Briggs & Stratton Corp. today reported a fiscal first quarter net loss of $2.0 million, or 4 cents per share, which actually was an improvement from a loss of $20.8 million, or 42 cents per share, in the same period a year ago.
The Milwaukee-based manufacturer of lawn mower engines and generators reported quarterly sales of $458.2 million, up from $367.1 million a year earlier.
The company has expanded its projected range of net income and is now estimating a range from $40 to $50 million or $0.81 to $1.01 per diluted share for the full year. The range reflects the impact of increased portable generator sales in the first quarter that were not in the company's initial projections for the year.
"However, the forecast range now also reflects the risk that the sales of lawn and garden equipment and pressure washers in the spring of 2009 may be weaker than projected. This could occur because the financial turmoil now taking place is significantly affecting consumer confidence and may also lead channel participants (retailers and equipment manufacturers) to review their working capital commitment. The negative influence of either, or both, of these factors could cause the market for our engines and end products to decline greater than others are forecasting at this time," the company stated today.
'Financial turmoil' clips outlook for Briggs & Stratton
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