Briggs & Stratton Corp. (NYSE:BGG) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
Briggs & Stratton Corp. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share were the same at $0.22 in the quarter as EPS of $0.22 in the year-earlier quarter.
Revenue: Decreased 4.79% to $477.2 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Briggs & Stratton Corp. reported adjusted EPS income of $0.22 per share. By that measure, the company beat the mean analyst estimate of $0.19. It beat the average revenue estimate of $474.97 million.
Quoting Management: “During fiscal 2013, our industry continued to be impacted by cautious consumer spending on outdoor power equipment and channel inventory corrections following last summer’s droughts in the United States and Australia. We have seen retail sales momentum increase over the past several weeks compared to last year and we believe that inventory levels in the channel are decreasing to more normal levels,” commented Todd J. Teske, Chairman, President and Chief Executive Officer of Briggs & Stratton Corporation. “Focusing on things within our control, we had solid execution during the year on realizing $37 million in cost savings from our restructuring actions, exiting the lower margin mass retail lawn and garden products business and expanding our international distribution in Southeast Asia and Latin America including the acquisition of Branco in Brazil,” Teske continued. “Our focus on reducing the working capital requirements in the business resulted in over $160 million of cash flows from operations in fiscal 2013 and a solid balance sheet which positions us well for executing our strategy of growing the global engines business and expanding in higher margin products in our existing markets and in developing regions of the world.”
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