Brunswick to close manufacturing facility
Brunswick Corp. (NYSE: BC), parent of various boat brands as well as Life Fitness, said it would stop producing its Bluewater Marine brands and close a plant that employs 175, saving the company $9 million annually.
It will close its plant in Newberry, S.C., by the end of June in response to a slowdown in the marine industry that started in 2005. Brunswick will take a pretax charge of $25 million to $30 million in the second quarter to cover asset write-downs and other costs associated with closing the plant.
Brunswick said in April that first-quarter profit plunged 71 percent, weighed down by weaker demand for boats and related products, while revenue fell 3 percent.
Nike declares regular quarterly dividend
Nike's (NYSE: NKE) board declared a regular quarterly dividend of $0.23. It said the dividend is payable July 1 to shareholders of record June 9.
Wal-Mart Q1 profit rises 6.9 percent
Wal-Mart Stores (NYSE: WMT) said first-quarter profits rose 6.9 percent, but issued a cautious outlook for the current quarter and warned that the economy will be a "critical factor" in 2008.
Wal-Mart earned $3.02 billion, or $0.76 per share, in the three months ended April 30, up from $2.83 billion, or $0.68 per share, a year earlier.
Revenue was $95.30 billion, up 10.3 percent from $86.41 billion in the prior year. Net sales excluding membership fees rose to $94.1 billion from $85.4 billion a year ago.
Without fuel, same-store sales for the first quarter were up 2.9 percent at Wal-Mart's domestic properties, rising 2.7 percent in the Wal-Mart Stores division and 3.6 percent at Sam's Clubs.
The company expects second-quarter same-store sales to be between flat and up 2 percent. It anticipates earning between $0.78 per share and $0.81 per share.
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