Shares of Brunswick(BC Quote) were among the NYSE's losers Wednesday, sliding 7% after the maker of boats and recreational products narrowed its second-quarter earnings estimate and slashed its full-year earnings forecast.
The company now sees second-quarter earnings from continuing operations of 93 cents to 94 cents a share. Previously, Brunswick forecast earnings of 90 cents to 97 cents a share. Analysts polled by Thomson First Call project earnings of 96 cents a share. The company sees revenue of about $1.55 billion, in line with forecasts.
"Throughout the key second-quarter selling season for 2006-model-year marine products, however, we have experienced significant declines in retail demand, which has resulted in an increase in pipeline inventories," the company said. As a result, the company is lowering production levels for the offseason. ...
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