Earnings Call Excerpt
Briggs & Stratton Corporation, (BGG)
F4Q 08 (Qtr End 03/30/08)Earnings Call Transcript
August 14, 2008 10:00 am ET
Executives
Jim Brenn - SVP & CFO
John Shiely - Chairman, President & CEO
Analysts
Ned Borland - Next Generation Equity Research
Sam Darkatsh - Raymond James & Associates
Peter Jacobs - Ragen MacKenzie
James Bank - Sidoti & Company
Mark Bacurin - Robert W. Baird & Company
Mike Hamilton - RBC Capital Markets
Gil Nathan - Restoration Capital
Joe Philips - Kelmer Dilo
Hannah Ruel - Investors Group
Justin Harrison - Ramsey Assets
Jack Brenton - - Private Investor
Haki Jarja - Royal Capital
Presentation
Operator
Good day, ladies and gentlemen, and welcome to the Briggs & Stratton Fourth Quarter Earnings Release Conference Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session, and instructions will be given at that time. (Operator Instructions) As a reminder, this conference call is being recorded.
I would now like to introduce your host for today's conference, Mr. James Brenn, Chief Financial Officer. Sir, you may begin.
James Brenn
Thank you, Jon. Good morning, everyone. I am Jim Brenn, Chief Financial Officer, and joining me today is John Shiely, our Chairman and Chief Executive Officer. Today's presentation and our answers to your questions will include forward-looking statements. The statements are based on our current assessment of the markets we operate in, and actual results could differ materially from any stated or implied projections due to changes in one or more of the factors as described in our filings with the SEC. The conference call will be made available on our website approximately two hours after the end of the call and a phone replay will also be available a few hours within the completion of the call. Now I am going to turn it over to John to talk about fourth quarter results and our outlook for fiscal 2009.
John Shiely
Thanks for joining us this morning. As you saw in this morning's press release, we reported fourth quarter consolidated net sales of $581 million, an amount lower than net sales in the fourth quarter of last year by $96 million. Engine segment sales for the fourth quarter were $390 million, less than last year by $73 million, and that accounts for the majority of the consolidated decrease that occurred between years. Our concern going into the fourth quarter was whether or not there would be a good retail demand, and as it turned out demand was weak. While unit shipments were down approximately 25%, dollar sales declined only 16% as revenues benefited from the effect of a stronger Euro and the mix of the shipment slightly favored certain large displacements that are typically used in commercial applications.
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