Modine recovers from loss

Learn more about:

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. Modine’s improved North American profitability over the past few years resulted in the reversal.

- Advertisement -

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

“We finished our fiscal year with a solid quarter in terms of revenue, earnings and cash flow,” said Thomas Burke, president and chief executive officer. “Adjusted 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.”

Sign up for the BizTimes email newsletter

Stay up-to-date on the people, companies and issues that impact business in Milwaukee and Southeast Wisconsin

What's New

BizPeople

Sponsored Content

Get the Latest Updates on the RNC in Milwaukee

Stay up-to-date with our free email newsletter

Keep up with the issues, companies and people that matter most to business in the Milwaukee metro area.

By subscribing you agree to our privacy policy.

No, thank you.
BizTimes Milwaukee