Why Shares of Brunswick Corporation Plunged 16% Today

Shares of marine and fitness company Brunswick Corporation (NYSE: BC) dropped as much as 16.4% in trading Thursday after the company released third-quarter earnings that fell short of expectations. At 2:20 p.m. EDT, shares were still down 13.6% on the day.

Net sales were up 4.4% to $1.14 billion and net income fell 7% to $79.0 million, or $0.88 per share. On an adjusted basis, earnings were $0.91 per share. Analysts were expecting revenue of $1.17 billion and earnings of $1.00 per share, which was well above what was actually reported.

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Source: Fool.com