Briggs & Stratton reports results
Briggs & Stratton Corp. announced financial results for its second fiscal quarter ended Dec. 29, 2013.
Highlights include:
- Second quarter fiscal 2014 consolidated net sales were $416.6 million, a decrease of $22.5 million or 5.1 percent from the prior year.
- Increased sales of lawn and garden equipment were offset by lower sales of standby and portable generators compared to last year when Hurricane Sandy occurred.
- The reduced storm activity reduced net sales and diluted earnings per share by an estimated $55 million and $0.12 in the fiscal quarter compared with last year.
- Second quarter 2014 consolidated net income excluding restructuring charges was $2.3 million, or $1.4 million lower than the adjusted net income of $3.7 million in the second quarter of fiscal 2013.
- The company recorded pre-tax restructuring charges of $2.3 million ($1.6 million after tax or $0.04 per diluted share) during the three months ended Dec. 29, 2013.
"During the quarter we continued to see year-over-year sales of lawn and garden equipment and related parts sales improving both in North America and in Australia," said Todd J. Teske, chairman, president and chief executive officer of Briggs & Stratton. "While these positive trends were not enough to offset the sales we saw last year related to storms Isaac and Sandy, we remain optimistic for an improved lawn and garden market this spring. Adjusted margins expanded in the quarter in both the engines and products businesses as we continue to focus on reducing costs, streamlining our operations and delivering margin-expanding innovations to consumers. This spring we are excited to launch several new engine and product solutions, including Quiet Power Technology that reduces the sound of a walk mower as much as 80 percent, Ready Start push button starting for riding mowers, and the new Powerflow + Technology pressure washer that has both variable flow and pressure capabilities."
Consolidated net sales for the second quarter of fiscal 2014 were $416.6 million, a decrease of $22.5 million or 5.1 percent from the second quarter of fiscal 2013. This was due to lower sales of standby and portable generators, partially offset by higher sales of engines and lawn and garden products. The quarterly impact of fewer weather related events creating demand for generators and the related engines was an estimated sales decrease of $55 million. The fiscal 2014 second quarter consolidated net income, which includes restructuring charges, was $0.7 million or $0.01 per diluted share. The second quarter of fiscal 2013 consolidated net loss, which includes restructuring charges, was $0.6 million or $0.02 per diluted share. The impact of the reduced engines and generator sales in the quarter was an estimated $0.12 per diluted share compared with last year's second fiscal quarter.
For the first six months of fiscal 2014, consolidated net sales were $733.9 million, a decrease of $14.2 million or 1.9 percent when compared to the same period a year ago. The consolidated net loss for the first six months of fiscal 2014 was $18.6 million or $0.41 per diluted share. The consolidated net loss for the first six months of fiscal 2013 was $17.2 million or $0.37 per diluted share.
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