On Jan. 25, 2017, Briggs & Stratton Corporation (NYSE:BGG) announced financial results for its second fiscal quarter ended Jan. 1, 2017. Specifically, the Milwaukee, Wis.-based company announced the following results:
- Second quarter net sales were $428 million, up $15 million or 3.6 percent compared to last year.
- Second quarter net income was $15.3 million, an increase from GAAP net income of $12.6 million and adjusted net income of $15.1 million last year.
- Second quarter diluted earnings per share were $0.35 compared to $0.28 (GAAP) and $0.34 (adjusted) last year.
- Repurchased $6.5 million in shares under the share repurchase program during the quarter.
“We are pleased with how the first half of our fiscal year has played out,” said Todd J. Teske, Briggs & Stratton’s chairman, president and chief executive officer. “We have set a solid foundation on which to deliver our full-year projected sales and profitability growth, which included modest support from generator sales immediately following Hurricane Matthew. Our engine placement on lawn and garden products is set for the upcoming season and is consistent with last season as anticipated. We continue to introduce new, innovative residential products and engines that will help people get the job done.
“We have achieved strong sales growth of commercial engines and products over the past several years and sustaining this momentum is a key focus for us. We expect that our new products and engines this year will result in further success in this market. The new offerings are designed to improve the productivity of people who use our equipment to earn a living. This includes the launch of the Oil Guard system on our Ferris mowers which allows for oil changes every 500 hours compared to the typical 100 hours, resulting in more uptime and more lawns getting cut. We also continue to offer a strong lineup for landscapers through our Billy Goat-branded products, including our new easy-to-use sod cutter that we launched for the upcoming season. Plus, we have introduced product expansions into larger, light-commercial-style standby generators, as well as towable air compressors and generators that are used on job sites. These new offerings, along with many other actions we are taking, further demonstrate that we are executing our strategy of investing in higher-value, higher-margin products while diversifying our business. All things considered, we believe that we are set up for a solid back half of the fiscal year.”