Modine's Third-Quarter Earnings Fall Sharply

Autoparts Report,  Jan 29, 2002  

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Modine Manufacturing Co., a maker of heat exchangers, said its fiscal third-quarter earnings fell because of restructuring charges and weakness in the automotive, truck, electronics and heating markets. The Racine, Wisconsin-based company had net income of $1.3 million, of 4 cents a share, in the quarter ended Dec. 26 compared with $7.06 million, or 22 cents, a year earlier.

Sales increased to $270.4 million from $265.4 million.

Modine said that its third-quarter earnings before one-time items declined almost 25 percent to $10.1 million. A restructuring charge of $8.5 million and another charge of $3.8 million to reduce capacity were partly offset by a $6.5 million reduction to workers' compensation reserves. Excluding one-time items, Modine said it expects fiscal 2002 earnings to be at the lower end of the 75 cents to 85 cents per share estimated in its previous quarter's guidance.

COPYRIGHT 2002 Ron DeMarines
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