Briggs & Stratton (BGG) Misses Q1 EPS by 2c
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Briggs & Stratton (NYSE: BGG) reported Q1 EPS of ($0.42), $0.02 worse than the analyst estimate of ($0.40). Revenue for the quarter came in at $287 million versus the consensus estimate of $276.96 million.
"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."
For earnings history and earnings-related data on Briggs & Stratton (BGG) click here.
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