Briggs & Stratton Corporation revised financial guidance for 2020. The company is reducing the lower end of its guidance range for both sales and earnings. For sales, the lower end of the forecast range is $1.83 billion, a decrease of 4%. The company is maintaining the upper end of its guidance range at $1.97 billion. As a result, the midpoint of the range is now $1.9 billion, down from $1.94 billion, and contemplates full year sales growth of approximately 3.5% compared with the previous 5.5% growth outlook. The outlook for adjusted net income is now in a range of $0.05 to $0.33 per diluted share compared to the previous guidance of $0.20 to $0.40. The revised earnings guidance contemplates lower income from unconsolidated affiliates due to higher-than-expected freight costs in distribution to reduce dealer back orders caused by its throughput challenges last year.

Regarding the third quarter, the company expects consolidated net sales to be down approximately 8% to 10% from last year's third quarter, with the decrease predominantly related to residential engines.