Briggs & Stratton Corp. (NYSE:BGG) said Thursday that its fourth-quarter earnings beat expectations, as its engine and power product segments produced higher revenues, while company-wide productivity fed growing demand.
The gasoline engine producer for outdoor power equipment posted net income of $18.2 million, or 36 cents a share, compared with $5.3 million, or 11 cents a share, in the same quarter last year, and landing ahead of average analyst estimates of 24 cents.
Revenue for the Milwaukee, Wisconsin-based company was $615.6 million, up 27.5% from $482.8 million a year ago, and beating the Street’s view of$558.7 million.
Sales volumes were higher in both its engines and power products segments, as well as improved across the board productivity.
Full-year income for fiscal year 2010 was $36.6 million, or 73 cents a share, compared with $32 million, or 64 cents a share, the prior year.
Briggs CEO Todd J. Teske said the company executed operational initiatives to strengthen the company.
“Despite challenging economic conditions over the past year, operating profits and cash flows from operations increased and significantly improved our balance sheet,” he said. “Our fiscal 2010 results position us to be successful for either a prolonged economic recovery in the US and Europe or a stronger rebound as consumer confidence returns.”
The company expects full year income for fiscal year 2011 to fall in the range of $60 million to $70 million, or $1.20 to $1.40 a share, as it expects further improvements in its engines and power products segments.