NEW YORK - Lawn mower engine maker Briggs & Stratton Corp. posted lower than expected fiscal second-quarter earnings Jan. 18, 2001, and said third-quarter profits could decline as much as 20 percent.
The Milwaukee company said it earned $19.9 million in the second quarter, which ended last month, compared with $23.1 million a year earlier. It said a strong dollar, higher interest expenses and lower production levels hurt results.
Briggs & Stratton said revenues for the quarter fell to $367.8 million from $422.2 million.
The company said it sees third-quarter earnings 15 percent to 20 percent lower than the year-earlier period, with sales similar to a year ago.
Additionally, the company said Chairman and Chief Executive Frederick Stratton Jr. plans to retire as CEO at the end of the year. The company said John Shiely, currently president and chief operating officer, will become president and chief executive effective July 1, 2001, and Stratton will continue as chairman.
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