Tecumseh Products ( TECUB), a maker of compressors for air conditioning and refrigeration products, said its first-quarter loss narrowed 22.6% from a year ago, due to improvements in the operational performance of its electrical components and engine and power train business units.

The company lost $9.6 million, or 52 cents a share, in the quarter, compared with a loss of $12.4 million, or 67 cents a share, a year ago. The company recorded a consolidated net loss from continuing operations of 49 cents a share. Analysts polled by Thomson First Call expected a loss of $1.08 a share in the quarter.

First-quarter revenue increased 1.3% from the year-ago period to $446.1 million, due to the effects of currency fluctuations. Analysts were estimating revenue of $464.3 million for the quarter.

Tecumseh said the outlook for the remainder of 2006 is subject to the same variables that negatively impacted the company throughout 2005 such as commodity costs, key currency rates, weather and the overall growth rates of the respective economies around the world and it does not expect these factors to become any more favorable during the year.

The company gained $3.6 million on the sale of it's 7% interest in Kulthorn Kirby Public Limited.

In the first quarter, revenue from the compressor business, which contributed nearly 56.4% of total revenue, increased 4.4% from a year ago, helped by foreign exchange.

Electrical components operating income was $4.9 million compared with a loss of $1.1 million a year ago, due to an 8.9% increase in in sales and improved operational efficiencies.

The operating loss of its engine and power train business decreased $2.4 million to $18.5 million during the same period.

On April 21, the company sold all of its ownership in Little Giant Pump Company, the operating results of Little Giant Pump Company for 2006 and the comparable prior year periods have been reclassified from continuing operations to income from discontinued operations. Intial proceeds from the sale were about $121 million, and the company expects to recognize a gain on the sale of about $67 million to $72 million in its second quarter.

Shares of Tecumseh closed Thursday up $1.14, or 5.9%, at $20.54.

This story was created through a joint venture between TheStreet.com and IRIS.

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