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Briggs & Stratton Q4 net sales $502 million

Briggs & Stratton
Briggs & Stratton   Quarterly GAAP gross profit margin was 21.6%

Briggs & Stratton Corporation announced financial results for its fiscal fourth quarter and year ended July 1, 2018.


Fiscal fourth quarter net sales were $502 million, an increase of $28 million or 5.8% from $474 million for the prior year.

Continued high growth in commercial turf and lawn care, commercial job site, commercial engines and generators was offset by year-over-year softness in residential lawn and garden sales.

Quarterly GAAP gross profit margin of 21.6% and adjusted gross profit margin of 22.0% increased from gross profit margin of 21.3% last year driven by favorable sales mix due to higher sales of commercial offerings. Manufacturing efficiency improvements and higher pricing offset material and freight cost increases.

Fourth quarter GAAP net loss of $11.8 million included business optimization charges, pension settlement charges, senior note repurchase premiums, and the impact of implementing tax reform. Excluding these items, adjusted net income was $20.1 million, or $0.47 per diluted share, which was slightly higher than $0.46 per diluted share for the fourth quarter of fiscal 2017.

For the fiscal 2018 full year:

Fiscal 2018 net sales were $1.88 billion, up $95.2 million or 5.3% from $1.79 billion for fiscal 2017. The company set a new record for sales of commercial products, amounting to $505 million, an increase of 16% compared to last year.

Full year GAAP gross profit margin of 21.2% was down from 21.5% for fiscal 2017. Adjusted gross profit margin of 21.5% was comparable with last year. Products adjusted segment operating margins of 3.3% improved by 170 basis points from last year.

Full year GAAP net loss of $11.3 million, or $0.28 per diluted share, included business optimization charges, pension settlement charges, senior note repurchase premiums, and the impact of implementing tax reform. Excluding these items, adjusted net income was $55.8 million, or $1.29 per diluted share.

 

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