Wauwatosa-based Briggs & Stratton Corp. announced fiscal third quarter net income of $39.1 million, or 82 cents per share, up from $38.5 million, or 78 cents per share, in the third quarter of 2013.
Net sales were $628.4 million, down 1.4 percent from $637.2 million a year ago.
Briggs, which makes small engines for outdoor equipment, has been working to reduce its investment in working capital to increase cash flow from operations. The company attributed a colder than normal spring to a delay in retail sales, which it expects are lagging about three weeks.
“During our third quarter, we saw increases in shipments of engines for lawn and garden equipment in the U.S. despite below average temperatures and a slow start to the spring retail season this year,” said Todd Teske, chairman, president and chief executive officer of Briggs & Stratton. “Our U.S. shipments of large engines increased in excess of 10 percent in the quarter, reflecting our gains in retail placement. Higher U.S. lawn and garden engine shipments were offset by reduced engines shipped for generators compared with last year when we were replenishing generator inventories following Hurricane Sandy. Shipments of lawn and garden products in the quarter decreased in line with industry trends given the slow start to the spring season.”
“We are pleased with the responses so far to our new product introductions this year. Orders for our innovative new engine technologies, including our Quiet Power Technology, 810CC Commercial Series engine and our Mow-n-Stow engine have exceeded our pre-season expectations and we are looking forward to additional consumer response this summer. Also, our Powerflow + Technology introduction is showing early success.”
