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Brunswick to close Maryland facility, cut 115 jobs
Brunswick Corp. (NYSE: BC), a major player in recreational fishing boats, as well as the parent of Life Fitness, Parabody and Hammer Strength, said it is moving production of Trophy offshore fishing boats from a Cumberland, Md., facility to Ashland City, Tenn., and eliminating 115 jobs in the process.
“As we deal with the global economic downturn and its impact on recreational marine markets, we are continuing to shrink our North American manufacturing footprint,” Dustan E. McCoy, Brunswick’s CEO, said in a statement.
The Cumberland plant is set to close by the end of the year. The company did not disclose how the closure and layoffs would affect its bottom line.
Brunswick’s stock gained $0.31, or 13 percent, to close at $2.70 on Nov. 13. In the last year, it’s stock has traded between $2.25 and $21.43.
Wal-Mart reports 10-percent increase in Q3 profits, trims profit outlook
Wal-Mart Stores (NYSE: WMT) said its third-quarter profits rose to $3.14 billion, or $0.80 per share, in the quarter ended Oct. 31. That compares with $2.86 billion, or $0.70 per share, a year earlier.
Earnings from continuing operations were $0.77 per share.
Net sales for the third quarter were $97.6 billion, up 7.5 percent from $90.8 billion in the year-ago period.
Amid a weak economy and unfavorable exchange rates, the company said it expects earnings per share from continuing operations for the full year ending Jan. 31 to be within a range of $3.42 to $3.46. In August, the retailer had said it expected $3.43 to $3.50 per share for the year.
For the fourth quarter, the company estimates earnings per share from continuing operations will be between $1.03 and $1.07 per share. And, it expects U.S. same-store sales to increase between 1 percent and 3 percent in the fourth quarter.
–Compiled by Wendy Geister
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