Company reports 15% growth in sales on both storm-related benefit and continued strength in commercial engines and products. Briggs & Stratton will hold its first Investor Day on Nov. 1 in New York City.
Improving demand for farm and construction equipment leads to higher second-quarter results. Industry sales of turf and utility equipment in the U.S. and Canada are expected to be about flat for 2017.
The company says it is optimistic about 2017 and beyond, while remaining concerned about "headwinds" constraining sales growth and increases in the cost of inputs, such as steel.
AGCO reported net sales of approximately $2.1 billion for the fourth quarter of 2016, an increase of approximately 6.9%. North American equipment sales during the period were up 3%.
Second quarter net sales were $428 million, up $15 million or 3.6% compared to last year. The company expects the U.S. residential lawn and garden market to improve 1%- 4% including expected improvements in the housing market and seasonal spring weather in key markets.
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