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Shares of Briggs & Stratton Corp.  (BGG - Get Report) tumbled 15.69% to close at $11.55 Thursday after the gas engine manufacturer missed Wall Street's second-quarter earnings expectations and cut its 2019 guidance due to droughts in Australia and Europe and the Sears bankruptcy. 

The Wauwatosa, Wis.-based company reported a loss of $2.6 million, or 7 cents a share, with adjusted earnings of 20 cents a share. Analysts were forecasting earnings of 26 cents a share. Briggs & Stratton posted revenue of $505.5 million, beating analysts' expectations of $463.9 million, and up 13% from a year ago.

The company cut its net income guidance for full fiscal year ending in June 2019 to between $1.10 and $1.30 a share Wednesday after previously estimating a range between $1.40 and $1.60. Net sales are now expected to range between $1.90 billion and $1.96 billion, down from an earlier estimate of $1.95 billion to $2.01 billion.

The decrease considers a $30 million impact from the Sears bankruptcy and $40 million in lower sales in Australia and Europe due to unfavorable weather, the company said, which partially offset by $20 million in incremental generator sales related to Hurricanes Florence and Michael in the first half of fiscal 2019.

Net income is now expected to range from $47 million to $55 million, down from $60 million to $68 million, or $1.10 to $1.30 a share, down from $1.40 to $1.60 a share, the company said. The reduction is due to the Briggs & Stratton's expectation of lower sales and manufacturing volumes, partially offset by spending reductions.

"The market headwinds caused by the drought conditions in Australia and Europe as well as the Sears bankruptcy have resulted in a decrease to our fiscal 2019 outlook, but we expect much of these headwinds to ease by next season," Todd J. Teske, chairman, president and CEO, said in a statement. "Despite these near-term issues, the continued strong growth in commercial and high placement in residential demonstrate that our strategy has us on the right path to deliver long-term growth in sales and profitability as well as greater business diversification."