This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Modine Reports Strong Third Quarter Fiscal 2014 Results; Increases Earnings Guidance

Stocks in this article: MOD

Modine Manufacturing Company (NYSE: MOD), a diversified global leader in thermal management technology and solutions, today reported its financial results for the third quarter ended December 31, 2013. Highlights and year-over-year comparisons include:

  • Sales of $347.0 million, up 6 percent;
  • GAAP loss per share of $0.08, an improvement of $0.11;
  • Restructuring and impairment charges of $11.4 million; and
  • Adjusted earnings per share of $0.16, up $0.14.

“Our year-over-year revenue growth was driven by new program launches in Europe and Asia,” said Modine President and Chief Executive Officer, Thomas A. Burke. “Higher sales volume and lower material costs contributed to our earnings improvements. In addition, we took some significant restructuring charges in the quarter, as we are entering the final stages of our European restructuring plan.”

Third Quarter Financial Results

Net sales in the third quarter of fiscal 2014 grew $20.9 million, or 6 percent, from the third quarter of fiscal 2013, primarily driven by increased sales in Europe. Gross profit increased $8.6 million, or 18 percent, and gross margin improved 160 basis points to 16.4 percent largely due to higher sales volume and favorable material costs. Selling, general and administrative (SG&A) expenses increased $2.2 million, but declined slightly as a percentage of sales. The company recorded $9.4 million of restructuring expenses and $2.0 million of impairment charges related to the ongoing restructuring in Europe. Net loss attributable to Modine of $3.6 million compares to a loss of $8.7 million for the same period last year, and represents a GAAP loss per share of $0.08 compared to a loss per share of $0.19 last year. Excluding restructuring expenses and impairment charges, which totaled $11.4 million or $0.24 per share, adjusted earnings per share was $0.16 in the third quarter of fiscal 2014, compared with $0.02 in the third quarter of last year.

1 of 7

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!

Markets

DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

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