Tuesday's Winners & Losers
Shares of Modine Manufacturing (MOD) vaulted 15.4% after the maker of thermal-management products reported first-quarter results and boosted its full-year outlook. The company posted earnings from continuing operations of $12.4 million, or 39 cents a share, on revenue of $444.1 million. During the year-earlier period, the company earned $20.9 million, or 65 cents a share, on revenue of $421.9 million.
Looking ahead, Modine now sees full-year earnings of $1.05 to $1.25 a share, up from previous guidance of 80 cents to $1.20 a share. The company sees revenue of $1.7 billion to $1.8 billion. Shares closed up $3.75 to $28.04.
Keystone Automotive (KEYS) rose 7.3% after the auto-parts distributor agreed to be acquired by LKQ (LKQX) for about $811 million in cash, or $48 a share. The price represents a 10% premium to Keystone's closing price of $43.61 on Monday.
The deal is expected to close during the fourth quarter. Shares of Keystone closed up $3.19 to $46.80, while shares of LKQ closed up $3.71, or 14.6%, to $29.09.Shares of Stanley Furniture (STLY) tumbled 11.8% after the furniture maker posted disappointing second-quarter results. The company reported a loss of $2.4 million, or 23 cents a share, on revenue of $67.7 million. Results included a charge of $6.6 million, or 43 cents a share. Excluding the charge, the company would have earned 20 cents a share. Analysts polled by Thomson Financial expected a profit of 22 cents a share on revenue of $72.3 million. During the year-earlier quarter, the company earned $3.9 million, or 32 cents a share, on revenue of $77.5 million. Looking ahead, Stanley Furniture sees full-year earnings of 65 cents to 75 cents a share on revenue of $280 million to $290 million. Analysts project earnings of $1.05 a share on revenue of $304 million. Shares closed down $2.57 to $19.16.
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