Restructuring impacts Modine

Racine-based Modine Manufacturing Co. today announced a fiscal third quarter net loss of $3.4 million, or 8 cents per share, compared to a loss of $8.4 million, or 19 cents per share, in the third quarter of 2013.

Revenue was $347 million for the quarter, up 6 percent from $326.1 million in the same period a year ago.

Net sales were up 6 percent in the quarter, driven by a jump in European sales. But restructuring expenses and impairment charges totaled $11.4 million for the quarter, which impacted results.

“Our year-over-year revenue growth was driven by new program launches in Europe and Asia,” said Thomas Burke, Modine president and chief executive officer. “Higher sales volume and lower material costs contributed to our earnings improvements. In addition, we took some significant restructuring charges in the quarter, as we are entering the final stages of our European restructuring plan.”

The company increased its full year earnings guidance. It expects a 5 to 8 percent increase in sales and adjusted earnings per share of 65 to 70 cents.

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