Brunswick Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the fourth quarter, the company reported net sales of $938.6 million against $826.8 million a year ago. Operating earnings were $14.6 million against $8.1 million a year ago. Loss before interest, loss on early extinguishment of debt and income taxes were $1.3 million against earnings of $8.4 million a year ago. Loss before income taxes was $8.0 million against earnings before income taxes of $1.0 million a year ago. Net loss from continuing operations were $2.3 million or $0.03 per diluted share against net earnings from continuing operations of $578.7 million or $6.30 per diluted share a year ago. Net loss was $4.3 million or $0.05 per diluted share against net earnings of $581.2 million or $6.16 per diluted share a year ago. Adjusted operating earnings were $42.7 million against $13.9 million a year ago. Adjusted earnings before income taxes were $40.4 million against $6.9 million a year ago. Diluted earnings from continuing operations, as adjusted were $0.33 against $0.07 a year ago.

For the year, the company reported net sales of $3,838.7 million against $3,599.7 million a year ago. Operating earnings were $328.5 million against $281.8 million a year ago. Earnings before interest, loss on early extinguishment of debt and income taxes were $316.6 million against $282.1 million a year ago. Earnings before income taxes were $287.9 million against $208.9 million a year ago. Net earnings from continuing operations were $194.9 million or $2.05 per diluted share against $756.8 million or $8.07 per diluted share a year ago. Net earnings were $245.7 million or $2.58 per diluted share against $769.2 million or $8.20 per diluted share a year ago. Adjusted operating earnings were $360.6 million against $298.3 million a year ago. Adjusted earnings before income taxes were $340.3 million against $258.2 million a year ago. Diluted earnings from continuing operations, as adjusted were $2.42 against $2.47 a year ago. Net cash provided by operating activities of continuing operations was $235.3 million against $168.0 million a year ago. Net cash provided by operating activities was $236.6 million against $170.1 million a year ago. Capital expenditures were $124.8 million against $126.5 million a year ago.

The company provided earnings guidance for the year 2015. For the year, the company guidance for 2015 reflects adjusted pretax earnings growth of 15% to 20% and diluted EPS, as adjusted, is estimated to be in the range of $2.70 to $2.85. Finally, for the full year, the company expects to generate positive free cash flow in the range of $150 million to $170 million. 2015 guidance, however, does not assume that this credit will extend into 2015. Therefore, the company as adjusted effective tax rate for 2015 is 34%. The company estimated effective cash tax rate for 2015 reflects a mid-teen percent level.