Briggs & Stratton Q1 Loss Widens; Backs Annual Targets - Quick Facts

(RTTNews) - Briggs & Stratton Corp. (BGG) on Thursday reported a wider first-quarter net loss of $19.35 million, or $0.41 per share, compared with a loss of $16.53 million, or $0.35 per share, last year. Quarterly adjusted net loss was $16.5 million, $3.3 million higher than the adjusted net loss of $13.2 million in the first quarter of fiscal 2013. Adjusted loss per share for the period were $0.35.

On the other hand, consolidated net sales for the first quarter of fiscal 2014 were $317.3 million, up around 3% from last year's $309.02 million, with sales increases in engines and lawn and garden products, partially offset by lower sales of portable generators.

"Our first quarter results were slightly better than we anticipated as we experienced increased consumer demand for lawn and garden equipment leading to higher shipments of engines that power these products and higher shipments of lawn and garden products to our dealers," commented Todd Teske, Chairman, President and Chief Executive of Briggs & Stratton. He continued, "We have also seen continued strength in standby generator sales; however, portable generator sales decreased with Hurricane Isaac landing last year and no significant storm activity this year."

For fiscal 2014, the company confirmed its net income guidance of $50 million to $62 million or $1.04 to $1.28 per share prior to the impact of any additional share repurchases and costs related to our announced restructuring actions. Full-year consolidated net sales are projected to be in a range of $1.88 billion to $2.03 billion.