Modine sales increase for second quarter, operating income down

Special to The Freeman

Oct. 30, 2014

RACINE — While Modine Manufacturing Company’s sales may have increased by 4 percent to a total of $377.3 million in the second quarter, its operating income decreased $2.7 million to $7.9 million, according to a news release.

The global leader in thermal management technology and solutions, reported its GAAP earnings per share were $0.04, down $0.06 and its adjusted earnings per share were $0.05, down $0.11.

“Sales continue to show year-over-year increases despite mixed market conditions,” said Modine President and Chief Executive Officer Thomas A. Burke. “However, our earnings during the quarter were negatively impacted by sales mix and inefficiencies related to plant consolidations and volume shifts.”

Modine had increased sales in its Europe, Asia and Building HVAC segments. In North America, sales decreased 2 percent to $143.8 million compared with $146 million one year ago due primarily to lower sales to off-highway customers and lower tooling sales, partially offset by higher sales to commercial vehicle customers, according to the company.