RACINE — Modine Manufacturing Co. Friday reported poor sales and net losses in the quarter ended Dec. 31, compared with a year earlier.
Modine said net sales in its fiscal 2013 third quarter totaled $326.1 million, a decrease of $47.2 million, or 12.6 percent, from one year earlier. On a constant currency basis, net sales decreased 10.2 percent. Sales in Europe continue to be affected by the planned wind-down of the automotive module business, while sales in all regions were affected by weak end market demand, the company said.
The company reported a net loss of $8.7 million for the quarter, compared with a $9 million profit one year earlier.
Modine took impairment and restructuring charges of $9.7 million in the quarter, and earnings per share those charges were 2 cents per share. On a generally accepted accounting principles basis, Modine lost 19 cents per share. That contrasted with a profit of 19 cents per share one year earlier.
“Most of our end markets remain below prior year levels,” Modine President and CEO Tom Burke stated.
“We are on track with our critically important restructuring program in Europe and expect to see benefits from this program in the new fiscal year.”
Modine specializes in thermal management systems and components, manufacturing heating and cooling technology. Its products are used in light-, medium- and heavy-duty vehicles, heating, ventilation and air conditioning equipment, off-highway and industrial equipment and refrigeration systems. The company employs approximately 6,600 people at 30 facilities in 16 countries. For more information, visit www.modine.com.