Small-engine maker Briggs & Stratton (BGG) logged a 3% decline in earnings amid international sales weakness and extended cold weather in the U.S.
The Milwaukee-based company said its profit during the latest period was $38.5 million, or 78 cents a share, down from $39.9 million, or 80 cents a share, in the year-earlier period. Adjusted per-share earnings that exclude restructuring charges were 89 cents.
Sales fell 11.5% to $637.3 million.
“Here in the U.S., the spring lawn and garden season has been delayed by at least a few weeks due to a prolonged cold and wet spring in many parts of the country,” Briggs & Stratton’s CEO Todd Teske said in a statement. “This is significantly different from last year when we had an unusually early start to spring with very warm weather across the country.”
Teske reaffirmed growth projections of 4% to 6% in the U.S.
Briggs & Stratton also cut its fiscal 2013 outlook to per-share earnings to $1.16 from $1.33, citing less demand for snow-thrower products in the U.S. and weakness in consumer spending internationally.
Shares of Briggs & Stratton slid 7% to $20.60 Friday morning. The stock is down about 2.3% since the start of the year.