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Modine Manufacturing Co. has a market cap of $494.48 million; its shares were traded at around $10.61 with a P/E ratio of 20.4 and P/S ratio of 0.34.
Highlight of Business Operations:During the second quarter of fiscal 2012, we recorded earnings from continuing operations of $0.6 million, as compared to a loss from continuing operations of $13.7 million in the second quarter of the prior year. In addition, diluted earnings per share from continuing operations of $0.01, represents an increase of $0.31 from the diluted loss per share of $0.30 in the prior year. These increases were primarily related to increased sales volumes and the absence of costs associated with the long-term debt refinancing in the prior year partially offset by foreign currency transaction losses.
Original Equipment – Europe year-to-date net sales increased $61.8 million from the same period last year, driven by sales increases in all markets and a $32.0 million favorable impact of foreign currency exchange rate changes. Gross profit increased $7.7 million during the first six months of fiscal 2012 to $45.0 million from the prior year due to sales volume increases and a $4.6 million favorable impact of foreign currency exchange rate changes, partially offset by increased commodity costs. SG&A expenses increased $2.4 million primarily due to a $2.6 million unfavorable impact of foreign currency exchange rate changes. A long-lived asset impairment charge of $0.9 million was recorded in SG&A expense during the first six months of fiscal 2011 related to a program cancellation. Income from continuing operations increased $5.3 million from the first six months of fiscal 2011 to the first six months of fiscal 2012 based on the increased sales volumes and a $2.0 million favorable impact of foreign currency exchange rate changes.
Original Equipment – North America year-to-date net sales increased $24.1 million from the same period last year primarily driven by the continued recovery within the off-highway and commercial vehicle markets. Gross profit improved from $40.2 million during the first six months of fiscal 2011 to $43.6 million during the first six months of fiscal 2012 due to higher sales volumes, while gross margin remained unchanged due to offsets in higher commodity costs year over year and a $2.1 million postretirement curtailment gain related to the closure of the Harrodsburg, Kentucky manufacturing facility in fiscal 2011. SG&A expense remained unchanged, but decreased as a percentage of sales. During the first six months of fiscal 2012, income from continuing operations of $21.7 million improved $3.4 million from $18.3 million in the first six months of fiscal 2011, based primarily on the higher sales volumes.
South America year-to-date net sales increased $17.9 million from the same period last year, due to increased sales volumes within the segment s commercial vehicle and off-highway markets, along with a favorable impact of foreign currency exchange rate changes of $8.6 million. Gross margin decreased from 21.1 percent during the first six months of fiscal 2011 to 18.6 percent during the first six months of fiscal 2012, due to higher commodity costs year over year and the foreign currency impact on the margin of export and aftermarket sales sold in U.S. dollars. SG&A expenses increased $4.2 million as a result of personnel matters, an $0.8 million environmental remediation charge and higher freight costs. Income from continuing operations decreased $2.9 million from the first six months of fiscal 2011 to the first six months of fiscal 2012 based on the lower gross margin and increased SG&A costs.
Commercial Products year-to-date net sales increased $9.5 million from the same period last year, due to increased sales volumes of cooling products and a $2.0 million favorable impact of foreign currency exchange rate changes. Gross margin decreased from 30.3 percent during the first six months of fiscal 2011 to 28.6 percent during the first six months of fiscal 2012, primarily due to product mix and higher material costs. SG&A expenses increased $1.1 million from the first six months of fiscal 2011 to the first six months of fiscal 2012 due to an investment in additional resources within the segment and higher commissions resulting from increased sales. Income from continuing operations increased $0.6 million to $6.3 million in the first six months of fiscal 2012 primarily due to increased sales volumes.
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