RACINE, Wis. -- Modine Manufacturing Co. has reported its financial results for the fourth quarter ended March 31.

Sales were $397 million, up 22 percent from the same period last year. Gross margin increased 100 basis points over the prior year to 15.1 percent.

Operating income of $7.8 million represented a $5.8 million improvement from the prior year and included $7.7 million of expense related to unusual items.

Net earnings were $12.3 million, resulting in diluted earnings per share of 26 cents compared to a diluted loss per share of (24 cents) for the same period last year.

“Our company’s strong year-over-year performance continued during the fourth quarter with improved sales, gross margin and net earnings compared to the same quarter one year ago,” said Modine President and CEO Thomas Burke. “This quarter was impacted by several unusual items, yet the underlying businesses continued their upward momentum. We are very pleased with our full year sales growth of 25 percent and our return to positive earnings per share. While there is still work to do, we remain focused on achieving our goals and remain on the path to achieve our objective of 11 to 12 percent return on average capital employed by the end of fiscal 2013.”