Tecumseh Products Company announced a sales loss for its third quarter ended Sept. 30, 2009.
"Although our revenues remain below historical levels, we saw a welcome improvement in sales from the first half of the year," said Jim Wainright, president of Tecumseh Products Company. "While we are not pleased with the loss for the quarter, our ongoing efforts at controlling expenses and improving efficiencies have yielded tangible results as our loss from continuing operations narrowed more than $20 million compared to the third quarter of 2008, despite the lower sales levels."
Consolidated net sales from continuing operations in the third quarter of 2009 decreased to $208.0 million from $256.2 million in 2008. Sales for refrigeration & freezer ("R&F") applications recorded a significant decline, with sales reduced by $16.4 million, or 19.4% year-on-year. Sales of compressors for air-conditioning and other applications also declined, by $7.3 million or 19.3%.
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