Briggs & Stratton Corp., a maker of gasoline engines for lawn and garden equipment, said quarterly profit rose 14 percent and raised its full-year earnings forecast on signs of solid consumer demand for the spring season.
Engine-powered outdoor equipment is meeting original retail sales projections for spring thanks to plentiful rainfall in major markets, Briggs & Stratton said.
The Milwaukee, WI, U.S.-based company boosted its profit outlook for all of 2003 to a range of U.S. $74 million to $76 million from the $72 million it projected in January after determining it would receive a lower effective tax rate. Sales for the year are expected to rise 4 percent, with gross profit margins projected at about 19.6 percent, it said. Net income for the fiscal third quarter, ended last month, rose to $43.0 million, or $1.81 a share, from $37.6 million, or $1.58 a share, a year earlier. Sales increased to $560.4 million from $516.8 million.
In January, the company stood by its forecast for 2003 net income of about $72 million on sales growth of 4 percent. (Reuters)
Back to Breaking News