Briggs & Stratton Corp. announced first quarter consolidated net sales of US$366.7 million and a net loss of $20.5 million or $0.41 per diluted share. Consolidated net sales increased $28.4 million or 8% from the prior year while the net loss increased $4.0 million from the same period a year ago. The $28.4 million consolidated net sales increase was the result of increased engine unit volume to external original equipment manufacturers and stronger shipments of lawn and garden equipment to independent dealers. The increase in the net loss of $4.0 million is primarily the result of expenses associated with the previously announced shutdown of its Rolla, MO, U.S. engine manufacturing plant and expenses associated with opening a new lawn equipment plant in Newbern, TN.
Fiscal 2008 first quarter net sales for power products were $187.0 million, basically the same as a year ago. While total segment net sales were consistent between years, shipments of lawn and garden equipment were approximately 12% greater than the prior year due to increased orders from dealers needing to replenish inventories due to demand during the summer months.
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