RACINE —Modine Manufacturing
Company reported a decline in its first quarter sales Friday.
During the first quarter of this year, the company had sales
totaling $346.1 million compared to $392.5 million during the
first quarter of 2014.
According to Modine, the
year-over-year decline was primarily due to a $40 million
negative foreign currency impact. Operating income was $11.6
million and adjusted operating income was $14.2 million in the
quarter. Net earnings per share were $0.11 and adjusted earnings
per share were $0.14.
Despite the decline, Modine
said the first-quarter results were in line with company
“Although the business was
challenged by weak demand in certain markets and unfavorable
exchange rates, we delivered solid operating performance and
continued to demonstrate excellent cost control,” said Modine
President and Chief Executive Officer Thomas A. Burke in a
statement. “Despite the expected, difficult year-over-year
comparables in the first half of this year, we are on track to
achieve our full-year earnings guidance.”