LAKE FOREST (AP) – Boat and sporting-goods maker Brunswick Corp. on Thursday posted a 25 percent jump in first-quarter net income, helped by higher demand for its marine products and fitness equipment.
The company’s adjusted earnings easily beat Wall Street predictions and it boosted its profit guidance for the full year, sending Brunswick shares up nearly 6 percent.
For the January-through-March period, Brunswick earned $49.8 million, or 53 cents per share, up from $39.7 million, or 53 cents per share, from $39.7 million, or 43 cents per share, in the same quarter last year.
Excluding one-time items, the company posted an adjusted profit of 76 cents per share for the recent quarter.
Revenue rose 4 percent to $995.3 million from $959.6 million.
Analysts, on average, expected a profit of 63 cents per share on $997.8 million in revenue, according to FactSet.
Brunswick said its sales got a boost from higher demand for U.S. outboard marine products, marine parts and accessories, and fitness equipment.
Those gains were partially offset by lower sales of certain fiberglass products and in its bowling businesses.
Citing the better-than-expected first-quarter results, along with a more favorable tax rate, the company boosted its full-year earnings from continuing operations guidance to between $2.30 and $2.50 per share. In January, the company projected an adjusted profit of $2.20 to $2.45 per share.
Brunswick said it’s still targeting full-year revenue growth of between 3 percent and 5 percent. Based on the company’s 2012 results, the guidance implies 2013 revenue of between $3.83 billion and $3.9 billion.
Analysts expect a 2013 profit of $2.42 per share on $3.9 billion in revenue.
Brunswick shares rose $1.87, or 5.7 percent, to $34.47 in heavy midday trading. Over the past 52 weeks, the shares have traded between $19.35 and $37.37.