Thursday, Jun 30, 2016
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Tecumseh posts $9 million profit

ANN ARBOR - Tecumseh Products Co., which officially has completed its move from Lenawee County to Ann Arbor, posted a second-quarter profit yesterday of $9 million, or 49 cents a share, on revenues of $273.8 million.

That compared with a quarterly loss of $88.2 million, or $4.77 a share, on revenues of $297 million for the same period a year ago.

The producer of compressors and other parts made a turnaround because of its restructuring. Ed Buker, company chairman and chief executive, said, "After much hard work, we are beginning to see the results of our efforts."

Tecumseh's stock fell $3.38, or 11.5 percent, yesterday to $25.88 a share on the Nasdaq market. It traded above $32 a share five days ago.

The changes included moving the firm's headquarters and 200 employees to a new site in Pittsfield Township outside Ann Arbor after 74 years in Tecumseh. Its new office is at 1136 Oak Valley Dr. in Ann Arbor's Valley Ranch Business Park.

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