Briggs & Stratton Q4 net sales $502 million, down 6%Staff Writer | August 18, 2016
Briggs & Stratton Corporation announced financial results for its fourth fiscal quarter ended July 3, 2016. Net sales were $502 million.
Briggs & Stratton Fourth quarter net income was $5.3 million
Fourth quarter net income was $5.3 million; adjusted net income was $20.1 million. Fourth quarter diluted earnings per share was $0.12; adjusted diluted earnings per share was $0.46.
Fiscal 2016 net sales were $1.81 billion. Net sales decreased $65 million or 3.4% before currency impacts due to a $25 million reduction in job site products sales and lower sales caused by cool spring weather in North America and Europe as well as economic uncertainty in many international markets, including Europe.
Fiscal 2016 net income was $26.6 million or $0.60 per diluted share; adjusted net income was $55.0 million or $1.25 per diluted share.
Briggs & Stratton repurchased $37.4 million in shares under the share repurchase program and paid $23.6 million in dividends to shareholders during fiscal 2016.
Briggs & Stratton announced a quarterly dividend increase of 4% to $0.14 per share; the third increase in three consecutive years.
Fiscal 2017 revenues estimated to increase to a range of $1.84 billion to $1.89 billion.
Fiscal 2017 earnings per share estimated to be $1.26 to $1.41, including $0.11 to $0.14 per share relating to additional investments to upgrade our ERP system and our commercial mowing capacity expansion.
Also, includes additional pension expense and negative foreign currency for a combined impact of $0.09 per share as well as a higher income tax expense of approximately $0.08 per share as the income tax rate returns to normal levels. ■