With soft demand for its products in international markets, and a slow start to spring in much of the United States, Briggs & Stratton Corp. on Friday reported an 11.5% decline in sales for its recent fiscal quarter.
The world's largest maker of small engines used in outdoor power equipment said it had a profit of $38.5 million, or 78 cents per share, in the quarter ended March 31, compared with $39.9 million, or 80 cents per share, in the same quarter a year earlier.
The company had $637.3 million in sales in the quarter, down $82.8 million, or 11.5%, from a year earlier.
"We continue to see soft demand across international markets for engines and products due to macroeconomic concerns weighing on the minds of consumers and unfavorable weather conditions," Todd Teske, chairman, president and CEO said in a news release.
"Here in the U.S., the spring lawn and garden season has been delayed by at least a few weeks due to a prolonged cold and wet spring in many parts of the country," Teske added.
Due to continued weakness in consumer spending in international markets, and a significantly reduced market for snow-thrower products in the U.S. and Europe, Briggs lowered its fiscal 2013 earnings outlook to be in a range of $56 million to $65 million, or $1.16 to $1.33 per diluted share.