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UPDATE 2-Briggs & Stratton Q4 results beat Wall Street
August 12, 2010 / 12:27 PM / in 7 years

UPDATE 2-Briggs & Stratton Q4 results beat Wall Street

* Q4 EPS $0.36 vs est $0.24

* Sales $615.6 mln vs est $558.7 mln

* Sees 2011 EPS $1.20- $1.40

* Sees 2011 rev $2.07-$2.11 bln vs est $2.03 bln (Adds details, updates share movement)

Aug 12 (Reuters) - Outdoor equipment maker Briggs & Stratton Corp (BGG.N) posted better-than-expected quarterly results, helped by higher demand for lawn and garden equipment, and forecast 2011 sales above analysts’ view.

The Milwaukee-based company’s products include lawn mowers, snow throwers, leaf blowers, pressure washers and engines for them.

Briggs & Stratton forecast 2011 earnings of $1.20-$1.40 a share, on sales of $2.07-$2.11 billion, up 2-4 percent year over year.

Analysts were expecting earnings of $1.31 per share, on revenue of $2.03 billion for the year, according to Thomson Reuters I/B/E/S.

Modest volume and pricing improvements will drive engine sales, while higher volumes of lawn and garden equipment will drive power products sales in 2011, the company said.

For the fourth quarter ended June 27, net income was $18.2 million, or 36 cents a share, compared with $5.3 million, or 11 cents a share, a year ago.

Sales rose 27.5 percent to $615.6 million helped mainly by higher demand for lawn and garden equipment due to favourable weather conditions, the company said.

Analysts on average had expected earnings of 24 cents a share, before special items, on revenue of $558.7 million.

Engines segment sales rose 26 percent to $423.1 million, while power products segment sales increased 27 percent to $248.8 million.

The company’s shares have lost about one-fourth of their value since touching a year high of $24.26 in April. They were trading up 1 percent Thursday on the New York Stock Exchange. (Reporting by Divya Sharma in Bangalore; Editing by Maju Samuel, Roshni Menon)

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