TECUMSEH, Mich. - Lawn and garden product engine manufacturer Tecumseh Products Company announced today, April 4, 2001, that it expects its earnings per share for the first quarter ending March 31 to be in a range from $0.68 to $0.73. The company had initially expected first quarter earnings to fall within the range of $.90 to $.95 per share.
The lowered first quarter expectations are the result of significantly lower first quarter sales and earnings of the company's Engine & Power Train Group, which has experienced significant delays of shipments against orders from its lawn and garden customers.
It is expected that shipments in April will remain at low levels. In order to control inventory levels, the company plans to substantially curtail its U.S. engine production for at least one week in April 2001.
In the first quarter of 2000, the company reported consolidated sales of $476 million and earnings per share of $0.46 after restructuring charges.
Tecumseh will host a conference call to report on first quarter results April 24 at 11 a.m. EDT. The call will be broadcast live over the Internet and then available for replay through Tecumseh's Web site at www.tecumseh.com.
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