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Modine Manufacturing Company (MOD) filed Quarterly Report for the period ended 2011-06-30.
Modine Manufacturing Co. has a market cap of $656.9 million; its shares were traded at around $14.11 with a P/E ratio of 26.6 and P/S ratio of 0.5.
This is the annual revenues and earnings per share of MOD over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of MOD.
Highlight of Business Operations:
During the first quarter of fiscal 2012, gross profit increased $10.4 million from the first quarter of fiscal 2011 on the increased sales volumes and a $4.5 million favorable impact of foreign currency exchange rate changes. Gross margin decreased 50 basis points from 17.1 percent in the first quarter of fiscal 2011 to 16.6 percent in the first quarter of fiscal 2012 partially due to increased commodity costs year-over-year. In addition, the first quarter of fiscal 2011 included a postretirement curtailment gain of $1.7 million related to the closure of our Harrodsburg, Kentucky manufacturing facility.
Earnings from continuing operations of $13.1 million for the first quarter of fiscal 2012 represent an $8.1 million improvement from the $5.0 million recorded for the first quarter of fiscal 2011. In addition, diluted earnings per share from continuing operations of $0.28 increased $0.17 from diluted earnings per share from continuing operations of $0.11 for this same period last year. The increase in sales volumes was the primary driver of this increase.
The Original Equipment – Asia segment is still in the expansion phase and is currently launching numerous programs. Net sales increased $9.3 million from the first quarter of fiscal 2011 to the first quarter of fiscal 2012 due to new program launches in the off-highway construction markets in China and Korea and the commercial vehicle market in India. Gross margin improved from 9.5 percent during the first quarter of fiscal 2011 to 14.5 percent during the first quarter of fiscal 2012 due to sales volume increases and improved fixed cost absorption. Income from continuing operations of $0.8 million for the first quarter of fiscal 2012 represents a $1.2 million improvement from the loss from operations of $0.4 million for the first quarter of fiscal 2011 due to the increased sales volumes and gross margin improvement.
Original Equipment – Europe net sales increased $34.6 million from the first quarter of fiscal 2011 to the first quarter of fiscal 2012, driven by a $15.1 million increase in underlying commercial vehicle and premium automotive sales volumes and a $19.5 million favorable impact of foreign currency exchange rate changes. Gross profit increased $3.5 million from the first quarter of fiscal 2011 to the first quarter of fiscal 2012 including a $2.9 million favorable impact of foreign currency exchange rate changes, yet gross margin decreased 130 basis points to 15.0 percent from 16.3 percent over this same period. The decline in gross margin is primarily attributable to new program launches currently at low volumes and increased commodity costs. SG&A expenses increased $3.4 million to $13.7 million from the first quarter of fiscal 2011 to the first quarter of fiscal 2012 primarily due to higher personnel costs. Income from operations increased $0.3 million. Excluding a $1.4 million favorable impact of foreign currency exchange rate changes, income from operations decreased $1.1 million due to the decreased gross margin and increased SG&A expenses.
Original Equipment – North America net sales increased $14.9 million from the first quarter of fiscal 2011 to the first quarter of fiscal 2012, primarily driven by improvements in the commercial vehicle and off-highway markets. Gross margin decreased 30 basis points to 14.4 percent during the first quarter of fiscal 2012 from 14.7 percent during the first quarter of fiscal 2011 due to higher year-over-year commodity costs and the absence of a $1.7 million postretirement curtailment gain related to the closure of the Harrodsburg, Kentucky manufacturing facility recorded in the first quarter of fiscal 2011. SG&A expenses increased $1.4 million primarily due to a $1.0 million gain on the sale of two manufacturing facilities recorded during the first quarter of fiscal 2011 and the timing of customer reimbursements on engineering and development costs. Income from continuing operations increased $0.3 million from the first quarter of fiscal 2011 to the first quarter of fiscal 2012, primarily due to the increased sales volumes.
South America net sales increased $11.1 million from the first quarter of fiscal 2011 to the first quarter of fiscal 2012, due to increased sales volumes within their commercial vehicle market and a favorable impact of foreign currency exchange rate changes of $5.3 million. Gross margin decreased from 20.1 percent during the first quarter of fiscal 2011 to 18.8 percent in the first quarter of fiscal 2012, due to year-over-year increased materials pricing which more than offset improved operating leverage on higher sales volume. SG&A expenses increased $2.2 million largely due to unusual personnel related matters and freight costs. Income from continuing operations decreased $0.6 million, based on the decreased gross margin and increased SG&A expenses.
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