Briggs & Stratton 1Q loss quadruples on weak sales

posted: 34 DAYS 7 HOURS AGO

Text SizeAAA

MILWAUKEE -Engine and power tool maker Briggs & Stratton Corp. said Thursday its fiscal first-quarter loss more than quadrupled due to a less favorable tax rate and falling sales at both its engine and power product segments.

The company posted a loss of $8.7 million, or 18 cents per share, in the three months ended Sept. 30. That compares with a loss of $2 million, or 4 cents per share, in the same quarter last year.

Sales fell 29 percent to $324.6 million from $458.1 million.

Analysts polled by Thomson Reuters expected the company to lose 23 cents per share on $382.2 million in sales.

Sales at both the company's divisions declined. Engine sales fell 19 percent to $210.4 million, which the company attributed to lower consumer demand for lawn and garden equipment.

Power product sales fell 36 percent to $163.6 million, as demand for power generators fell due to the lack of hurricanes making U.S. landfall.

Briggs & Stratton reiterated its fiscal 2010 earnings forecast of 80 cents to $1.01 per share. Analysts expect profit of 93 cents per share.

Shares fell 63 cents, or 2.8 percent, to $21.62 in afternoon trading.

2009-10-22 15:18:07