April 27, 2012
Briggs & Stratton on April 27 announced financial results for its third fiscal quarter and first nine months ended April 1, 2012.
Consolidated net sales for the third quarter of fiscal 2012 were $720.1 million, a decrease of $0.2 million or comparable to the same period a year ago. Fiscal 2012 third quarter consolidated net income was $39.9 million or $0.80 per diluted share. The third quarter of fiscal 2011 consolidated net income was $51.5 million or $1.02 per diluted share.
Included in consolidated net income for the third quarter of fiscal 2012 were pre-tax charges of $19.8 million ($9.6 million after tax or $0.19 per diluted share) associated with the previously announced restructuring actions to close the Ostrava, Czech Republic, and Newbern, Tenn., manufacturing facilities and reconfigure operations of the engine plant in Poplar Bluff, Mo. After considering the impact of the restructuring charges, adjusted consolidated net income for the third quarter of fiscal 2012 was $49.5 million or $0.99 per diluted share, which was lower by $2.0 million or $0.03 per diluted share compared to third quarter fiscal 2011 consolidated net income of $51.5 million or $1.02 per diluted share.