Briggs & Stratton Corporation (NYSE:BGG) announced financial results for its second fiscal quarter ended December 29, 2013.
- Second quarter fiscal 2014 consolidated net sales were $416.6 million, a decrease of $22.5 million or 5.1% 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 December 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," commented Todd J. Teske, Chairman, President and Chief Executive Officer of Briggs & Stratton Corporation. "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," continued Teske. "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%, Ready Start® push button starting for riding mowers, and the new Powerflow + Technology™ pressure washer that has both variable flow and pressure capabilities, to name just a few."