Briggs & Stratton Corp. has a market cap of $839.1 million; its shares were traded at around $16.76 with a P/E ratio of 13.1 and P/S ratio of 0.4. The dividend yield of Briggs & Stratton Corp. stocks is 2.6%. Briggs & Stratton Corp. had an annual average earning growth of 4.4% over the past 5 years.
Highlight of Business Operations:Engines Segment net sales for the first six months of fiscal 2012 were $489.5 million, which was $14.0 million or 2.8% lower than the same period a year ago. This decrease in net sales was primarily driven by lower shipment volumes of engines due to reduced consumer demand for lawn and garden products in the North America and European markets, partially offset by a favorable mix of product shipped that reflected proportionally larger volumes of units used on snow throwers and portable and standby generators.
Products Segment net sales for the first six months of fiscal 2012 were $450.7 million, an increase of $96.7 million or 27.3% from the same period a year ago. The increase in net sales was primarily due to increased sales of portable and standby generators due to widespread power outages in the U.S. as a result of a landed hurricane and subsequent snow storm on the United States East Coast earlier in the fiscal year, as well as increased shipments of snow equipment after channel inventories were depleted from the prior selling season. There were no landed hurricanes in fiscal 2011.
The Engines Segment gross profit percentage decreased to 17.6% for the first six months of fiscal 2012 from 22.1% in the first six months of fiscal 2011. The decrease was primarily due to unfavorable foreign exchange of $4.0 million primarily
The Products Segment gross profit percentage increased to 12.1% for the first six months of fiscal 2012 from 8.3% in the first six months of fiscal 2011. The increase over the prior year was primarily attributable to favorable foreign exchange of $1.7 million primarily related to the Australian dollar, improved pricing, production operational improvements of $11.9 million and favorable absorption of $4.8 million on improved plant utilization, partially offset by increased commodity costs.
Engineering, selling, general and administrative expenses were $141.0 million for the first six months of fiscal 2012, a decrease of $4.0 million or 2.8% from the first six months of fiscal 2011. The decrease was primarily attributable to the absence of $3.5 million of severance and other related employee separation costs associated with a planned reduction of salaried employees during the second quarter ended December 26, 2010 and lower stock based compensation expense, partially offset by increased sales and marketing expenses and salaries expense.
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