Briggs & Stratton Corp. (NYSE: BGG) reported Thursday that its fiscal second-quarter profit fell due to declining sales in both its engine and power products units, according to Associated Press.
The company’s earnings dropped 6 percent to $3 million, or 6 cents per share, compared with $3.2 million, or 6 cents per share, a year earlier.
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The results still managed to meet the expectations of analysts polled by Thomson Reuters, whose estimates generally exclude one-time items.
Briggs & Stratton said its earnings performance benefited from better margins related to reduced manufacturing costs and lower engineering, selling, general and administrative costs.
Sales slipped 18 percent to $393 million from $477.5 million due mostly to lower unit volumes in both its engine and power products divisions. The results missed Wall Street's forecast for revenue of $429.8 million.
Sales at the engine segment dropped 19 percent to $274.3 million, while the power products division's revenue fell 18 percent to $156.6 million.
Briggs & Stratton maintained its fiscal 2010 guidance for earnings between $40 million to $50 million, or 80 cents to $1.01 per share. Analysts expect a profit of 97 cents per share for the year.
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