Modine reports strong quarter

Racine-based Modine Manufacturing Co. reported third quarter net earnings of $4.6 million, or 10 cents per share, compared with a net loss of $12.8 million, or 26 cents per share, in the same period a year ago.

The company’s quarterly net sales grew to $364.2 million from $339.9 million a year earlier.

North America segment sales increased 1.8 percent to $146.0 million compared to $143.4 million one year ago. The increase was driven primarily by higher sales to commercial vehicle, automotive and specialty vehicle customers and higher tooling sales, partially offset by lower sales to off-highway customers as economic conditions in these markets remained weak.

“I am pleased to report that we delivered another solid quarter, with improvements in revenues, earnings, and cash flow,” said Modine president and chief executive officer Thomas Burke. “Adjusted earnings per share of $0.16 is up 23 percent from the prior year, despite continued mixed market conditions.”

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