Brunswick slides after trimming full-year forecast

Brunswick

25/07/2024 12:33

** Brunswick shares  BC.N  fall 3.4% to $71 premarket after
recreational marine products maker trims FY results forecast
    ** If losses holds through open, stock to hit over two-week
low 
    ** Co now sees FY sales forecast in range of $5.2 bln to
$5.4 bln, down from previously reported range of $6 bln and $6.2
bln
    ** BC revises FY adj. earnings to range of $5/shr to
$5.5/shr, down from earlier reported range of $7/shr and $8/shr 
    ** CEO David Foulkes says the marine retail market is
underperforming during is peak season and expects higher
interest rates to remain a strain on 2024 results
    ** Foulkes adds that interest rates relief in the second
half of the year could provide a tailwind in 2025    
    ** 11 of 19 brokerages rate the stock "buy" or higher, eight
"hold"; their median PT is $94 - LSEG data
    ** Up to last close, stock had fallen 24% YTD 

 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))