Wauwatosa-based Briggs & Stratton Corp. reported fiscal third quarter net income of $33.9 million, or 75 cents per share, down from $39.2 million, or 82 cents per share, in the third quarter of 2014.
The small engines manufacturer reported operating income of $45.4 million, down from $53 million in the same period a year ago.
Revenue totaled $619 million, down from $628.4 million in the third quarter of 2014.
The company attributed the decrease to more shipments being shifted to earlier quarters to accommodate production ahead of a plant closure. There was also an unfavorable sales mix and a foreign exchange impact of $6.7 million in the quarter. Briggs also incurred restructuring charges of 8 million during the quarter.
“While sales were relatively consistent with last year, we continued to make progress on introducing new products and improving our operations,” said Todd Teske, chairman, president and chief executive officer of Briggs & Stratton Corp. “The restructuring of our Products business to focus on higher margin products and streamline our manufacturing operations has contributed to improved Products segment earnings of nearly $5 million in the quarter and $20 million for our fiscal year to date. We also launched several innovative products this spring including our new EXi engine that never requires oil changes and our new In-Start lithium-ion electric starting technology providing users with our easiest push button starting engine ever.”
