Modine Manufacturing soars 20% on better-than-expected Q1 results
Shares of Modine Manufacturing Co. (NYSE:MOD) have jumped 20% in today’s trading after the company reported ahead of the opening first-quarter earnings that beat Wall Street estimates. For the 2009 fiscal first quarter, net sales were $499.7 million, up from $444.2 million from a year ago. Net earnings for the quarter ended June 30 were $7.8 million, or $0.24 per share, compared with $11 million, or $0.34 a share, for the same period a year earlier. Despite the earnings decline, the Racine, Wis.-based company beat analysts’ views of a net loss of $0.06 per share on revenues of $482.9 million.
“During the quarter, we saw underlying sales improvement, excluding the impact of foreign currency exchange rates, of 5.4 percent, reflecting continued solid contributions from our European, South American and Commercial Products segments. Even though our sales pipeline continues to grow, fiscal 2009 remains very much a year of blocking and tackling as we implement our four-point recovery plan and focus on developing a more competitive cost base,” said president and CEO Thomas A. Burke in a statement.
In today’s trading, shares of the automotive heating and cooling systems manufacturer are at $16.50 at 10:34 a.m. ET, up $2.69 from Monday’s close. Trading volume is less than half the average number of shares.
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