(RTTNews) - Thursday, gasoline engines manufacturer Briggs & Stratton Corp. (BGG: News ) reported a wider loss for the first quarter as revenues declined from the year-ago period. The company also reaffirmed its earnings guidance for fiscal 2010.

The company reported a wider net loss of $8.7 million or $0.18 per share for the first quarter, compared with $1.96 million or $0.04 per share reported in the comparable period, last year.

The increase in the net loss of $6.7 million was primarily the result of lower sales and a less favorable effective tax rate, partially offset by lower production costs and operating expenses, according to the company.

On average, six analysts polled by Thomson Reuters expected the company to report loss of $0.23 per share. Analysts' estimates typically exclude special items.

Total gross profit for the first quarter was $52.39 million compared with $64.72 million year-ago, as direct expenses declined to $272.21 million from $393.43 million reported for the comparable period last year.

The Wauwatosa, Wisconsin based company's consolidated net sales declined to $324.6 million from $458.15 million, on weaker shipments of both portable generators and engines. Five analysts estimated revenues of $382.24 million.
In the engines segment, net sales dropped 19% to $210.4 million, reflecting a 22% decrease in engine unit shipments compared to the same period a year ago. The Power Products segment recorded a 36% year-on-year decline in net sales to $163.6 million from $91.9 million last year.

Looking forward, the company reiterated its full year 2010 net income expectations in the range of $40 million to $50 million or $0.80 to $1.01 per share.

Consolidated net sales are now projected to be lower between years, primarily due to the absence of hurricane related sales.

Analysts expect the company to earn $0.93 per share on revenues of $2.04 billion for the full year.

BGG is currently trading at $21.45 down 3% or 79 cents on a volume of 79 thousand shares on the New York Stock Exchange.

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by RTT Staff Writer

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