Modine Reports First-Quarter 2004 Results

July 21, 2004 by Jeff Shepard

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.