Briggs & Stratton Provides a Business Update Related to COVID-19 Impact
To protect the health, safety and well-being of its employees, customers, channel partners and the public, the company continues to implement preventative measures while also seeking to meet the needs of its global customers as an essential supplier to their businesses. These measures include more frequent and deeper cleaning of facilities; using appropriate social distancing practices; working remotely when possible; restricting business travel; cancelling certain events; and restricting visitor access to facilities.
In response to the spread of COVID-19, uncertain economic conditions resulting in reduced demand and potential constraints on its supply chain, the company is reducing manufacturing activity at several of its manufacturing facilities and has temporarily shut down others. The company is also taking other actions to manage operating expenses in this fluid business environment. It will continue to monitor the situation and adjust manufacturing and other operations as the situation warrants.
Despite the reduced production, the company believes it is well-positioned with finished goods inventories in most categories to meet expected customer demand, as well as with aftermarket parts to support dealers worldwide in the repair and maintenance of products. The company is closely monitoring the situation and proactively taking actions needed to keep people safe and to supply the market during this spring season.
At this time, it is difficult to estimate the magnitude of the impact of the COVID-19 pandemic on the company's business, financial position, results of operations or liquidity. The magnitude of the impact, which could be material, will be determined by the duration and span of the pandemic, operational disruptions including those resulting from government actions and the overall impact on the economy. The company expects that its fiscal third and fourth quarter results will be adversely impacted by the global pandemic. As a result, the company is withdrawing its financial outlook for the fiscal year ending
This release contains certain forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. The words "anticipate," "believe," "estimate," "expect," "forecast," "intend," "plan," "project," and similar expressions are intended to identify forward-looking statements. The forward-looking statements are based on the Company's current views and assumptions and involve risks and uncertainties that include, among other things, the impact of the COVID-19 pandemic on the Company's business, financial position, results of operations and liquidity; the ability to successfully forecast demand for its products; changes in interest rates and foreign exchange rates; the effects of weather on the purchasing patterns of consumers and original equipment manufacturers (OEMs); actions of engine manufacturers and OEMs with whom the Company competes; changes in laws and regulations, including
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Investor Relations Contact: Mark A. Schwertfeger, Senior Vice President & Chief Financial Officer, 800.365.2759; Media Relations Contact: Rick Carpenter, Vice President Corporate Marketing, 414.259.5916