Racine-based Modine Manufacturing Co. reported fiscal fourth quarter net earnings of $12.3 million, or 26 cents per share, compared with a net loss of $11.3 million, or 24 cents per share, in the same period a year ago.
The company’s quarterly net sales grew to $396.8 million from $324.8 million a year earlier.
"Our company’s strong year over year performance continued during the fourth quarter with improved sales, gross margin and net earnings compared to the same quarter one year ago," said Modine president and chief executive officer Thomas Burke. "This quarter was impacted by several unusual items, yet the underlying businesses continued their upward momentum. We are very pleased with our full year sales growth of 25 percent and our return to positive earnings per share. While there is still work to do, we remain focused on achieving our goals and remain on the path to achieve our objective of 11 to 12 percent return on average capital employed by the end of fiscal 2013."
Looking ahead to fiscal 2012, Michael Lucareli, vice president of finance and chief financial officer of Modine, said, “Our markets have remained strong and our results have improved while we continue to invest in key areas to support future growth. Based on our current projections, we are expecting significant improvement over the prior year."
