Wauwatosa-based Briggs & Stratton Corp. today reported fiscal second quarter net income of $702,000, or 1 cent per share, up from a net loss of $635,000, or 2 cents per share, in the second quarter a year ago.
The company’s quarterly revenue grew to $416.6 million, down 5.1 percent from $439.1 million a year earlier.
The quarter included restructuring charges of $2.3 million before tax.
Briggs pointed to lower standby and portable generator sales in 2014, in comparison to 2013 when Hurricane Sandy contributed to an uptick in the segment. Lawn and garden equipment sales were up.
“During the quarter we continued to see year over year sales of lawn and garden equipment and related parts sales improving both in North America and in Australia,” said Todd Teske, chairman, president and chief executive officer of Briggs & Stratton. “While these positive trends were not enough to offset the sales we saw last year related to storms Isaac and Sandy, we remain optimistic for an improved lawn and garden market this spring.
“Adjusted margins expanded in the quarter in both the engines and products businesses as we continue to focus on reducing costs, streamlining our operations and delivering margin expanding innovations to consumers. This spring we are excited to launch several new engine and product solutions including Quiet Power Technology that reduces the sound of a walk mower as much as 80 percent, Ready Start push button starting for riding mowers, and the new Powerflow + Technology pressure washer that has both variable flow and pressure capabilities, to name just a few.”
