This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Modine Reports Fourth Quarter Fiscal 2012 Operating Income Of $18.5 Million And Full Year Diluted Earnings Per Share Of $0.83

Modine Manufacturing Company (NYSE: MOD), a diversified global leader in thermal management technology and solutions, today reported its financial results for the fourth quarter ended March 31, 2012. Highlights versus the same period last year include:

  • Sales of $388.7 million, down 2.0 percent;
  • Gross margin of 16.8 percent, up 160 basis points;
  • Operating income of $18.5 million, up $10.7 million or 136 percent;
  • Net earnings of $16.2 million, up $4.2 million or 35 percent; and
  • Diluted earnings per share of $0.34, up 36 percent.

“We finished the year with another solid quarter, including significant improvements in gross margin and earnings from operations," said Modine President and Chief Executive Officer, Thomas A. Burke. "We delivered earnings per share of $0.83 for the full year, a substantial improvement over the prior year.”

Fourth Quarter Financial Results

Net sales in the fourth quarter of fiscal 2012 decreased $8.0 million, or 2.0 percent, from the fourth quarter of fiscal 2011. Excluding the impact of foreign currency translation, net sales increased 0.2 percent from the prior year. As expected, sales decreased in the South America segment after the strong pre-buy of commercial vehicles ahead of the January 1, 2012 change in emissions standards. In addition, sales in Europe were below prior year, largely due to the impact of foreign currency translation and the expected wind down of some non-strategic business. Gross profit increased 8.2 percent, or $5.0 million, resulting in a gross margin of 16.8 percent, up 160 basis points from the prior year. The increase was largely due to improved plant performance, lower material costs, and higher tooling profits in the current quarter, and $2.7 million of unfavorable inventory adjustments in the fourth quarter of fiscal 2011. Selling, general and administrative (SG&A) expense decreased $5.7 million or 10.8 percent year over year, primarily due to lower pension expense and higher customer reimbursement of development costs. Operating income increased $10.7 million to $18.5 million, a 136 percent improvement from the fourth quarter of fiscal 2011, as a result of the higher gross profit and lower SG&A expense. Other income of $0.4 million represents a $1.0 million decrease from other income of $1.4 million during the same period last year. Net earnings of $16.2 million represent a $4.2 million or 35 percent improvement, from net earnings attributable to Modine of $12.0 million for the same period last year.

1 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs