Modine Reports Improvement in Q4 Financial Results
Modine Manufacturing Co. (Racine, WI) reported notable improvement in its financial results for the fourth quarter and fiscal year ended March 31, 2003. Sales for the fourth quarter increased 7.6% to $272.6 million from $253.4 million reported a year ago. Net earnings for the quarter improved significantly to $8.1 million, or $0.24 per fully diluted share, an increase of 60.3% compared with $5.0 million, or $0.15 per fully diluted share, for the same period a year ago.
Income from operations increased 379% to $11.7 million from $2.4 million in the previous year. Modine was able to achieve this improvement through increased sales volume and progress made in a number of strategic initiatives. The successful completion of the restructuring plan, as well as continued focus on lean manufacturing and operational improvements, resulted in a year-over-year increase in gross margin to 25.3% from 22.7% for the fourth quarter. Selling, general and administrative expenses were also reduced to 21.0% of sales compared to 22.1% of sales for the same period last year.