Modine Manufacturing records wider Q4 loss, slashes dividend
Thermal management technology products maker Modine Manufacturing Co. (NYSE:MOD) said this morning that it recorded a net loss for its fourth quarter that widened from a year-ago and cut its dividend.
As the company continues to undergo restructuring, it took additional steps to address underlying business performance issues. The net loss includes repositioning charges in connection with the company’s restructuring in its North American and European operations, long-lived asset impairment charges related to the company’s Korean operations and a valuation allowance charge against its Korean net deferred tax assets.
Modine cut its quarterly cash dividend on its common stock to $0.10 per share from $0.175 per share.
Shares were halted in pre-market trading. For detailed price information and recent news stories about Modine Manufacturing, click MOD.
