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Modine Manufacturing Company (NYSE: MOD), a diversified global leader in thermal management technology and solutions, today reported its financial results for the second quarter ended September 30, 2013. Highlights and year-over-year comparisons include:
Sales of $364.2 million, up 7.1 percent;
Operating income of $10.6 million, up $17.4 million;
GAAP earnings per share of $0.10, up $0.36; and
Adjusted earnings per share of $0.16, up $0.03.
“I am pleased to report that we delivered another solid quarter, with improvements in revenues, earnings, and cash flow,” said Modine President and Chief Executive Officer, Thomas A. Burke. “Adjusted earnings per share of $0.16 is up 23 percent from the prior year, despite continued mixed market conditions.”
Second Quarter Financial Results
Net sales in the second quarter of fiscal 2014 increased $24.3 million, or 7.1 percent, from the second quarter of fiscal 2013. Sales improved in all segments on a constant currency basis. Gross profit increased $4.7 million, or 9.0 percent, largely due to higher sales volume and favorable material costs. Gross margin improved 20 basis points to 15.7 percent, despite the inclusion of $2.1 million of accelerated depreciation relating to the European restructuring program. Selling, general and administrative (SG&A) expense increased $4.7 million primarily due to higher compensation-related expenses and the reversal of an acquisition-related liability that reduced SG&A expense in the prior year. Net earnings attributable to Modine of $4.6 million compares to a loss of $12.2 million for the same period last year, and represents GAAP earnings per share of $0.10 compared to a loss per share of $0.26 last year. Excluding restructuring costs and accelerated depreciation in Europe and losses from the fire at our Airedale manufacturing facility, which totaled $3.2 million or $0.06 per share, adjusted earnings per share was $0.16 in the second quarter of fiscal 2014, compared to $0.13 in the second quarter of last year.