Briggs & Stratton (NYSE:BGG) announced its latest quarterly earnings results late in the day Wednesday, sending shares soaring as the company’s results were stronger than what analysts were calling for.
For its fourth quarter of fiscal 2018, the manufacturer of gas engines brought in a GAAP net loss of $11.8 million. ON an adjusted basis, its income came in at $20.1 million, or 47 cents per share.
Analysts were calling for Briggs & Stratton to amass adjusted earnings of roughly 41 cents per share, according to StreetInsider. The company also impressed on the revenue front as its net sales came in at $502 million, topping the $500.23 million that the Wall Street consensus estimate projected.
The figure also beat the company’s year-ago net sales of $474 million. by $28 million, marking a 5.8% gain. Briggs & Stratton’s quarter was fueled greatly by continued growth in its commercial turf and lawn care market, as well as its commercial job site segment and its commercial engines and generators sales.
These segments helped to offset a year-over-year decline in residential lawn and garden sales. The company also announced a dividend of 14 cents per share to be issued on Oct. 3, 2018 for shareholders on file as of Sept. 18, 2018.
BGG stock was down about 0.8% during regular trading hours Wednesday in anticipation of the company’s quarterly earnings results. Shares were soaring about 9.7% after the bell as the company posted an earnings and revenue beat.