Brunswick Corporation had declines in its marine business sway overall results, which was compounded with a decrease in the bowling and billiards business; though the bowling and billiards decline was more then offset by top-line gains at fitness. For the quarter, the company reported net sales from continuing operations of $1.37 billion, down slightly from $1.38 billion a year earlier. Excluding incremental sales from acquired businesses, sales declined 2% in the quarter. Net earnings from continuing operations were $44.2 million, or 47 cents per diluted share, down from $83.7 million, or 85 cents per diluted share, for Q4 2005.
The fitness segment reported net sales of $192.8 million in the quarter, up 9% from $176.1 million last year. Operating earnings decreased 5%, however, to $28.9 million from $30.4 million. For 2006, the fitness segment reported net sales of $593.1 million, up 8% from $551.4 million in 2005. Operating earnings in 2006 increased 3% to $57.8 million from $56.1 million.
The bowling & billiards segment saw net sales in the fourth quarter amount to $120.1 million, down 5% from $126.2 million in the year-ago quarter. Operating earnings were $5.6 million in the quarter versus $15.2 million in the comparable quarter in 2005. Operating earnings for the year were $22.1 million compared with $37.2 million in 2005.
| Brunswick Corp. | |||
| Full Year Results | |||
| (in $ millions) | 2006 | 2005 | Change |
| Total Sales | $5,665 | $5,607 | 1.0% |
| Marine | $4,614 | $4,592 | 0.5% |
| Fitness | $593.1 | $551.4 | 7.6% |
| B&B | $458.3 | $464.5 | -1.3% |
| Gross Margin | 21.6% | 23.6% | -190 bps |
| Net Income | $133.9 | $385.4 | -65.3% |
| Diluted EPS | $1.41 | $3.90 | -63.8% |
| Inventory* | $861.9 | $816.9 | +5.5% |
| *at year-end | |||
