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03/7/14 - $23.02
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briggs & stratton (BGG) Details

Briggs & Stratton Corporation designs, manufactures, markets, and services air cooled gasoline engines for outdoor power equipment. It operates in two segments, Engines and Products. The Engines segment offers four-cycle aluminum alloy gasoline engines that are used primarily by the lawn and garden equipment industry. Its products are used in various lawn and garden equipment applications, including walk-behind lawn mowers, riding lawn mowers, garden tillers, and snow throwers, as well as on products for industrial, construction, agricultural, and other consumer applications that include portable and standby generators, pumps, and pressure washers. This segment also manufactures and sells replacement engines and service parts to sales and service distributors. The Products segment offers portable and standby generators, pressure washers, snow throwers, and lawn and garden powered equipment. This segment sells its products through various channels of retail distribution, including consumer home centers, warehouse clubs, mass merchants, and independent dealers under its brands, which include Briggs & Stratton, Snapper, Simplicity, Ferris, Snapper Pro, Murray, and Victa, as well as other brands, such as Craftsman, John Deere, GE, and Troy-Bilt. The company serves original equipment manufacturers worldwide. Briggs & Stratton Corporation was founded in 1908 and is based in Wauwatosa, Wisconsin.

5,980 Employees
Last Reported Date: 08/27/13
Founded in 1908

briggs & stratton (BGG) Top Compensated Officers

Chairman, Chief Executive Officer, President ...
Total Annual Compensation: $840.0K
Chief Financial Officer, Principal Accounting...
Total Annual Compensation: $400.0K
Senior Vice President and President of Engine...
Total Annual Compensation: $347.0K
Managing Director of Europe and Senior Vice P...
Total Annual Compensation: $346.0K
Compensation as of Fiscal Year 2013.

briggs & stratton (BGG) Key Developments

Briggs & Stratton Corporation Announces Retirement of Thomas R. Savage as Senior Vice President - Corporate Development

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

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

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.


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