Modine Manufacturing Reports Improved First Quarter Results

Modine Manufacturing has reported strong improvement in its financial results for the first quarter, which ended on June 26. Sales for the first quarter increased 20 percent to $347.4 million from $288.9 million reported one year ago. This is the third consecutive quarter the company achieved record sales. Net earnings for the quarter increased over 22 percent to $13.8 million, or 40 cents per fully diluted share, compared with $11.3 million, or 33 cents per fully diluted share for the same period one year ago. The effective tax rate in the quarter increased to 41.1 percent from 34.3 percent last year.

RACINE, WI — Modine Manufacturing has reported strong improvement in its financial results for the first quarter, which ended on June 26. Sales for the first quarter increased 20 percent to $347.4 million from $288.9 million reported one year ago. This is the third consecutive quarter the company achieved record sales. Net earnings for the quarter increased over 22 percent to $13.8 million, or 40 cents per fully diluted share, compared with $11.3 million, or 33 cents per fully diluted share for the same period one year ago. The effective tax rate in the quarter increased to 41.1 percent from 34.3 percent last year.

Income from operations in the first quarter increased significantly to $21.2 million, an improvement of 40 percent from $15.2 million one year ago. Net favorable currency exchange rates, primarily the stronger Euro, added approximately $11.2 million to first quarter sales and $1 million to pre-tax earnings. Also included in the first quarter, on a pre-tax basis, is approximately $2 million in costs related to the previously announced closure of the Guaymas, Mexico facility in the company’s electronics cooling business.

“We delivered another strong year-over-year performance in the first quarter. New business programs and operational improvements continue to make a positive impact on our financial results,” said David Rayburn, Modine’s president and CEO. “The recovery in the North American truck and heavy-duty markets that we first saw in our fiscal fourth quarter continued this quarter and contributed positively to our performance. Partially offsetting the performance improvement was the lag impact of pass-through of rising raw material costs to our original equipment manufacturer (OEM) customers. Overall, income from operations increased to 6.1 percent of sales this quarter from 5.2 percent of sales for the same period one year ago,” said Rayburn.

For more information about Modine, go to: www.modine.com.

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