Brunswick 3Q loss narrows on lower charges

Brunswick posts smaller 3rd-qtr loss on lower restructuring charges, beats Street; share rise

• On 12:29 pm EDT, Thursday October 29, 2009

LAKE FOREST, Ill. (AP) -- Brunswick Corp., which makes boats, gym machines and pool tables, said Thursday its third-quarter loss narrowed on a steep drop in restructuring charges.

The loss was smaller than Wall Street expected and Brunswick shares jumped $1.22, or 13 percent, to $10.70 in morning trading.

Brunswick posted a smaller loss of $114.3 million, or $1.29 per share, compared with $729.1 million, or $8.26 per share, in the year-ago period.

Sales declined 36 percent to $665.8 million from $1.04 billion, however, as marine sales sank 40 percent on the lowest levels of demand in nearly half a century, the company said.

Analysts polled by Thomson Reuters expected a loss of $1.34 per share, including the one-time items, on $701.1 million in sales.

The recent quarter's results included a restructuring charge of 32 cents per share and a benefit of 24 cents per share related to special tax items. The 2008 quarter included $4.59 per share in impairment and restructuring charges, and $3.34 per diluted share in charges for special tax items.