Brunswick swings to 2nd-quarter profit as revenue rises 41 percent; co. sells Triton unit

Brunswick swings to 2Q profit on higher sales

LAKE FOREST, Ill. — Boat maker Brunswick Corp. said Thursday that it swung to a profit in the second quarter, helped by a jump in marine engine and boat sales.

The company also said it sold its Triton Boats unit to Fishing Holdings LLC, an affiliate of Platinum Equity, for an undisclosed sum.

Brunswick shares rose $1.72, or 11.8 percent, to $16.28 in afternoon trading.

For the quarter ended July 3, Brunswick earned $13.7 million, or 15 cents per share, compared with a loss of $163.7 million, or $1.85 per share, in the year-ago quarter.

Analysts polled by Thomson Reuters expected a profit of 2 cents per share.

Revenue climbed 41 percent to $1.01 billion, beating analyst expectations for $960.3 million.

Brunswick said its total marine revenue rose 52 percent to $814.2 million.

As part of the Triton Boats sale, Triton fiberglass boat production will move from Ashland City, Tenn., To Flippin, Ark. Brunswick will move its Lund fiberglass manufacturing operations to the Brunswick Boat Group’s Tellico fiberglass facility in Vonore, Tenn. and keep making Trophy fiberglass boats in Ashland City this year while looking at strategic alternatives for Trophy.

Brunswick will keep rights to some intellectual property and other rights related to Triton aluminum boats, and said it will keep selling them under a license within its aluminum product line.

The company expects to log $18 million to $20 million in restructuring charges related to the sale, including $15 million in the second quarter.

Brunswick shares have traded between $4.60 and $22.89 over the past year.