RACINE, Wis. — Modine Manufacturing Co. has reported its financial results for the third quarter ended Dec. 31, 2010.

Sales were $360 million, up 19 percent from the same period last year, and gross profit increased 20 percent to $57.1 million. Modine also reported operating income of $9.9 million – a 73 percent improvement from the prior year.

Net earnings were $5.8 million resulting in diluted earnings per share of 12 cents versus 8 cents for the same period last year.

“Our company’s strong performance during the third quarter is evident with the continued improvement in sales and operating income compared to the same quarter one year ago,” said Modine President and CEO Thomas Burke. “Our end-markets continue to recover and I am excited about our strengthening product portfolio and technology pipeline, yet there is still work to do. We continue the challenging work associated with optimizing our manufacturing footprint in conjunction with the strategic change in our product portfolio in addition to launching many new programs globally as a result of our growth strategies. We remain focused on profitably growing each of our business segments, 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.”