Briggs & Stratton Corp. said its fourth-quarter earnings rose 3%, but full-year income dropped due to a hefty impairment charge.
The company reported net income for the quarter of US$16.3 million, or $0.32 per share, compared with $15.8 million, or $0.31 per share, in the year-ago period.
Sales rose 4% to $678.9 million from $656 million in the fourth quarter of 2006, due to a 20% increase in sales from its engines segment.
The company's outdoor power equipment segment reported a decrease in sales, partly due to anticipated reduction of Murray branded lawn and garden product sold to retailers. The remainder of the net sales decrease was due to a 70% reduction of portable generator unit shipments.
to Daily News