Briggs & Stratton Corporation announced consolidated earnings results for the fourth quarter and full year ended July 1, 2018. For the quarter, the company reported net sales of $501,694,000 compared to $474,105,000 a year ago. Loss from operations was $18,159,000 compared to income of $30,703,000 a year ago. Net loss was $11,825,000 compared to income of $19,727,000 a year ago. Loss per basic and diluted share was $0.29 compared to earnings of $0.46 a year ago. The company's adjusted EPS rose to $0.47 in fourth quarter of fiscal 2018 from $0.46 a year earlier.

For the year, the company reported net sales of $1,881,294,000 compared to $1,786,103,000 a year ago. Income from operations was $33,194,000 compared to $97,347,000 a year ago. Net loss was $11,320,000 compared to income of $56,650,000 a year ago. Loss per basic and diluted share was $0.28 compared to earnings of $1.31 a year ago. Net cash provided by operating activities was $92,723,000 compared to $90,344,000 a year ago. Capital expenditures was $103,203,000 compared to $83,141,000 a year ago. Adjusted Net Income was $55.8 million against $56.7 million a year ago.

For the year 2019, the company expects net sales to be in a range of $1.93 billion to $1.99 billion for growth of approximately 2.5% to 5.8%. Net income is expected to be in a range of $58 million to $66 million, or $1.35 to $1.55 per diluted share, prior to the impact of costs related to business optimization program, acquisition costs or the benefit of any share repurchases. This contemplates year-over-year midpoint growth of approximately 11%. Tax rate before business optimization costs and acquisition costs are expected to be in a range of 24% to 26%, which includes the benefit of a full fiscal year under tax reform. The company anticipates capital expenditures to be approximately $65 million.

The company expects lower engine sales and production in the first quarter of 2019 compared to a year ago. This is expected to have an unfavorable impact on first quarter 2019 results of approximately $3 million to $4 million before taxes or $0.05 to $0.07 per share. Typically operate in a loss in the first quarter and so that has the opposite impact of lower tax rate benefit.