Briggs & Stratton has 15% sales increase in first quarter

Freeman Staff

Oct. 26, 2017

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.”