Briggs & Stratton posts 3.7% sales growth in Q3
Milwaukee-based Briggs & Stratton posted net sales of $720.3 million in the third quarter, up 3.7% form the same quarter last year.
Third quarter consolidated net income of $51.5 million up 20.6% from the same period of fiscal 2010 after adjusting for a litigation settlement included in the prior year period of $18.7 million after tax.
"Results for the third quarter of fiscal 2011 were driven by sales and operating improvements within both of our Engines and Power Products Segments," said Todd J. Teske, CEO, in a prepared statement. "We are very pleased with the strong sales growth we have achieved in our international markets this year. "
Regarding the upcoming lawn and garden season, Teske said the company remains "cautiously optimistic," despite the challenges posed by slow economic recovery and higher gasoline prices.