MILWAUKEE — Citing sales related
to recent storms and continued strength in commercial engines and
products, Briggs & Stratton on Wednesday reported a 15 percent
increase in sales during its first quarter.
According to the Milwaukee
company, fiscal first quarter net sales were $329 million, an
increase of $42 million, or 14.7 percent, from $287 million for the
prior year, due to both higher shipments of generators related to
hurricane activity and continued favorable momentum in sales of
engines and products designed for commercial markets.
In addition, quarterly gross
profit margin of 20.1 percent (GAAP) and adjusted gross profit
margin of 20.5 percent increased from a gross profit margin of 18.3
percent last year primarily from the favorable storm contribution.
Briggs & Stratton reported a first quarter net loss of $15 million.
Adjusted net loss was $11.3 million, an improvement from a net loss
of $14.1 million last year.
“Our first quarter results were
better than we expected, largely driven by strong demand for
generators resulting from the recent hurricanes and early shipments
of engines to fulfill customer orders,” said Todd J. Teske,
chairman, president and chief executive officer, in a statement. “At
the same time, we maintained positive momentum in our commercial
offerings, delivering innovative products that make people more
productive. In addition, favorable grass growing conditions in the
U.S. and Europe extended from the late summer months into early
fall. We continue to believe that U.S. lawn and garden channel
inventories are near historic lows. All of this makes us
well-positioned to achieve our sales growth outlook for the year.”