Modine celebrates 95th anniversary with strong quarter

Racine-based Modine Manufacturing Co. reported fiscal first quarter net earnings of $13.1 million, or 28 cents per share, up from $5.0 million, or 11 cents per share, in the same period a year ago.
"Our quarterly results included improved sales across all of our business segments, resulting in higher operating income and earnings per share compared to the same quarter one year ago," said Modine president and chief executive officer Thomas Burke. "We remain on the path to achieve our near-term objective of 11 to 12 percent return on average capital employed by the end of fiscal 2013. In addition, we were very proud to have celebrated our 95th anniversary as an independent company during this quarter. We are very fortunate to have a dedicated workforce around the globe focused on our core competencies and business goals of building a stronger company."