Modine reports soft quarter

Modine Manufacturing Company a fiscal third quarter net loss of $8.7 million, or 19 cents per share, compared with net income of $9.0 million, or 19 cents per share, in the same period a year ago.

The Racine-based manufacturer’s quarterly net sales dipped to $326.1 million from $3.73.3 million.

The company’s sales in Europe continue to be impacted by the planned wind down of its non-strategic automotive module business, while sales in all regions were affected by weak end-market demand.

“Most of our end markets remain below prior year levels,” said Modine president and chief executive officer Thomas Burke. “Although our revenues are down, we aggressively managed our costs resulting in positive free cash flow during the quarter. We are on track with our critically important restructuring program in Europe, and expect to see benefits from this program in the new fiscal year.”

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