News

Modine Reports Second-Quarter 2003 Results

October 16, 2003 by Jeff Shepard

Modine Manufacturing Co. (Racine, WI) reported its financial results for the second quarter ended September 26, 2003. Sales for the second quarter increased over 1% to $279.1 million from $275.3 million reported a year ago. Sales were positively impacted by net favorable currency exchange rates, primarily the stronger Euro, which added about $13.5 million to second-quarter sales.

Net earnings decreased to $4.3 million, or $0.13 per fully diluted share, compared with $6.3 million, or $0.19 per fully diluted share, for the same period a year ago. Sales for the first six months of fiscal 2004 increased almost 4% to $568 million from $547.6 million a year ago. Earnings before the cumulative effect of accounting change for the first six months decreased 6% to $15.6 million, or $0.46 per fully diluted share, compared with $16.7 million, or $0.49 per fully diluted share, for the same period a year ago.