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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Modine Reports Strong First Quarter Fiscal 2014 Results, Increases Full-Year Guidance

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, 2013. Highlights and year-over-year comparisons include:

  • Sales of $375.8 million, up 7.2 percent;
  • Operating income of $19.0 million, up $15.1 million;
  • GAAP earnings per share of $0.21, up $0.24; and
  • Adjusted earnings per share of $0.27, up $0.20.

“We are off to a strong start to fiscal 2014, with adjusted earnings per share of $0.27, a $0.20 improvement from the prior year,” said Modine President and Chief Executive Officer, Thomas A. Burke. “The increase in sales and the improvement in gross margin contributed to significantly higher operating earnings for the quarter.”

First Quarter Financial Results

Net sales in the first quarter of fiscal 2014 increased $25.4 million, or 7.2 percent, from the first quarter of fiscal 2013. Sales improved in the Europe, South America, Asia and Commercial Products (Building HVAC) segments. Gross profit increased $10.2 million, or 19.7 percent, largely due to higher sales volume and favorable material costs. Gross margin improved 180 basis points to 16.5 percent, despite the inclusion of $2.2 million of accelerated depreciation relating to the European restructuring program. Selling, general and administrative (SG&A) expense decreased $0.8 million, and restructuring expenses of $0.5 million were $4.1 million lower than the prior year. Net income attributable to Modine of $10.0 million compares to a net loss attributable to Modine of $1.2 million for the same period last year, and represents GAAP earnings per share of $0.21 compared to a loss per share of $0.03 last year. Excluding European restructuring costs and accelerated depreciation totaling $2.7 million or $0.06 per share, adjusted earnings per share was $0.27 in the first quarter of fiscal 2014, compared to $0.07 in the first quarter of last year.

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!
DOW 17,079.57 -42.44 -0.25%
S&P 500 1,996.74 -3.38 -0.17%
NASDAQ 4,557.6950 -11.9260 -0.26%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs