Briggs & Stratton (symbol BGG on New York) is the world’s largest lawnmower engine maker. This business accounts for 62% of Brigg’s revenue. It gets the remaining 38% by making other home and garden equipment, such as portable and standby generators, pressure washers and snow blowers.
In the three months ended December 26, 2010, sales rose 14.6%, to $450.3 million from $393.0 million a year earlier. Larger shipments of engines to European and Asian manufacturers boosted revenue, as did sales of snow blowers, lawn mowers and pressure washers.
However, the company lost $1.3 million, or $0.03 per share, compared to earnings of $3.0 million, or $0.06 a share, a year earlier. The loss resulted in part from $4.6 million in restructuring and refinancing charges.
In response to the weak U.S. economy, Briggs laid off 2,500 mostly unionized workers in Wisconsin and replaced them with part-time workers. As well, the company has set up a research and development division, and has combined the management teams of its home and yard products.
In China, the company has retooled its Chonqqing factory to make engines for use in rice harvesters and planters.
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