Wauwatosa-based Briggs & Stratton Corp. reported a fiscal 2016 first quarter net loss of $18.2 million, or 42 cents lost per share, compared with a net loss of $15.3 million, or 34 cents lost per share, in the first quarter of 2015.
The small engine products manufacturer recorded an operating loss of $23.3 million, compared with a $23.7 million operating loss in the same period a year ago.
Briggs reported $289.5 million in revenue in the first quarter, down from $292.6 million in the first quarter of 2015. The company attributed the decline to foreign currency impacts; adjusted revenue was up $8 million.
“Our first quarter results were better than we expected, driven by solid late season activity in the major lawn and garden markets, especially in the U.S.,” said Todd Teske, chairman, president and chief executive officer. “We believe the late season activity has resulted in more normal channel inventories compared to the end of last season. Also, we are encouraged by the continued profitability improvement of our products business through a focus on selling high-end residential and commercial products while improving the efficiency of our operation. While these factors are encouraging, we are cautious about the global economy and continued foreign currency headwinds as well as continued low oil prices which negatively impact a portion of our job site product sales.”
