Skip to main content

Modine Manufacturing (MOD) - Get Modine Manufacturing Company Report, a Wisconsin-based heating and cooling technology provider, said Thursday it swung to profit in its second quarter ended Sept. 26.

The company earned $11.4 million, or 35 cents a share, compared with a loss of $39.3 million, or $1.14 a share, a year ago. Excluding a tax benefit of 24 cents a share related to the closure of its Taiwan facility and a charge of 10 cents a share related to its repositioning activities, earnings were 21 cents a share in the most recent quarter. The Wall Street estimate for the earnings as polled by Thomson First Call was 37 cents a share.

The company said its operational results were impacted by incrementally higher commodity prices, with copper up 100% and aluminum up 32% over last year, as well as continuing customer pricing pressures in the company's vehicular business.

Second-quarter sales rose 8.3% to $437.5 million. Analysts were expecting revenue of $429.9 million in the most recent quarter.

TheStreet Recommends

The company said it will continue to be challenged by the effects of ongoing high raw material costs on its margins in fiscal 2007.

Shares were down 64 cents, or 2.6% at $24.13 Thursday.

This story was created through a joint venture between TheStreet.com and IRIS.