BGG - Why Shares of Briggs & Stratton Are Plunging Today
Shares of Briggs & Stratton (NYSE: BGG) traded down more than 16% on Thursday after the company posted disappointing quarterly results and suspended its dividend effective immediately. The small-engine and outdoor equipment maker has struggled in the year-plus since major customer Sears Holdings filed for bankruptcy, and is now looking to preserve cash while it formulates a turnaround plan.
Before markets opened Thursday, Briggs & Stratton reported a fiscal second-quarter adjusted net loss of $0.20 per share on revenue of $437.9 million, well below the loss of $0.13 per share on sales of $458.9 million that analysts had expected. The company also lowered its full-year fiscal 2020 guidance on earnings to a range of $0.05 to $0.33 per share, down from $0.20 to $0.40.
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