Modine’s revival picks up speed

Racine-based Modine Manufacturing Inc. reported fiscal second quarter net earnings of $1.4 million, or 3 cents per share, compared to a net loss of $16.7 million, or 36 cents per share, in the same period a year ago.
Modine’s quarterly sales grew $51.4 million, up 15 percent, from the second quarter of fiscal 2011, with increases across all segments. The most significant improvements were within the commercial vehicle markets in Europe, North America and South America, as well as the off-highway market in Asia.
"Modine’s performance has been solid," said Modine president and chief executive officer Thomas Burke. "We continue to see a slow and steady recovery of our end markets and, despite the continued concerns being expressed in the business media, our order backlog remains strong. In addition, recent program wins, particularly within our global truck and off-highway markets, demonstrate the strength of our competitive position in these target markets."