Posts Tagged ‘ Briggs & Stratton ’

Flip Side of Lawn Mower Lawsuit: Briggs & Stratton Earnings

April 22nd, 2010. By AbiK

A few of you had commented on the Lawn Mower Class Action settlement post about the impact that the settlement would have on the companies (defendants) involved, including engine maker Briggs & Stratton.

Today, Briggs & Stratton reported fiscal third quarter earnings, and—no surprise—the company said earnings were down due to the lawsuit. Five percent down, according to AP. Briggs & Stratton earned $24.1 million, down from $25.4 million a year ago. The company reported it would have earned 85 cents per share had it not been for the lawsuit; rather, it reported 48 cents per share, down from 51 cents per share a year earlier.

According to Briggs & Stratton, revenue rose 3 percent to $694.6 million from $673.8 million a year ago. The increase was attributed to engine shipments rising 6 percent over 3Q 2009—but the company stated the increase was offset by lower average prices.

Now, although this was a consumer fraud lawsuit and Briggs & Stratton admitted no wrongdoing, they did settle 65 class action horsepower-related lawsuits in February, agreeing to pay $31 million along with agreeing to change how they would label the horsepower of their engines for the next ten years. (And of course, the rest of the lawn mower settlement details you can read about over at the initial story we posted.)

Though 3Q earnings were down, the company stated that it would have earned 85 cents per share without the lawn mower lawsuit settlement. The reason for this was rising engine sales, particularly in the lawn and garden market.

According to AP, the adjusted earnings exceeded Wall Street expectations where analysts had expected 67 cents per share.

The postscript: Briggs & Stratton was up 35 cents (1.6 percent) to $22.21 in reports on afternoon trading.

Tags: Briggs & Stratton, Lawn Mower, Lawn Mower Class Action
Posted in Consumer Fraud, Settlement | 5 Comments »

Got a Gas-Powered Lawn Mower? There’s a Class Action Settlement…

April 6th, 2010. By AbiK

UPDATE 1 (4/8/10): Editor’s Note – A number of you have had difficulty in going to the LawnMowerClass.com site; click on this link and you should get to the correct page.

UPDATE 2 (4/9/10): For those of you who are having difficulty identifying the ID numbers, the information can be found here for each brand, model or make of lawnmower involved. Please do not submit a claim form to LawyersAndSettlements.com–we are not the claims administrator; you need to go to the website above to submit your claim.

As you’re out there getting the lawn ready for another summer season, take a look at your gas-powered lawn mower. You may be a part of the Lawnmower Class Action.

Yes, there is such a thing and we reported on the lawsuit when it was first filed. And a notice of proposed settlement just landed in my mailbox today.

Here’s what you need to know…

If you purchased a gasoline-powered lawn mower with an engine up to 30 horsepower for your own use between January 1, 1994 and April 12, 2010—yes, the class period is like sixteen years—then you may be eligible to submit a claim for up to $35 for a walk-behind mower or $75 for a riding mower. You may also receive extended warranty benefits.

Note—the lawn mower class action lawsuit is not about lawn mower safety. At issue is that the plaintiff claimed the defendants—American Honda Motor Co. Inc., MTD Products, Sears Roebuck  & Co., Sears Holding Corp., Kmart Holding Corp., Deere & Company, Tecumseh Products, TecumsehPower Co, Platinum Equity LLC, Briggs & Stratton Corp., Kawasaki Read the rest of this entry »

Tags: Briggs & Stratton, Deere, Husqvarna, Kawasaki, Kohler, Lawn Mower Class Action, Lawnmower, Sears, Toro
Posted in Class Action, Settlement | 452 Comments »