, a Wisconsin-based heating and cooling technology provider, Thursday said that it earned $13.1 million, or 38 cents a share, in the third quarter ended Dec. 26, compared to $21.3 million, or 62 cents a share, a year ago.
Adjusting for cash repatriation taxes of about 6 cents a share, Modine's earnings were 44 cents a share. The Wall Street estimate for the earnings as polled by Thomson First Call was 52 cents a share.
David Rayburn, Modine's president and chief executive officer said, "Given the current outlook for industry volumes and cost challenges, we are taking a more cautious position on our fiscal 2006 earnings. We now expect that earnings per share from continuing operations will be flat to slightly down compared with $1.79 from continuing operations reported in fiscal 2005."
According to analysts polled by Thomson First Call, earnings are expected to be $2.03 a share in fiscal 2006.
After the acquisitions of Transpro's heavy-duty OE business and Airedale International Air Conditioning, plus the new engine-related business in Europe, Modine's third-quarter revenues from continuing operations increased nearly 10% to $411.0 million.
Third-quarter sales for the Original Equipment -- Americas segment increased 10% to $161.6 million from $146.4 million one year ago. Operating income on the other hand declined 20.2% to $16.2 million versus $20.3 million one year ago.
The Original Equipment -- Asia business reported a $0.8 million operating profit versus $1.8 million in the previous year. Operating income of Original Equipment -- Europe declined to $20.0 million versus $21.0 million last year.
Stronger coil sales and the acquisition of Airedale International air conditioning led to a 65.5% jump in the third quarter sales of the commercial heating, ventilating, air-conditioning and refrigeration segment to $52.8 million. This segment also recorded a rise in operating income by 29.3% to $6.7 million over the third quarter of the previous year.
Shares of Modine fell sharply by $2.78, or 8.48%, to $30 on Thursday.
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