Briggs & Stratton swings to 2Q loss |
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Thu, 18 Jan 2007 15:26
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HOUSTON (AFX) - Power tool and engine maker Briggs & Stratton Corp. said Thursday it swung to a loss in the fiscal second-quarter as customers delayed engine orders and a mild hurricane season limited generator demand.The Milwaukee, Wis., company reported a loss of $5.9 million, or 12 cents per share. The loss was wider than expected by Wall Street, where analysts told Thomson Financial they were looking for an average loss of 5 cents per share.A year ago, Briggs & Stratton earned $21.8 million, or 42 cents per share.Sales fell 36 percent to $423.1 million from $574.3 million last year, missing the average Street estimate of $466 million.The company said a mild hurricane season during which no storms made landfall in the United States dampened demand for generators. That compared with 2005's unusually severe season that included Hurricanes Katrina and Rita.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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