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.
