Brunswick Moves To 1st-quarter Loss As Sales Fall

LAKE FOREST, Ill. (AP) — Boat maker Brunswick Corp. said Thursday that it moved to a first-quarter loss as the recession continues to keep customers at bay and erode sales.

Results were also weakened by restructuring charges and some special tax items totaling 85 cents per share.

The company, which also makes exercise and bowling equipment, lost $184.2 million, or $2.08 per share, in the quarter. That compares with profit of $13.3 million, or 15 cents per share, a year earlier.

Analysts surveyed by Thomson Reuters, whose estimates normally exclude one-time items, forecast a loss of $1.11 per share.

Brunswick and other leisure companies have suffered as consumers continue to tighten their discretionary spending due to economic and unemployment worries. Diminishing credit has also squeezed purchases, particularly in its marine division.

"Our businesses continued to be under pressure from a variety of harsh economic factors that affected both domestic and international demand for our products, especially in our recreational marine markets," Chairman and Chief Executive Dustan E. McCoy said in a statement.