Modine reports decline in first quarter sales

Freeman Staff

July 31, 2015

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 expectations.

“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.”