, a maker of compressors for air conditioning and refrigeration products, said its fourth-quarter loss widened fourfold from a year ago, hit by a fall in revenue.
The company lost $55.8 million or $3.02 a share, in the quarter, compared with a loss of $13.2 million, or 71 cents a share, a year ago. Adjusted for charges of $9.2 million, the loss was $46.6 million, or $2.55 a share, in the latest quarter. Analysts polled by Thomson First Call expected a loss of 47 cents a share in the quarter.
Fourth-quarter revenue declined 6% from the year-ago period to $442.2 million. Analysts were estimating revenue of $467.44 for the quarter.
Tecumesh said it expects results in the first six months of 2006 to lag behind that of 2005, hurt by poor business environment and higher interest costs. It expects to improve performance in the second half of the year 2006 as cost cutting benefits kick in.
In the fourth quarter, revenue from the compressor business, which contributed nearly 46% of total revenue, declined 5% from a year ago, due to a slump in the global market for certain compressor products.
While engine and power train revenue declined due to lower sales volume in U.S. and Europe, revenue in the pump business rose 16% on the back of increased sales to industrial buyers.
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