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Modine Reports First Quarter Fiscal 2013 Results; Begins European Restructuring

Modine Manufacturing Company (NYSE: MOD), a diversified global leader in thermal management technology and solutions, today reported its financial results for the first quarter ended June 30, 2012. Highlights versus the same period last year include:
  • Sales of $350.4 million, down 16.2 percent;
  • Gross margin of 14.7 percent, down 200 basis points;
  • Operating income of $3.9 million, including $4.5 million of restructuring charges;
  • Net loss of $1.2 million, down $13.8 million; and
  • Diluted loss per share of $0.03, including restructuring charges of approximately $0.10 per share.

“As expected, our revenues and earnings were down during the quarter as we continued to see softness in our end markets and experience the negative currency impact from the stronger U.S. dollar,” said Modine President and Chief Executive Officer, Thomas A. Burke. “In addition, we recorded $4.5 million in restructuring charges during the quarter, primarily related to headcount reductions in Europe.”

First Quarter Financial Results

Net sales in the first quarter of fiscal 2013 decreased $67.5 million, or 16.2 percent, from the first quarter of fiscal 2012. Excluding the impact of foreign currency translation, net sales decreased 10.5 percent from the prior year. As expected, sales in Europe, South America and Asia continued to be impacted by weakening end market demand. Gross profit decreased 26.1 percent, or $18.2 million, resulting in a gross margin of 14.7 percent, down 200 basis points from the prior year. The decrease was largely due to lower sales volume. Selling, general and administrative (SG&A) expense decreased $6.4 million or 12.9 percent, primarily due to lower compensation-related expense and foreign currency translation. Operating income decreased $16.4 million to $3.9 million, as a result of lower gross profit and European restructuring charges, partially offset by lower SG&A expense. The net loss attributable to Modine of $1.2 million represents a $13.8 million decrease from net earnings of $12.6 million for the same period last year. This represents a diluted loss per share of $0.03, including restructuring charges of approximately $0.10 per share, down $0.30 from the first quarter of fiscal 2012, or $0.20 excluding restructuring charges.

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