Briggs & Stratton Corporation reports results for the fourth quarter and fiscal year 2014
Briggs & Stratton Corporation announced on Aug. 14 financial results for its fourth fiscal quarter and fiscal year ended June 29, 2014.
Highlights included:
* Fourth quarter fiscal 2014 consolidated net sales increased 4.1 percent to $496.8 million compared to the prior year.
* Fourth quarter fiscal 2014 engines segment sales increased 6.3 percent to $317.8 million compared to the prior year.
* Fourth quarter 2014 consolidated adjusted net income increased 36 percent to $14.6 million, from adjusted net income of $10.7 million in the fourth quarter of fiscal 2013.
* Fourth quarter 2014 adjusted diluted earnings per share were $0.31, or $0.09 higher than the prior year.
* Fiscal 2014 full year consolidated net sales of $1.86 billion were consistent with the prior fiscal year; fiscal 2014 organic sales growth of 4 percent after excluding approximately $100 million of storm-related sales in the previous fiscal year and acquisition-related growth.
* Quarterly dividend increased by 4 percent to $0.125 per share.
* Board of directors authorized an additional $50 million in share repurchases.
“Despite a slower-than-normal start to the lawn and garden season this spring, we saw improved sales results for our engines and products due to the new innovative products launched this year and market share gains made within the large engine category,” said Todd J. Teske, chairman, president and chief executive officer of Briggs & Stratton Corporation. “In addition to higher sales, we saw margin expansion in our engines business even as we continued to invest in our future with new product launches and building out our international sales distribution in emerging regions. Within our Products segment, our new pressure washer product launches and our commercial lawn and garden business continued to perform well even as we saw reduced demand for generators in the U.S. following an uneventful storm season and lower pre-season snow thrower sales to our European customers due to a significantly-below-normal snow season in Europe last winter.”
Also commenting on the fiscal year-end results was David J. Rodgers, senior vice president and chief financial officer of Briggs & Stratton Corporation, who said, “Given our continued strong cash flow from operations of $127 million during fiscal 2014 and the ongoing strength of our balance sheet, the Board authorized an additional $50 million for share repurchases and a 4-percent increase in our quarterly cash dividend.”
Teske also commented on the recent announcement that Briggs & Stratton would acquire Allmand Bros., Inc., a Holdrege, Neb.-based designer and manufacturer of high-quality towable light towers, industrial heaters and solar LED arrow boards. “We are pleased to announce a combination of these two well-established and great companies,” he said. “We believe the acquisition of Allmand diversifies our higher-margin commercial product portfolio, provides an entry into the construction and energy job site channels, and provides higher sales growth opportunities in the U.S. and abroad.”
For more information, visit www.briggsandstratton.com.
