04.02.2015 15:27:04
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Modine Manufacturing Turns To Profit In Q3
(RTTNews) - Modine Manufacturing Co. (MOD), a diversified global leader in thermal management technology and solutions, reported that its net earnings attributable to the company for the third quarter ended December 31, 2014 was $9.6 million, compared to a loss of $3.6 million in the prior year. On a per share basis, net income was $0.20, compared to a loss of $0.08 prior year.
The company recorded $1.9 million of restructuring expenses, of which $0.6 million related to the ongoing restructuring program in Europe, $0.7 million related to severance expenses in South America, and $0.6 million related to the closure of the McHenry, Illinois manufacturing facility in North America. The company also recorded a $3.2 million gain on the sale of a wind tunnel in Europe during the quarter.
Earnings from continuing operations of $9.1 million improved $12.5 million from the prior year. Excluding restructuring expenses and the gain on the sale of the wind tunnel, the company reported adjusted operating income of $14.2 million, up $1.9 million from the prior year, and adjusted earnings per share of $0.15, compared with $0.16 in the third quarter of last year.
Net sales for the quarter grew 5 percent to $363.6 million from $347.0 million in the previous year. On a constant currency basis, sales were up 9 percent, with increases in all segments other than South America, as economic conditions remained weak in Brazil.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.12 per share and revenues of $361.90 million for the quarter.
Looking ahead for fiscal 2015, the company expects adjusted earnings per share to be in the range of $0.63 to $0.70, reflecting the impact of higher income tax expense following its reversal of the U.S. valuation allowance in the fourth quarter of fiscal 2014.
Full fiscal year-over-year sales is expected to be up 1 to 3 percent, which reflects an approximately 150 basis point reduction in sales growth as a result of unfavorable foreign exchange rates compared to its prior outlook of a 3 to 6 percent annual sales increase.
Annual Adjusted operating income is anticipated to be in the range of $65 million to $70 million, up from $61.3 million in fiscal 2014.
Wall Street currently is looking for fiscal year 2015 earnings of $0.63 per share on annual revenues of $1.52 billion.
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