Briggs & Stratton announces second quarter fiscal 2015 results

On January 21, Briggs & Stratton Corporation announced financial results for its second fiscal quarter of 2015 ended Dec. 28, 2014.

Highlights included:

* Second quarter fiscal 2015 consolidated net sales were $444.3 million, an increase of $27.7 million or 6.6 percent compared to the prior year.

* Second quarter fiscal 2015 consolidated adjusted net income was $11.9 million, an improvement from the adjusted net income of $2.3 million in the second quarter of fiscal 2014.

* Second quarter fiscal 2015 adjusted diluted earnings per share was $0.26, an improvement from the adjusted diluted earnings per share of $0.05 in the prior year.

“We are pleased to report improved quarterly results with margin improvements in both our engines and products businesses,” commented Todd J. Teske, chairman, president and CEO of Briggs & Stratton Corporation. “These improvements reflect our cost-reduction efforts, as well as our focus on new product innovation and selling higher-margin products.

“Looking forward to the upcoming U.S. lawn & garden season, we have gained additional placement of our engines on lawn and garden products as compared to our placement last year. We continue to expect modest industry growth in the upcoming season. Further, we are again introducing several new products this spring, including the industry’s only engine that doesn’t require an oil change. All of this together sets us up for continued improvement for the last six months of our fiscal year. However, we expect our OEM customers will ramp up their seasonal production later than last year in response to higher channel inventories of residential lawn and garden equipment, causing our quarterly results to shift between quarters.”

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