Key Developments: Briggs & Stratton Corp (BGG)
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17 May 2013
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$23.35
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Latest Key Developments (Source: Significant Developments)
Briggs & Stratton Corp Lowers FY 2013 Earnings Guidance; Lowers High End Of Prior FY 2013 Revenue Guidance To A Range In Line With Analysts' Estimates
Briggs & Stratton Corp updated its fiscal 2013 guidance and expects net income to be in a range of $56 million to $65 million or $1.16 to $1.33 per diluted share and net sales to be in a range of $1.95 billion to $2.0 billion. These net income projections include the results of the Branco acquisition closed on December 7, 2012 and are prior to the impact of any additional share repurchases and costs related to announced restructuring programs. According to I/B/E/S Estimates, analysts are expecting the Company to report net income of $64 million, EPS of $1.36 on revenue of $1.979 billion for fiscal 2013. Full Article
Briggs & Stratton Corp Declares Dividend
Briggs & Stratton Corp announced that it declared a quarterly dividend of $0.12 per share on the common stock of the Corporation. The dividend is payable, June 28, 2013 to shareholders of record at the close of business June 14, 2013. Full Article
Briggs & Stratton Corp Reaffirms FY 2013 Guidance
Briggs & Stratton Corp announced that for fiscal 2013, the Company continues to project net income to be in a range of $60 million to $75 million or $1.25 to $1.55 per diluted share and consolidated net sales to be in a range of $1.95 billion to $2.15 billion. According to I/B/E/S Estimates, analysts are expecting the Company to report net income of $66 million, EPS of $1.37 on revenue of $2.04 billion for fiscal 2013. Full Article
Briggs & Stratton Corp Declares Dividend
Briggs & Stratton Corp announced that it declared a quarterly dividend of $0.12 per share on the common stock of the Corporation. The dividend is payable April 1, 2013 to shareholders of record at the close of business March 15, 2013. Full Article
Briggs & Stratton Corp Approves Dividend Payment Date Change
Briggs & Stratton Corp announced that the payment date for the dividend of $0.12 cents per share has been changed to December 31, 2012 from January 2 , 2013. The record date for this quarterly dividend remains unchanged at December 14, 2012 . Full Article
Briggs & Stratton Corp To Acquire Branco In Curitiba, Brazil
Briggs & Stratton Corp announced that it has signed a definitive agreement to acquire Companhia Caetano Branco, of Brazil (Branco) for approximately $60 million dollars, subject to post-closing adjustments. Founded in 1936, Branco is a brand in the Brazilian light power equipment market with a broad range of outdoor power equipment used primarily in light commercial applications in Brazil. Its products including generators, water pumps, and light construction equipment are sold through its independent network of over 1200 dealers throughout Brazil. Branco employs approximately 150 people in Brazil. Briggs & Stratton anticipates financing the transaction from cash on hand and/or its existing credit facilities. Branco has annual sales of approximately $40 million with operating margins ranging from approximately 13% to 17% across its various product lines. Completion of the transaction is subject to conditions customarily associated with a transaction of this type. The transaction is targeted for closing within the next three to four months. Full Article
Briggs & Stratton Corp Reaffirms FY 2013 Guidance
Briggs & Stratton Corp. reaffirmed fiscal 2013 guidance and expects net income to be in a range of $60 million to $75 million or $1.25 to $1.55 per diluted share (EPS) and consolidated net sales to be in a range of $1.95 billion to $2.15 billion. According to I/B/E/S Estimates, analysts are expecting the Company to report net income of $67 million, EPS of $1.36 on revenue of $2 billion for fiscal 2013. Full Article
Briggs & Stratton Corp Declares Dividend
Briggs & Stratton Corp announced that it declared a quarterly dividend of $0.12 per share on the common stock of the Corporation. The dividend is payable January 2, 2013 to shareholders of record at the close of business December 14, 2012. Full Article
Briggs & Stratton Corp. Issues FY 2013 Guidance
Briggs & Stratton Corp. announced that for fiscal 2013, it expects net income to be in a range of $60 million to $75 million or $1.25 to $1.55 per diluted share, consolidated net sales to be in a range of $1.95 billion to $2.15 billion. Full Article
Briggs & Stratton Corp. Announces Increase In Share Repurchase Program
Briggs & Stratton Corp. announced that during the first quarter of fiscal 2012, the Board of Directors of the Company authorized up to $50 million in funds for use in a common share repurchase program with an expiration of June 30, 2013. As of the end of the fourth quarter of fiscal 2012, the Company repurchased approximately 2.4 million shares on the open market at a total cost of $39.3 million. There were no shares repurchased in fiscal 2011. In August 2012, the Board of Directors authorized an additional $50 million in funds associated with the common share repurchase program and an extension of the expiration date to June 30, 2014. Share repurchases, among other things, allow the Company to offset any potentially dilutive impacts of share-based compensation. The common share repurchase program authorizes the purchase of shares of the Company's common stock on the open market or in private transactions from time to time, depending on market conditions and certain governing loan covenants. Full Article
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