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Tecumseh Products Warns of Q2 Profit Shortfall
Jul 8, 2003
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Tecumseh Products Co., a manufacturer of small engines, warned that its second-quarter profit will fall short of estimates due to soft demand, high raw material costs and a weak U.S. dollar. The company, based in Tecumseh, MI, U.S., said it expects second-quarter earnings of U.S. $0.55 to $0.60 per share before previously announced plant closing charges of $28 million to $30 million. On a GAAP basis, the company said it expects a loss of $0.37 to $0.49 per share. The company said quarterly results have been unfavorably impacted by factors such as unseasonably cool and wet spring weather, soft demand, upward pressure on raw material costs, competitive pricing circumstances, and the unfavorable effects of a weak U. S. dollar. (Reuters)

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