Modine Reports Second Quarter Fiscal 2009 Results - aftermarketNews

Modine Reports Second Quarter Fiscal 2009 Results

Modine has reported that second quarter sales from continuing operations increased 1 percent to $433.3 million from $428.7 million reported in the second quarter of fiscal 2008.

RACINE, Wis. – Modine has reported that second quarter sales from continuing operations increased 1 percent to $433.3 million from $428.7 million reported in the second quarter of fiscal 2008. Excluding the impact of foreign currency exchange rate changes, underlying sales decreased by $8.5 million, or 2 percent, with the largest sales decreases in the Original Equipment – Europe and Asia segments.

Second quarter gross profit was $54.9 million, or 12.7 percent of sales, compared to gross profit of $61.9 million, or 14.4 percent of sales, in the same period last year. The company said second quarter gross margin reflects the impact of lower fixed cost absorption with the declining sales volumes in the Original Equipment – Europe and Asia segments, the impact of changing product mix toward lower margin programs in the Original Equipment – Europe segment and operating inefficiencies in the Original Equipment – North America segment.

 

You May Also Like

AutoPartSource Wins O’Reilly 2022 Sales and Service Award

AutoPartSource is an aftermarket manufacturer/distributor headquartered in Richmond, Virginia.

AutoPartSource was presented with the 2022 Sales & Service Award from O'Reilly Auto Parts on Jan. 11 in Dallas, Texas. Accepting the award was Dave Gonzales, senior vice president of sales & marketing for Momentum USA Inc., the parent company of AutoPartSource.

AutoPartSource is an aftermarket manufacturer/distributor headquartered in Richmond, Virginia. The company manufactures filtration products, including cabin air filters and PPE masks, and distributes brakes and exhaust products. 

DRiV Expands New Product Coverage Across Brand Portfolio 

Expanded coverage will be introduced for Monroe, MOOG, Fel-Pro, Walker, Wagner and Rancho throughout 2023.

Tenneco Adds H2 to Alt. Fuels Engine-Testing Capabilities

Extensive testing capabilities established in Germany and Michigan for internal combustion engines powered by hydrogen.

Gentex to Open Production Facility in Grand Rapids

Gentex says it continues to implement meaningful solutions to the ongoing labor shortage.

Dana Offers Spicer End Yokes for Allison Transmissions

The end yokes are designed to help minimize noise and vibration and keep drivelines running smoothly.

Other Posts

BorgWarner Included in 2023 Bloomberg Gender-Equality Index

The index measures gender equality across equal pay and gender pay parity, leadership and talent pipeline, inclusive culture and more.

New Bosch Campaign Focuses on Night Performance Wiper Blades

Bosch FOCUS and ENVISION wiper blades are designed to make nighttime driving safer in inclement weather, the company says.

US Motor Works Releases 9 New Water Pumps

The latest nine new water pumps are now in stock and ready to order.

NGK Spark Plugs Announces New Company Name and Logo 

The company says the name change is reflective of transformation in the organization’s business portfolio.