Briggs & Stratton profits increase.

Results surpass expectations

Boosted by a nearly 4% sales increase, Briggs & Stratton Corp. on Wednesday reported a higher quarterly profit for the period ended Jan. 1.

The world’s largest maker of small gasoline engines said it had net income of $15.3 million, or 35 cents per share, up from $12.6 million, or 28 cents, in the year-ago period.

Briggs said it had $428 million in sales in the recent quarter, its second quarter of fiscal 2017, up 3.6% from a year ago.

The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 29 cents per share and revenue of $418.1 million.

“We are pleased with how the first half of our fiscal year has played out,” Todd J. Teske, Briggs chairman, president and CEO, said in a statement.

“We have set a solid foundation on which to deliver our full-year projected sales and profitability growth, which included modest support from generator sales immediately following Hurricane Matthew. Our engine placement on lawn and garden products is set for the upcoming season and is consistent with last season as anticipated,” Teske said.

Briggs & Stratton shares have declined 1% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $22.02, a climb of 15% in the last 12 months.

In the outdoor power equipment industry, weather can trump the economy when it comes to sales.

Briggs received a boost in portable generator sales following Hurricane Matthew last October as the storm plowed through the Southeast.

The company has introduced many new products, including a system for its Ferris mowers, which allows for oil changes every 500 hours compared with the typical 100 hours.

“We also continue to offer a strong lineup for landscapers through our Billy Goat branded products, including our new easy to use sod cutter that we launched for the upcoming season. Plus, we have introduced product expansions into larger, light commercialstyle standby generators, as well as towable air compressors and generators that are used on job sites,” Teske said.