retail unit sales would be down modestly versus 2022, with premium segments performing better than certain value segments. In this backdrop, net sales are seen between $6.8 billion and $7.2 billion. Adjusted EPS is seen in the range of $9.50 - $11.00. In the first quarter of 2023, the company expects flat to slight revenue growth over first quarter 2022, and adjusted EPS between $2.30 and $2.40.

Shares of Brunswick Corp are currently trading in pre-market at $83.50, down $2.68 or 3.11 percent from the previous close.