Brunswick predicts return to profitability
LAKE FOREST, Ill. — Brunswick Corporation on Thursday reported results for the fourth quarter of 2010, and the numbers showed some positive signs.
Net sales of $728.8 million were up 11 percent versus fourth quarter 2009, and the company’s operating loss improved by $113.5 million from fourth quarter 2009.
“Throughout the past several years, Brunswick has undergone a profound transformation against the backdrop of very difficult global economic and marine markets,” Brunswick CEO Dustan E. McCoy said in the report. “In 2010, we continued to make significant strides in rationalizing our manufacturing footprint and executing against strategies that have allowed us to operate our businesses more efficiently, contributing to strong levels of operating leverage. During 2010, our annual revenues increased by 23 percent and, excluding restructuring charges, our operating earnings increased by approximately $477 million as compared to 2009. In addition, we achieved our objective of being free cash flow positive during 2010.”
The company also said its outlook for 2011 includes a return to profitability.
“We currently expect to have positive earnings per share in 2011, beginning in the first quarter,” McCoy said. “We believe the significant decline in overall industry marine retail demand has bottomed in 2010, but at this early point in the marine selling season, we are unable to determine if 2011 marine retail demand will remain consistent with 2010 or improve.”
Click here to read the complete report: Brunswick Q4 Earnings Release
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