Briggs & Stratton Corporation reports results for the second quarter of fiscal 2013

On Jan. 24, Briggs & Stratton Corporation announced financial results for its second fiscal quarter ended Dec. 30, 2012. Highlights included:

Second-quarter fiscal 2013 consolidated net sales were $439.1 million, or 2.0% lower than the second quarter of fiscal 2012.
Fiscal 2013 second-quarter consolidated net income excluding restructuring charges was $3.7 million, or $1.0 million higher than the net income of $2.7 million in the second quarter of fiscal 2012.
The Company’s restructuring program started in fiscal 2012 achieved pre-tax savings of $19.1 million during the first six months of fiscal 2013.
The Company recorded pre-tax restructuring charges of $6.6 million ($4.3 million after tax or $0.09 per diluted share) during the three months ended Dec. 30, 2012.
Completed the acquisition of Companhia Caetano Branco, of Brazil (“Branco”), further expanding the Company’s geographic footprint in the developing region of Brazil.

“Sales of portable and standby generators in response to Hurricane Sandy were offset by lower sales of snow throwers and engines for snow throwers in the U.S. and a significantly weaker market for lawnmowers in Australia, our third-largest market,” said Todd Teske, chairman, president and chief executive officer of Briggs & Stratton Corporation. “Sales of lawnmower engines to our U.S. OEM customers continue to show growth over last year as dealers and retailers prepare for an anticipated improvement in this year’s lawn & garden season after last year’s drought in the U.S.” continued Teske. “We continue to be pleased with the execution and the financial impact of the cost-reduction activities that we began last year which are positively impacting the results of both our engines and products businesses.”

For further details, visit www.briggsandstratton.com.