Briggs & Stratton Corp. to Close its Mcdonough, Ga., Plant and Transfer the Work into Existing Facilities in Wisconsin and New York
Jul 10 14
Briggs & Stratton Corp. announced that it plans to close its McDonough, Ga., plant and transfer the work into existing facilities in Wisconsin and New York. About 475 employees at the Georgia factory will be laid off over the next few months. The company expects to add 220 full-time positions and 150 temporary seasonal workers to its facility in Wauwatosa. Staffing levels at its Munnsville, N.Y., plant are expected to remain at current levels. The company is making the changes because, beginning in the 2016 lawn and garden season, the company plans to narrow the products that are used in lower-priced Snapper consumer lawn and garden equipment as a cost-cutting measure. The company plans to produce its pressure washers, snow throwers, and lawn tractors in Wauwatosa and its zero-turn lawnmowers in New York.
Briggs & Stratton Corporation Provides Preliminary Sales Guidance for the Fourth Quarter and Full Year Ended June 29, 2014
Jul 10 14
Briggs & Stratton Corporation provided preliminary sales guidance for the fourth quarter and full year ended June 29, 2014. For the quarter, the company expects to reporting consolidated net sales of $495 million, a 4% increase over fourth quarter fiscal 2013 consolidated net sales of $477 million.
For the year, the company expects to reporting fiscal 2014 full year consolidated net sales of $1.86 billion, consistent with net sales in fiscal 2013, despite approximately $100 million in storm- related engine and generator sales in fiscal 2013 that did not recur in fiscal 2014. Fiscal 2014 net sales results included in this release are preliminary and are subject to completion of fiscal year end closing and auditing procedures.
Briggs & Stratton Corporation Announces Retirement of Thomas R. Savage as Senior Vice President - Corporate Development
Jul 3 14
On June 29, 2014, Thomas R. Savage, Senior Vice President - Corporate Development, retired from Briggs & Stratton Corporation.
Briggs & Stratton Corporation Announces Consolidated Unaudited Financial Results for the Third Quarter and Nine Months Ended March 30, 2014; Updates Earnings Guidance for the Fiscal Year 2014
Apr 24 14
Briggs & Stratton Corporation announced consolidated unaudited financial results for its third quarter and nine months ended March 30, 2014. For the quarter, the company reported net sales of $628,403,000 against $637,259,000 a year ago, due to lower sales of generators and the engines that power them. Income from operations was $55,387,000 against $56,120,000 a year ago. Income before taxes was $52,962,000 against $53,209,000 a year ago. Net income was $39,153,000 against $38,516,000 a year ago. Earnings per diluted share was $0.82 against $0.78 a year ago. Adjusted net income excluding restructuring actions was $38.7 million, or $5.2 million lower than the adjusted net income of $43.9 million in the third quarter of fiscal 2013. Cash flows from operations improved over $30 million from the prior year. Net debt at March 30, 2014 was $117.8 million.
For the nine months, the company reported net sales of $1,362,299,000 against $1,385,345,000 a year ago, due to lower sales of generators and the engines that power them. Income from operations was $35,620,000 against $38,580,000 a year ago. Income before taxes was $27,935,000 against $29,438,000 a year ago. Net income was $20,506,000 against $21,354,000 a year ago. Earnings per diluted share was $0.43 against $0.44 a year ago. Net cash used in operating activities was $14,033,000 against $73,779,000 a year ago. The improvement in operating cash flows was primarily related to changes in working capital needs in fiscal 2014 associated with improvements in managing outstanding accounts receivable and reducing required inventory levels. Additions to plant and equipment was $29,471,000 against $26,301,000 a year ago. Net income, which includes restructuring charges, was $21.4 million or $0.44 per diluted share.
The company announced that due to the slow start to the spring lawn and garden selling season in North America following an unusually cold winter season, the company is revising its fiscal 2014 net income projections to be in the range of $43 million to $50 million or $0.88 to $1.04 per diluted share. These net income projections exclude the impact of any additional share repurchases and costs related to its announced restructuring actions. Market projections for the U.S. market remain at 4-6% higher than last year's season. The lower end of company range contemplates a later start to the spring lawn and garden selling season in the U.S., which could potentially have the impact of extending the season past the end of its fiscal year end and into fiscal 2015. The higher side of the company's guidance contemplates a U.S. market higher than 6% for the season assuming that the company capture these sales in fiscal fourth quarter. Fiscal 2014 consolidated net sales are projected to be in a range of $1.88 billion to $1.92 billion. Excluding the impact of restructuring charges, operating income margins are estimated to be in a range of 3.8% to 4.2% and interest expense and other income are forecasted to be approximately $18 million and $7 million, respectively. Excluding the impact of restructuring charges, the effective tax rate for the year is anticipated to be in a range of 28% to 29%. The company anticipates capital expenditures for the year to be approximately $45 million to $50 million.
Briggs & Stratton Corporation Declares Dividend, Payable on June 27, 2014
Apr 24 14
Briggs & Stratton Corporation announced that at its regular quarterly meeting held on April 24, 2014, the Board of Directors of the company declared a quarterly dividend of $0.12 per share on the common stock of the corporation. The dividend is payable June 27, 2014 to shareholders of record at the close of business June 12, 2014.