Racine-based thermal management systems and components manufacturer Modine Manufacturing Co. today reported fiscal 2016 first quarter net income of $5.5 million, or 11 cents per share, down from $14.1 million, or 28 cents per share, in the first quarter of 2014.
Operating income was $11.6 million in the quarter, down from $24.1 million in the same period a year ago.
Revenue totaled $346.1 million, down from $392.5 million in the first quarter of 2014.
The company attributed the decline mostly to a $40 million negative foreign currency impact. Conditions in several key markets, including the Americas and Asia segments, also were unfavorable, Modine said.
“Although the business was challenged by weak demand in certain markets and unfavorable exchange rates, we delivered solid operating performance and continued to demonstrate excellent cost control,” said Thomas Burke, Modine president and chief executive officer. “Despite the expected, difficult year-over-year comparables in the first half of this year, we are on track to achieve our full-year earnings guidance.”
