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TECUMSEH PRODUCTS REPORTS FIRST-QUARTER EARNINGS

 TECUMSEH PRODUCTS REPORTS FIRST-QUARTER EARNINGS
 TECUMSEH, Mich., April 21 /PRNewswire/ -- Tecumseh Products Company


(NASDAQ-NMS: TECU) announced today its 1992 first-quarter consolidated results as set forth in the following Consolidated Summary of Income. Dollar amounts are shown in millions except per-share data:
 TECUMSEH PRODUCTS COMPANY
 Three Months
 Ended March 31,
 1992 1991
 Net sales $332.4 $317.5
 Income before taxes $26.9 $10.9
 Provision for taxes 11.1 6.0
 Net income $15.8 $4.9
 Earnings per share (1) $2.89 $.90
 (1) -- Based on 5,470,146 shares of common stock issued and outstanding.
 A strong surge in compressor export sales contributed significantly to the favorable earnings comparison with prior-year levels.
 Export sales of U.S.-built compressors in the first quarter of 1992 were twice the levels reported in 1991, due primarily to tremendous growth in the demand for air conditioning equipment in non-traditional Asian markets. Profitability of the U.S. compressor operations has improved as a result of volume-driven production efficiencies along with other cost control measures.
 The company's Brazilian subsidiary, SICOM, Ltda., also contributed to the profitability gains in 1992 after incurring operating losses in the first quarter of 1991. The Brazilian administration is attempting to control inflation through a strict monetary policy and although the high real interest rates have increased the company's financial income, it has had a recessionary impact on local demand for appliances. Fortunately, a fairly valued cruzeiro has allowed SICOM to profitably increase its export business.
 Sales of the company's gasoline engines have been flat in 1992, both in North America and in Europe. Compressor sales of the company's European operations were down in 1992, reflecting continued weakness in the company's major markets in Western Europe.
 The company is cautiously optimistic about its operating results for the balance of 1992. Demand in the company's export markets should remain strong throughout the year. Economic conditions in the U.S. are encouraging, although early season weather conditions are a key factor in both compressor and engine segments.
 -0- 4/21/92
 /CONTACT: John H. Foss of Tecumseh Products Company, 517-423-8417/
 (TECU) CO: Tecumseh Products Company ST: Michigan IN: SU: ERN


SB-KK -- DE022 -- 0756 04/21/92 14:27 EDT
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Publication:PR Newswire
Date:Apr 21, 1992
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