Modine Manufacturing Q3 Loss Narrows; Increases FY14 Earnings Guidance

(RTTNews) - Modine Manufacturing Company (MOD) reported that its third-quarter net loss to company narrowed to $3.6 million or $0.08 per share, from a loss of $8.7 million or $0.19 per share, last year. Adjusted earnings per share was $0.16, for the quarter.

On average, three analysts polled by Thomson Reuters expected the company to report profit per share of $0.06 for the quarter. Analysts' estimates typically exclude special items.

Net sales were $347.0 million, compared to $326.1 million, prior year. Analysts expected revenue of $353.96 million for the quarter.

Modine President and CEO, Thomas Burke, said, "Our year-over-year revenue growth was driven by new program launches in Europe and Asia. Higher sales volume and lower material costs contributed to our earnings improvements. In addition, we took some significant restructuring charges in the quarter, as we are entering the final stages of our European restructuring plan."

Modine updated its expectations for fiscal 2014. The company now expects full fiscal year-over-year sales to increase 5 percent to 8 percent, up from the prior range of 3 percent to 8 percent; and adjusted earnings per share of $0.65 to $0.70, increased from $0.50 to $0.60. Analysts polled by Thomson Reuters expect the company to report fiscal 2014 profit per share of $0.58.