Aug 9 Briggs & Stratton Corp, the
world's largest producer of gasoline engines for outdoor power
equipment, posted an adjusted quarterly profit below Wall Street
expectations as severe drought conditions in North America
reduced its sales.
The company also forecast lower-than-expected full-year
earnings due to the potential impact of the recent storm
activity and the dry conditions in the United States.
It expects earnings of between $1.25 and $1.55 per share,
below analysts' expectations of earnings of $1.56 per share.
Briggs & Stratton increased its quarterly dividend to 12
cents per share from 11 cents, payable on or after Oct. 1 to
shareholders of record at the close of business on Aug. 20.
The company said it had bought $39.3 million worth of shares
in the fourth quarter as part of a share repurchase program.
Fourth-quarter net loss narrowed to $8.4 million, or 18
cents a share, from $17.8 million, or 36 cents per share, a year
Excluding items, the company earned 22 cents per share.
Revenue fell 17 percent to $501.2 million.
Analysts had expected earnings of 28 cents a share on
revenue of $606.2 million, according to Thomson Reuters I/B/E/S.
Net sales at the company's engine segment fell 18 percent to
Shares of the company were down 7 percent at $16.41 in early
trading on the New York Stock Exchange.