MILWAUKEE -- Engine maker Briggs & Stratton Corp. said Thursday its fiscal first-quarter loss widened, as drought conditions in much of the U.S. and tough economic conditions in Europe cut into its sales.
For the quarter ended Sept. 30, the Milwaukee-based company posted a loss of $16.5 million, or 35 cents per share, compared with a loss of $5.2 million, or 10 cents per share, in the same quarter last year.
Excluding restructuring charges, the company had an adjusted loss of 28 cents per share.
Revenue dropped 22 percent to $309 million.
The loss was larger than Wall Street expected. Analysts, on average, expected a loss of 18 cents per share on $312.8 million in revenue, according to FactSet.
Briggs & Stratton said it has cut production but remains on track to meet its fiscal year profit and sales guidance.
In August the company projected fiscal 2013 net income of $1.25 to $1.55 per share and $1.95 billion to $2.15 billion in revenue. Analysts polled by FactSet expect a profit of $1.36 per share on $2 billion in revenue.
Briggs & Stratton shares rose 9 cents to $19.18 in afternoon trading.