Modine recovers from loss

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Racine-based Modine Manufacturing Co. reported fiscal fourth quarter net earnings of $119.7 million, or $2.49 per share, up from a loss of $1.6 million, or 4 cents lost per share, in the fourth quarter of 2013.

Revenue was $390.6 million, up 9 percent from $359.6 million in the same period a year ago.

The thermal management technology and solutions manufacturing company attributed the earnings bump to a U.S. tax valuation allowance reversal of $119.2 million. Modineโ€™s improved North American profitability over the past few years resulted in the reversal.

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Beginning with the first quarter of 2015, net earnings will be reduced to reflect an effective tax rate of 35 to 40 percent. But Modineโ€™s operating loss carryforwards will eliminate cash taxes on the next $130 million of future taxable income.

โ€œWe finished our fiscal year with a solid quarter in terms of revenue, earnings and cash flow,โ€ said Thomas Burke, president and chief executive officer. โ€œAdjusted earnings per share of $0.73 for the fiscal year exceeded our previous guidance due to stronger markets, particularly in Europe and in our commercial products segment.โ€

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