Brunswick Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Earnings Guidance for the Year 2015
January 29, 2015 at 07:38 am EST
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Brunswick Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the fourth quarter, the company reported net sales of $938.6 million against $826.8 million a year ago. Operating earnings were $14.6 million against $8.1 million a year ago. Loss before interest, loss on early extinguishment of debt and income taxes were $1.3 million against earnings of $8.4 million a year ago. Loss before income taxes was $8.0 million against earnings before income taxes of $1.0 million a year ago. Net loss from continuing operations were $2.3 million or $0.03 per diluted share against net earnings from continuing operations of $578.7 million or $6.30 per diluted share a year ago. Net loss was $4.3 million or $0.05 per diluted share against net earnings of $581.2 million or $6.16 per diluted share a year ago. Adjusted operating earnings were $42.7 million against $13.9 million a year ago. Adjusted earnings before income taxes were $40.4 million against $6.9 million a year ago. Diluted earnings from continuing operations, as adjusted were $0.33 against $0.07 a year ago.
For the year, the company reported net sales of $3,838.7 million against $3,599.7 million a year ago. Operating earnings were $328.5 million against $281.8 million a year ago. Earnings before interest, loss on early extinguishment of debt and income taxes were $316.6 million against $282.1 million a year ago. Earnings before income taxes were $287.9 million against $208.9 million a year ago. Net earnings from continuing operations were $194.9 million or $2.05 per diluted share against $756.8 million or $8.07 per diluted share a year ago. Net earnings were $245.7 million or $2.58 per diluted share against $769.2 million or $8.20 per diluted share a year ago. Adjusted operating earnings were $360.6 million against $298.3 million a year ago. Adjusted earnings before income taxes were $340.3 million against $258.2 million a year ago. Diluted earnings from continuing operations, as adjusted were $2.42 against $2.47 a year ago. Net cash provided by operating activities of continuing operations was $235.3 million against $168.0 million a year ago. Net cash provided by operating activities was $236.6 million against $170.1 million a year ago. Capital expenditures were $124.8 million against $126.5 million a year ago.
The company provided earnings guidance for the year 2015. For the year, the company guidance for 2015 reflects adjusted pretax earnings growth of 15% to 20% and diluted EPS, as adjusted, is estimated to be in the range of $2.70 to $2.85. Finally, for the full year, the company expects to generate positive free cash flow in the range of $150 million to $170 million. 2015 guidance, however, does not assume that this credit will extend into 2015. Therefore, the company as adjusted effective tax rate for 2015 is 34%. The company estimated effective cash tax rate for 2015 reflects a mid-teen percent level.
Brunswick Corporation designs, manufactures and markets recreational marine products, including marine propulsion products and boats, as well as parts and accessories for the marine and RV markets. Its segments include Propulsion, Engine Parts and Accessories (Engine P&A), Navico Group and Boat. The Propulsion segment designs, manufactures and sells engines, controls, rigging, and propellers globally. The Engine P&A segment sells products such as engine parts and consumables including oils and lubricants, electrical products, boat parts and systems, and also includes its marine parts and accessories distribution businesses. The Navico Group segment designs, develops, manufactures, and markets products and systems for the marine and RV, specialty vehicle markets. The Boat segment consists of the Brunswick Boat Group (Boat Group), which manufactures and distributes recreational boats, and Business Acceleration. Its boat brands include Boston Whaler, Lund, Sea Ray and Bayliner.
Brunswick Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Earnings Guidance for the Year 2015