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Modine Reports Third Quarter Fiscal 2013 Results; Continues European Restructuring; Affirms Guidance

Stocks in this article: MOD

Net debt was $131.8 million at December 31, 2012, a decrease of $1.1 million from the end of fiscal 2012. Cash on hand at the end of the quarter was $32.9 million.

Third Quarter Segment Results

North America segment sales decreased 7.9 percent to $128.2 million compared to $139.2 million one year ago. The decrease was driven primarily by lower sales to off-highway customers as orders slowed during the quarter. Operating income decreased $2.4 million, or 22.6 percent, to $8.2 million compared to the prior year due to lower gross profit on the lower sales and higher SG&A expense. SG&A was lower in the prior year due to the reversal of a $2.3 million trade compliance-related liability.

Europe segment sales decreased 17.3 percent to $115.7 million compared to $139.9 million in the prior year. On a constant currency basis, sales decreased 13.8 percent from the prior year primarily due to the planned wind down of the automotive module business and lower sales to commercial vehicle and off-highway customers. Market demand in Europe continued to be impacted by weak economic conditions, affecting both mature programs and launch volumes. The segment operating loss was $5.7 million during the quarter compared to $6.8 million of operating income in the prior year. The decrease was primarily due to $9.7 million of restructuring and impairment charges, including $8.3 million of non-cash asset impairment charges and $1.4 million of restructuring costs.

South America segment sales decreased 24.9 percent to $31.7 million compared to $42.2 million one year ago. On a constant currency basis, sales decreased 14.0 percent from the prior year. The decrease in sales was due to the continued weakness in the commercial vehicle market following the pre-buy ahead of the January 1, 2012 change in emissions standards in Brazil. Operating income of $2.6 million was lower than the prior year by $1.4 million due to lower gross profit on lower sales volume.

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