Tecumseh Products Company Reports First Quarter 2001 Net of $0.74 Per Share
TECUMSEH, Mich., Tecumseh Products Company (Nasdaq: TECUA, TECUB) announced its 2001 first quarter results.
Sales in the Pump Business declined to $31.3 million in the quarter ended
March 31, 2001 compared to $32.8 million in the same period of 2000. The
primary reason for the sales decrease was a reduction in sales for water
gardening applications. This was partially offset by increased sales to the
plumbing market. The decline in water gardening sales was primarily a result
of poor weather conditions during the quarter.
Pump Business operating income amounted to $3.0 million in 2001 compared
to $4.1 million in 2000. Reduced retail sales and increased costs associated
with the absorption and integration of the fourth quarter 2000 acquisition of
Interon Corporation contributed to the reduction in operating income.
Source: Tecumseh Products Company LLC