Briggs & Stratton Corp. – Aggressive Growth – Zacks Rank Buy
Source: http://www.zacks.com/commentary/10088/Briggs+%26+Stratton+Corp.+-+Aggressive+Growth+-+Zacks+Rank+BuyPosted on Friday, February 20th, 2009 | In Stocks to Watch
Briggs & Stratton Corp. (BGG) is turning the corner with another earnings surprise. Management and analysts are bullish on the company’s potential.
Company Description
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Briggs & Stratton is one of the world’s largest producers of air cooled gasoline engines for outdoor power equipment. The company designs, manufactures, markets and services these products for original equipment manufacturers worldwide. These engines are primarily aluminum alloy gasoline engines.
Topped Estimates
On Jan 15 Briggs & Stratton released second-quarter results for fiscal 2009 that included earnings per share of 6 cents. Wall Street was anticipating just 4 cents making this the second consecutive surprise.
Net income was driven by solid growth in engine sales which were $339 million, up more than 7% from $316 million.
The company remains optimistic for the balance of the year. Net income is projected to be between $40 and $50 million, which is 81 cents to $1.01.
Analysts Respond
Current year estimates are averaging the midpoint of the company’s forecast, 90 cents per share. This compares to last years loss of one cent. Analysts are expecting another $1.15 in 2010, which would be a 27% growth.
The Chart
Briggs & Stratton has posted 2 solid quarters in a row, which could signal that shares will be turning the corner. Shares of BGG are bottoming out after a streak of misses, leaving the company with plenty of upside to rebound.
“BGG” Free Stock Analysis: Buy? Sell? Hold?
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