Briggs & Stratton Corporation,(BGG), a manufacturer of air cooled gasoline engines for outdoor power equipments, Friday reported a decline in earnings due to lower revenues reflecting lesser demand and unfavorable weather conditions for the third quarter. The company also trimmed its earnings outlook for 2013.
For the three-month period, the firm reported net income of $38.5 million or $0.78 per share compared with $39.9 million or $0.80 per share last year quarter. This was mainly due to the decrease in sales of engines and products to international regions.
Excluding the restructing charges of $5.4 million, the firm reported earnings of $43.9 million or $0.89 per share. On average, four analysts polled by Thomson Reuters expected earnings per share of $1.08 for the third quarter. Analysts' estimates typically exclude one-time items.
The company recorded revenues of $637.3 million, or 11.5 percent lower than last year's figure of $720 million. The net sales in the engine segment was reported as $451.9 million compared to $498 million corresponding year quarter, while the product segment net sales were $231 million compared with $281 million previous year quarter. The decrease in net sales was primarily related to the company's decision to exit the sale of lawn and garden equipment through national mass retailers. Three analysts estimated revenues of $707.6 million for the quarter. For the first nine months of the year, the company reported net sales of $1.385 billion compared with $1.565 billion last year. The net income for the period was reported as $21.4 million or $0.44 per diluted share compared with $37.4 million or $0.75 per share last year.
Due to continued weakness in consumer spending for outdoor power equipment in the international markets and a significantly reduced market for snow thrower products in the U.S. and Europe, the company has lowered its net income outlook to $1.16 - 1.33 from $1.25 - 1.55 per share.
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