Modine posts $3.1 million profit in quarter; Rockwell CEO optimistic about global economic recovery
Modine posts $3.1 million profit in quarter
Racine-based Modine Manufacturing Company reported net earnings of $3.1 million for the first quarter of fiscal 2011, a major improvement from a net loss of $14.5 million in the first quarter from the previous fiscal year.
The company’s net sales for the quarter were $345.17 million, up from $253.6 million in the previous fiscal year’s first quarter.
“Our company’s strong first quarter fiscal 2011 performance reflects the significant progress we have made over the previous year,” said Modine president and chief executive officer Thomas A. Burke. “With the higher sales, we are clearly seeing the benefits of an increase in operating leverage, which drove our improved gross margin and contributed to net earnings during the quarter. Sales improved dramatically as a number of our markets, notably the off-highway and commercial vehicle markets in North and South America and the premium automotive market in Europe, continued to strengthen.
“Based on the strong first quarter results and improved visibility with respect to our customers’ production plans, we are raising our fiscal 2011 sales guidance to a year-over-year increase of approximately 16 to 20 percent.”
Rockwell CEO optimistic about global economic recovery
Rockwell Automation Inc. posted fiscal third quarter net income of $119.4 million, or 83 cents per share, up from $32.8 million, or 23 cents per share, in the same period a year ago.
The Milwaukee-based company reported quarterly revenue of $1.3 billion, up 25 percent from $1.0 billion, a year earlier.
Keith Nosbusch, chairman and chief executive officer, said, "I am pleased with the strong revenue and earnings performance this quarter. Our revenue growth was broad-based across all regions. China had an exceptional quarter with 42 percent year-over-year organic growth and Latin America rebounded strongly. Operating margin expanded and we increased spending to fuel future growth."
Looking ahead, Nosbusch said, "We expect fourth quarter revenue to grow sequentially on the strength of our solutions and services business and emerging markets. Based on our third quarter results and this outlook, we are raising our full-year fiscal 2010 guidance to earnings per share of $2.95 to $3.05 on revenue of approximately $4.8 billion."
Nosbusch added, "We have performed very well in the early part of the recovery. Although macroeconomic conditions are uncertain, we are optimistic that the global recovery will continue. I am confident in our strategy and our ability to execute. We are well-positioned to take advantage of improving market conditions as we proceed through the cycle."