Brunswick’s Marine Group reported net sales of $579.2 million for the second quarter of 2010, up 39 percent from the $415.2 million reported for Q2 2009. The strongest gains were reported for sterndrive product.
Brunswick Corporation reported strong financial results for
the second quarter of 2010, including total net sales of $1,014.7 million, up
41 percent over 2009, and net earnings of $13.7 million, or $0.15 per diluted
share (all figures $US).
The company declared operating earnings of $55.7 million, a
$201.1 million improvement from 2009, based on increased production and higher wholesale
shipments resulting from low beginning-of-year marine dealer inventories.
“The continued successful execution of our strategic
initiatives over the past several quarters was a key factor in our improved
second quarter results,” said Brunswick’s Chairman and Chief Executive Officer
Dustan E. McCoy in a company press release. “Historically low marine dealer
inventories as we entered the year led to improved wholesale shipments. This,
combined with significant fixed-cost reductions achieved over the past two
years, enabled us to report our second consecutive quarterly operating profit.”
Brunswick’s Marine Group reported net sales of $579.2
million in the second quarter of 2010, up 39 percent from the $415.2 million
reported for Q2 2009. International sales, which represented 41 percent of
total segment sales in the quarter, increased by 28 percent. The strongest
gains were reported in the segment’s sterndrive engine business, as a result of
“higher sales, lower bad debt expense, fixed-cost reductions, increased
fixed-cost absorption, improved operating efficiencies, lower restructuring,
exit and impairment charges and reduced pension expense.” For the quarter, the Marine Engine segment reported
operating earnings of $89.2 million, including restructuring charges of $2.1
million. By comparison, for the second quarter of 2009 the Marine Group
lost $7.8 million.
The Brunswick Boat Group, representing 16 brands, reported
net sales of $296.6 million for the second quarter of 2010, an increase of 114
percent compared against $138.8 million for the second quarter of 2009.
International sales, which represented 38 percent of total segment sales in the
quarter, increased by 64 percent during the period. While the boat segment
still reported an operating loss of $23.6 million for the quarter, it compares
favourably against the $107.9 million loss reported for the second quarter of
2009.
