Modine Manufacturing Co. (Racine, WI) reported strong improvement in its financial results for the first quarter ended June 26, 2004. Sales for the first quarter increased 20% to $347.4 million from $288.9 million reported one year ago. This is the third consecutive quarter the company achieved record sales.
Net earnings for the quarter increased over 22% to $13.8 million, or $0.40 per fully diluted share, compared with $11.3 million, or $0.33 per fully diluted share, for the same period one year ago. The effective tax rate in the quarter increased to 41.1% from 34.3% last year.
"We started the current fiscal year on a strong note and continued the positive momentum we established in the second half of fiscal year 2004, with a more than 20% increase in both sales and earnings," said Modine President and Chief Executive Officer David Rayburn.
