Earnings rise for Modine

Modine Manufacturing Company, a Racine-based provider of thermal management technology and solutions, reported fiscal third quarter net earnings of $8.3 million, or 18 cents per share, up from $5.6 million, or 12 cents per share, in the same period a year ago.
The company’s quarterly sales grew to $373 million from $360 million a year earlier.
"We had another solid quarter, with a $7.1 million or 77 percent improvement in earnings from operations," said Modine president and chief executive officer Thomas Burke. "Our net earnings were negatively impacted by $2.1 million of foreign exchange losses and a $2.2 million asset write-off. Despite these impacts, our earnings per share increased 50 percent. Also during the quarter, we began to see softening in the European truck and premium automotive markets, and our Asian customers began working down inventory levels in the construction equipment market. These factors, combined with the foreign exchange losses, are prompting us to lower full year fiscal 2012 guidance for revenue growth and earnings per share."