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26.10.2016 22:35
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Briggs & Stratton Corporation Reports First Quarter Results
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PR Newswire
MILWAUKEE, Oct. 26, 2016
MILWAUKEE, Oct. 26, 2016 /PRNewswire/ -- Briggs & Stratton Corporation (NYSE:BGG) today announced financial results for its first fiscal quarter ended October 2, 2016.
- First quarter net sales were $287 million. Net sales decreased $3 million compared to last year.
- First quarter net loss was $14.1 million. Results improved from a net loss of $18.2 million or an adjusted net loss of $15.2 million last year.
- First quarter diluted loss per share was $0.34 compared to $0.42 (GAAP) and $0.35 (adjusted) last year.
- Repurchased $8.7 million in shares under the share repurchase program during the quarter.
- Increasing fiscal 2017 earnings outlook to $1.31 to $1.46 per diluted share from previous guidance of $1.26 to $1.41 per diluted share due to the impact to date of Hurricane Matthew.
"Our first quarter results were better than we expected, largely driven by engine shipments that occurred earlier than expected," said Todd J. Teske, Chairman, President and Chief Executive Officer. "Favorable weather in the U.S. and Europe has led to solid late season activity following a delayed start to this past season. We believe the impact of the late season activity has reduced lawn and garden channel inventories to near normal levels, similar to last year." Teske continued, "We have increased our revenue and earnings guidance for the year given the increased sales of generators from the impact of Hurricane Matthew. The increase reflects the sales we have achieved to date and does not include estimates beyond this. We are currently experiencing increased activity, especially for our standby product offerings, however it is too early to quantify the impact of this activity on our outlook for the remainder of the fiscal year. Regarding the storm, we were able to get generators to affected areas to help people in their time of need. I am proud of the efforts of our team who diligently worked with our retail partners throughout the development and aftermath of the storm."
Conference Call Information:
The Company will host a conference call tomorrow at 10:00 AM (ET) to review this information. A live webcast of the conference call will be available on our corporate website: http://investors.basco.com.
Also available is a dial-in number to access the call real-time at (866) 259-1024. A replay will be offered beginning approximately two hours after the call ends and will be available for one week. Dial (888) 266-2081 to access the replay. The pass code will be 1666203.
Non-GAAP Financial Measures
This release refers to non-GAAP financial measures including "adjusted gross profit", "adjusted engineering, selling, general, and administrative expenses", "adjusted segment income (loss)", "adjusted net income (loss)", and "adjusted diluted earnings (loss) per share." Refer to the accompanying financial schedules for supplemental financial data and corresponding reconciliations of these non-GAAP financial measures to certain GAAP financial measures.
Safe Harbor Statement:
This release contains certain forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. The words "anticipate", "believe", "estimate", "expect", "forecast", "intend", "plan", "project", and similar expressions are intended to identify forward-looking statements. The forward-looking statements are based on the Company's current views and assumptions and involve risks and uncertainties that include, among other things, the ability to successfully forecast demand for our products; changes in interest rates and foreign exchange rates; the effects of weather on the purchasing patterns of consumers and original equipment manufacturers (OEMs); actions of engine manufacturers and OEMs with whom we compete; changes in laws and regulations; changes in customer and OEM demand; changes in prices of raw materials and parts that we purchase; changes in domestic and foreign economic conditions (including effects from the U.K.'s decision to exit the European Union); the ability to bring new productive capacity on line efficiently and with good quality; outcomes of legal proceedings and claims; the ability to realize anticipated savings from restructuring actions; and other factors disclosed from time to time in our SEC filings or otherwise, including the factors discussed in Item 1A, Risk Factors, of the Company's Annual Report on Form 10-K and in its periodic reports on Form 10-Q. We undertake no obligation to update forward-looking statements made in this release to reflect events or circumstances after the date of this release.
About Briggs & Stratton Corporation:
Briggs & Stratton Corporation (NYSE: BGG), headquartered in Milwaukee, Wisconsin, is focused on providing power to get work done and make people's lives better. Briggs & Stratton is the world's largest producer of gasoline engines for outdoor power equipment. Its wholly owned subsidiaries include North America's number one marketer of gas pressure washers, and it is a leading designer, manufacturer and marketer of power generation, lawn and garden, turf care and job site products through its Briggs & Stratton®, Simplicity®, Snapper®, Snapper Pro®, Ferris®, Vanguard™, Allmand™, Billy Goat®, Murray®, Branco® and Victa® brands. Briggs & Stratton products are designed, manufactured, marketed and serviced in over 100 countries on six continents. For additional information, please visit www.basco.com and www.briggsandstratton.com.
| BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES Consolidated Statements of Operations for the Periods Ended September (In Thousands, except per share data) | ||||
| | ||||
| | | Three Months Ended September | ||
| | | FY2017 | | FY2016 |
| NET SALES | | $286,797 | | $289,458 |
| COST OF GOODS SOLD | | 234,276 | | 237,287 |
| RESTRUCTURING CHARGES | | - | | 2,459 |
| Gross Profit | | 52,521 | | 49,712 |
| | | | | |
| ENGINEERING, SELLING, GENERAL | | | | |
| AND ADMINISTRATIVE EXPENSES | | 72,063 | | 72,134 |
| RESTRUCTURING CHARGES | | - | | 914 |
| EQUITY IN EARNINGS OF UNCONSOLIDATED AFFILIATES (1) | | 3,228 | | - |
| Loss from Operations | | (16,314) | | (23,336) |
| | | | | |
| INTEREST EXPENSE | | (4,505) | | (4,536) |
| OTHER INCOME | | 457 | | 1,455 |
| Loss before Income Taxes | | (20,362) | | (26,417) |
| | | | | |
| CREDIT FOR INCOME TAXES | | (6,214) | | (8,246) |
| Net Loss | | $ (14,148) | | $ (18,171) |
| | | | | |
| EARNINGS (LOSS) PER SHARE | | | | |
| Basic | | $ (0.34) | | $ (0.42) |
| Diluted | | (0.34) | | $ (0.42) |
| | | | | |
| WEIGHTED AVERAGE SHARES OUTSTANDING | | | | |
| Basic | | 42,494 | | 43,478 |
| Diluted | | 42,494 | | 43,478 |
| | | | | |
| | | | | |
| 1 | Beginning in the third quarter of fiscal 2016, the Company classifies its equity in earnings of unconsolidated affiliates within Income from Operations. Prior to the third quarter of fiscal 2016, equity in earnings from unconsolidated affiliates is classified in Other Income. See Adjusted Segment Information tables for prior year equity in earnings of unconsolidated affiliates amounts. | |||
| Supplemental International Sales Information (In Thousands) | ||||
| | ||||
| | | Three Months Ended September | ||
| | | FY2017 | | FY2016 |
| International sales based on product shipment destination | | $109,887 | | $91,541 |
| BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES Consolidated Balance Sheets as of the End of September (In Thousands) | |||
| | | | |
| CURRENT ASSETS: | FY2017 | | FY2016 |
| Cash and Cash Equivalents | $ 42,960 | | $ 53,995 |
| Accounts Receivable, Net | 160,710 | | 168,964 Werbung Mehr Nachrichten zur Briggs & Stratton Aktie kostenlos abonnieren
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