0.8244 +0.04 (4.49%)
After hours: 6:49PM EDT
Commodity Channel Index
|Bid||0.7694 x 1300|
|Ask||0.8300 x 900|
|Day's Range||0.7599 - 1.0300|
|52 Week Range||0.7599 - 10.0000|
|Beta (5Y Monthly)||1.58|
|PE Ratio (TTM)||N/A|
|Earnings Date||Aug 13, 2020 - Aug 20, 2020|
|Forward Dividend & Yield||0.20 (17.39%)|
|Ex-Dividend Date||Dec 17, 2019|
|1y Target Est||1.50|
(Bloomberg) -- Before the bankruptcies came the bonuses: $10 million at J.C. Penney Co., $25 million at Chesapeake Energy Corp., $1.5 million at Hertz Global Holdings Inc.That’s how much was promised to executives only weeks or in some cases days before bankruptcy, according to a Bloomberg analysis of regulatory filings. Of the 100 or so major companies that have filed since the coronavirus shutdown began, 19 of them have committed to paying a total of $131 million in retention and performance bonuses, both before and after bankruptcies, a number that’s poised to climb as a record number of Americans are jobless and the pandemic spreads.The companies say they need to keep their management teams to help turnaround consultants repair the damage, even when it means rewarding people who were in charge when the business began sinking. The timing of some of the bonuses, before the filing, legally heads off opposition from creditors, who can’t block such payouts unless they’re made after a case reaches court.The practice isn’t new, but the context is unprecedented. The economy is in a tailspin, and while thousands more Americans stand to lose their jobs in J.C. Penney’s bankruptcy, the $4.5 million going to Chief Executive Officer Jill Soltau, who in fairness took over in 2018, when the company was already decades in decline, is pretty much a done deal, as are other payouts.“We really find them offensive in light of the median worker pay, the reductions in benefits and layoffs due to store closings,” said Julie Farb, director of the Center for Strategic Research at AFL-CIO, a federation of 55 labor unions. “It’s all made worse in the current Covid environment.”According to the law, company creditors and the U.S. Trustee, which oversees bankruptcies for the Justice Department, can dispute bonuses paid to executives while in bankruptcy, but not payments made before filing.To challenge pre-bankruptcy bonuses, creditors need to file an adversary claim, such as a fraudulent-transfer claim, which can be costly and time-consuming.In recent weeks, the U.S. Trustee has objected to about a dozen bonuses it says were excessive, said Peter Carr, a spokesperson for the agency. The Trustee has generally been unsuccessful in blocking payouts, he said.“The only remedy is a claw-back,” Carr said. “The U.S. Trustee program can’t seek that remedy, so we object to any debtor motions that would prevent the unsecured creditors’ committee from pursuing this remedy.”On May 19, Hertz, the rental-car company devastated by the pandemic-related clampdown on travel, handed out $1.5 million to three top executives as part of $16.2 million in retention bonuses. Three days later, it filed for bankruptcy. The company said in April that it had cut 10,000 jobs in North America. Hertz didn’t respond to requests for comment.Read more: Covid-19 Is Bankrupting American Companies at a Relentless PaceFrontier Communications Corp., the telecom hurt by customers’ rejection of land lines, approved bonuses in February and filed in April. Frontier declined to comment.Retention PayoutsChesapeake also didn’t wait to file to before it made retention payouts to management, including CEO Doug Lawler, who’s been leading the shale driller since 2013. Chesapeake said in May that it intended to pay $25 million in bonuses to 21 executives while also requiring some of them to take salary cuts. The company sought bankruptcy protection in late June. Chesapeake declined to comment.Small-engine manufacturer Briggs & Stratton Corp. and Ascena Retail Group Inc., owner of women’s-wear chains Ann Taylor and Lane Bryant, weren’t in bankruptcy when they made sure to secure the services of their management teams.Briggs & Stratton skipped an interest payment last month while promising payouts to its CEO and chief financial officer. Ascena was negotiating a bankruptcy filing at the same time its executives received $2.7 million. Briggs & Stratton declined to comment. Ascena didn’t respond to requests for comment.“Board members want the people that know the business, know the assets of the company, know the nuances and facets of the business, and can leverage that understanding and knowledge to extract value going forward,” said Ian Keas, a principal at Pearl Meyer, an executive-compensation consulting firm.Supporters say boards need to determine what value the executives can bring to the bankruptcy process and not necessarily what they’ve done in the past.Jobless AmericansOpponents of the bonuses, however, don’t object only to the timing. They point to the vast number of unemployed Americans, stagnant wages for those still on the job and the dire health risks for many low-paid front-line workers. They say the bonuses look bad with the economy in a tailspin and not only cut into what creditors may be able to salvage, they’re also unfair to employees who can be victims of poor executive decisions.Another objection: rewarding executives who led companies down the path to bankruptcy, said Nell Minow, vice chair of ValueEdge Advisors, a shareholder-advisory firm.Stephen Spengler has been CEO of bankrupt satellite company Intelsat SA since 2015. He’s in line to get a $6.9 million bonus despite the Justice Department’s opposition to the incentive plan. Intelsat declined to comment.“They’re going to say they’re doing it for stability and consistency,” Minow said. “But when a company is heading toward bankruptcy, maybe stability and consistency should not be your priorities. Maybe it should be rethinking the company’s strategy.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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Briggs & Stratton Corporation recently announced a new strategic supply agreement with Ingersoll Rand® to power Club Car® vehicles with its Vanguard® Commercial Lithium-Ion Battery Packs.
In this article we will take a look at whether hedge funds think Briggs & Stratton Corporation (NYSE:BGG) is a good investment right now. We check hedge fund and billionaire investor sentiment before delving into hours of research. Hedge funds spend millions of dollars on Ivy League graduates, unconventional data sources, expert networks, and get […]
Long a leader in smart power management systems for standby generators, Briggs & Stratton Corporation has upgraded its power management offerings with the introduction of the new Amplify Power Management System.
Briggs & Stratton Corporation's Ferris brand is excited to introduce two all-new models in the Ferris ISX3300 platform powered exclusively by the Vanguard BIG BLOCK 40.0 Gross HP* EFI ETC engine, the first in the lineup to feature Vanguard's all-new electronic throttle control (ETC) technology. The ETC technology reacts instantaneously to any applied load from its environment to maintain power when the application demands. Equipping the premier zero-turn mower in the Ferris line — which also features the industry's most advanced independent suspension system, Forefront™ — with the most powerful engine in the Vanguard lineup creates the ultimate mowing solution.
Shares of Briggs & Stratton (NYSE:BGG) fell 24% in pre-market trading after the company reported Q3 results.Quarterly Results Earnings per share were down 176.47% over the past year to ($0.26), which missed the estimate of ($0.06).Revenue of $473,535,000 lower by 18.38% from the same period last year, which missed the estimate of $520,130,000.Looking Ahead Earnings guidance hasn't been issued by the company for now.Briggs & Stratton hasn't issued any revenue guidance for the time being.Conference Call Details Date: May 07, 2020View more earnings on BGGTime: 11:04 PM ETWebcast URL: https://edge.media-server.com/mmc/p/t2pqbyfkTechnicals Company's 52-week high was at $12.5052-week low: $1.50Price action over last quarter: down 44.14%Company Profile Briggs & Stratton Corp is a producer of gasoline engines and outdoor power equipment. It operates in two segments including Engines segment and Products segment. Briggs & Stratton manufactures four-cycle aluminum alloy gasoline engines with gross horsepower ranging from 5.5hp up to 37hp and torques that range from 4.50 ft-lbs gross torque to 21.00 ft-lbs gross torque. The company's engines are used primarily by the lawn and garden equipment industry.See more from Benzinga * 20 Healthcare Stocks Moving In Thursday's Pre-Market Session * 9 Financial Services Stocks Moving In Thursday's Pre-Market Session * Recap: Liquidity Service Q2 Earnings(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Briggs & Stratton Corporation continues to be humbled by the heroic acts of the healthcare professionals who are working on the front lines of the COVID-19 pandemic, and the Company is proud to be a part of a MaskForce consortium that has designed, developed and produced a reusable face mask with disposable filters to protect these individuals.
Briggs & Stratton Corporation (NYSE:BGG) will release its fiscal 2020 third quarter financial results before the market opens on Thursday, May 7, 2020. The Company has scheduled an investor conference call to follow on Thursday, May 7, 2020 at 10:00 a.m. EDT.
Moody's Investors Service ("Moody's") downgraded its ratings for Briggs & Stratton Corporation ("Briggs & Stratton"), including the company's corporate family rating ("CFR") and probability of default rating (to Caa3 and Ca-PD, from B3 and B3-PD, respectively), and the senior unsecured debt rating (to Ca from Caa1). The speculative grade liquidity rating remains SGL-4, denoting Moody's expectation that the company will maintain a weak liquidity profile over the next 12-18 months.
Briggs & Stratton Corp. adjusts its operations as the COVID-19 pandemic continues, reducing operation in some manufacturing facilities and temporarily shutting down others. The company also is withdrawing its financial outlook for fiscal 2020 because of the uncertain economic environment.
Briggs & Stratton Corporation (NYSE: BGG) (the company) today announced a business update related to the COVID-19 pandemic.
Briggs & Stratton Corp. announced that effective April 1, the company will be reducing the base salaries of many of the company's executive officers as well as implementing a broader wage reduction for salaried employees.
Local manufactures including Husco International Inc., Rexnord and Briggs & Stratton are joining with educational institutions and local health organizations to form a new task force, dubbed the "Milwaukee Mask Force" to produce personal protective equipment during the COVID-19 pandemic.
If you're interested in Briggs & Stratton Corporation (NYSE:BGG), then you might want to consider its beta (a measure...
With increased demand for Vanguard engines, standby generators and commercial batteries, Briggs & Stratton Corp. is rationalizing its portfolio to focus on these market segments with plans to divest significant parts of its products segment, which would include its turfs and lawn care business and commercial brands like Ferris, Billy Goat and Snapper.
Wauwatosa-based Briggs & Stratton Corp. will simplify its portfolio with a central focus on its power application business, according to its new strategic repositioning plan released Friday.
Briggs & Stratton Corporation (NYSE: BGG) today announced details of its planned strategic repositioning. The actions announced include a sharp focus on the company's global expertise in power application, a simpler organization through strategic divestitures, and a streamlined overall business to drive improved capital returns. An outcome of these actions includes significantly de-levering the company to improve financial flexibility.
Briggs & Stratton Corporation (NYSE: BGG) today announced a new strategic supply agreement with a large manufacturer of light electric vehicles to power a new line of lithium-ion vehicles with Briggs & Stratton's Vanguard Commercial Battery System, beginning in June.
Briggs & Stratton will launch its new Vanguard® Commercial Lithium Ion Battery pack and feature its entire lineup of new single-cylinder horizontal shaft engines at CONEXPO 2020 in booth B7405 in the bronze lot.