Tecumseh´s Pump Business Reports 5% Increased Sales
Tecumseh Products Company announced that the pump business sales in the first quarter of 2004 amounted to $33.4 million compared to $31.9 million in 2003.
The 5% increase in first quarter sales was primarily attributed to robust sales in the water gardening and HVAC markets, partially offset by a decline in pumps sold directly to one retailer who elected to exit the category.
Operating income amounted to $3.3 million in the first quarter of 2004 compared to $3.5 million in 2003. The slight decrease in operating income was primarily attributable to higher engineering and administrative costs.
For the Tecumseh group the consolidated net sales in the first quarter of 2004 increased to $477.0 million from $473.9 million in 2003. Consolidated net income for the first quarter of 2004 amounted to $6.4 million or $0.34 per share compared to $2.4 million or $0.13 per share in the first quarter of 2003.
Source: Tecumseh Products Company LLC