Modine Reports Growth in Sales and Earnings for the Fourth Quarter - aftermarketNews

Modine Reports Growth in Sales and Earnings for the Fourth Quarter

Modine Manufacturing Co. has reported stronger financial results for the fourth quarter and fiscal year, which ended on March 31. Sales for the fourth quarter increased 18 percent to $321 million from $272.6 million for the same period one year ago. This is the second consecutive quarter the company has achieved record sales.

RACINE, WI — Modine Manufacturing Co. has reported stronger financial results for the fourth quarter and fiscal year, which ended on March 31. Sales for the fourth quarter increased 18 percent to $321 million from $272.6 million for the same period one year ago. This is the second consecutive quarter the company has achieved record sales.

Net earnings for the quarter increased to $12.5 million, or 37 cents per fully diluted share, an increase of 55 percent compared with $8.1 million, or 24 cents per fully diluted share reported one year ago. Income from operations increased 48 percent to $17.3 million from $11.7 million one year ago, or 5.4 percent of sales versus 4.3 percent of sales last year.

Sales for the full year increased 10 percent to $1,199.8 million from $1,092.1 million one year ago, setting a new record for the company. Effective with the first quarter of last year, the company adopted Statement of Financial Accounting Standard (SFAS) No. 142, “Goodwill and Other Intangible Assets,” and recorded a related goodwill impairment charge of $21.7 million (net of $1.1 million income tax benefit), resulting in net earnings of $12.7 million, or $0.38 per fully diluted share for last year.

Modine’s net earnings for this year more than tripled to $40.4 million or $1.19 per fully diluted share, while earnings before the cumulative effect of accounting change increased 18 percent from $34.4 million last year to $40.4 million. Both the company’s fourth quarter and full year financial results were positively impacted by net favorable currency exchange rates, primarily the stronger Euro, which added $17.9 million and $70.3 million, respectively, to the quarterly and full year sales. The positive currency exchange effect on pre-tax earnings for the fourth quarter and the year was $1.7 million and $7.2 million, respectively. Also included in the fourth quarter, on a pre-tax basis, is approximately $1.9 million in gains from the sale of closed facilities.

Modine can be found on the Internet at: www.modine.com.

_______________________________________

Click here to view the rest of today’s headlines.

You May Also Like

Bendix Marks Opening of Manufacturing Facility in Mexico

The 185,000-square-foot plant will use highly automated manufacturing processes to produce two technologies: Global Scalable Brake Control and Global Scalable Air Treatment.

Bendix Marks Opening of Advanced Manufacturing Facility in Mexico

Bendix Commercial Vehicle Systems LLC (Bendix) celebrates the grand opening of a new production facility at its operation in Acuña, Mexico. The 185,000-square-foot plant will use highly automated manufacturing processes to produce two technologies: Global Scalable Brake Control (GSBC) and Global Scalable Air Treatment (GSAT). Production on the new lines has begun and is slated to expand on a staggered, multiyear schedule, according to Bendix.

Standard Motor Products Introduces 200 New Numbers

The release provides new coverage in 60 distinct product categories and 75 part numbers for 2023 and 2024 model-year vehicles.

Standard Motor Products Introduces 200 New Numbers
New Hunter University Offers Online and In-Person Training

The global training platform consolidates dozens of courses in a single location.

Hunter University
Four Seasons Expands Line of Reman Compressors

Four Seasons released six new part numbers for compressors for hybrid and electric vehicle applications.

Four Seasons Expands Line of Reman Compressors
USTR Releases Four-Year Review of Section 301 China Tariffs

Bill Hanvey, Auto Care Association president and CEO, reacted to the USTR four-year review of Section 301 China tariffs.

Other Posts

Wallbox Announces Milestones in Acquisition of ABL

The company says the move has already paid off in the effort to support the EV transition.

Wallbox-Announes-Milestones-in-Acquisition-of-ABL
Snap-on Diagnostic Training Modules Now Available in French

Snap-on has translated the training modules for its ZEUS+, SOLUS+, TRITON-D10 and APOLLO-D9 diagnostic platforms into French.

Tint World Continues Georgia Expansion With 10th Location

Tint World Automotive Styling Centers announces the opening of a new location in Stone Mountain, Georgia.  

Tint World Continues Georgia Expansion With 10th Location
Tenneco Appoints Gov. Chris Christie to Board of Directors

Governor Christie’s appointment will be effective on May 30.