Impairments pile up on Modine

Racine-based Modine Manufacturing Co. reported a fiscal second quarter net loss of $12.0 million, or 26 cents per share, compared with net earnings of $1.4 million, or 3 cents per share, in the same period a year ago.

The company’s quarterly net sales fell to $339.9 million from $397.3 million a year earlier.

The company recorded $18.1 million of impairment and restructuring charges, consisting of $17.1 million in Europe and $1.0 million in North America.

“Our revenue was impacted by weakness in our end markets, but we remain focused on operational improvements,” said Modine president and chief executive officer Thomas Burke. “During the quarter, we made further progress on our restructuring efforts in Europe, negotiated some favorable commercial agreements, and generated significant year-over-year cost reductions.”

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