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.