Briggs & Stratton (BGG) Tops Q1 EPS by 17c, Updates FY15 Outlook

(Updated - October 15, 2014 5:47 PM EDT)

Briggs & Stratton (NYSE: BGG) reported Q1 EPS of ($0.21), $0.17 better than the analyst estimate of ($0.38). Revenue for the quarter came in at $292.6 million, may not compare to the consensus estimate of $316.8 million.

Outlook:

We are increasing our fiscal 2015 projections to include the Allmand acquisition. Previously, we expected net income to be in a range of $50 million to $60 million or $1.07 to $1.27 per diluted share. We are now estimating fiscal 2015 net income to be in a range of $53 million to $63 million or $1.14 to $1.35 per diluted share prior to the impact of acquisition expenses, additional share repurchases, or costs related to our announced restructuring actions. We are also increasing our projections of consolidated net sales for fiscal 2015 to be in a range of $1.94 billion to $2.0 billion. We continue to estimate that the retail market for lawn and garden products will increase 1-4% in the U.S. next season. Sales estimates do not include the impact of landed hurricanes. Operating income margins for fiscal 2015 are expected to improve over fiscal 2014 and be in a range of 4.5% to 5.0% and reflect the positive impacts of the restructuring actions, particularly in the last quarter of the fiscal year. Interest expense and other income are estimated to be approximately $19 million and $7 million, respectively. The effective tax rate is projected to be in a range of 30% to 33% and capital expenditures are projected to be approximately $60 million to $65 million.

For earnings history and earnings-related data on Briggs & Stratton (BGG) click here.

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