From staff reports
news@joplinglobe.com
Modine Manufacturing Co., which has a plant in Joplin, recently reported third quarter net sales of $302.4 million, down from the $325.6 million reported a year ago.
Net earnings during the quarter came to $3.8 million, compared with a loss of $56.1 million for the same quarter a year earlier. Earnings came to 8 cents per share, compared with a loss of $1.75 per share a year earlier.
The company also reported $838.3 million in sales for the first three quarters, compared with $1.16 billion for the same three quarters a year earlier. Modine also is reporting a loss of $17.2 million in the nine-month period, or 46 cents per share, compared with a loss of $61.5 million, or $1.92 per share, a year earlier.
“Modine’s performance during the third quarter of fiscal 2010 affirms that our plan is working,” Thomas Burke, president and chief executive officer, said in a statement. “These results reflect the favorable impact of our restructuring activities and our significantly lower cost structure year over year.”
That restructuring included closing a plant in Kentucky with 110 people last year.
In the third quarter, Modine also sold a Korean-based operation and used the $11 million in net proceeds to help reduce its overall debt.
As of Dec. 31, 2009, the company had reduced its net debt to $87.5 million, relative to a $205.7 million debt balance on March 31, 2009.
“Although we are clearly pleased with our progress during the third quarter, we are mindful of near-term pressure on our business,” Burke said. “Continued steady increases in metals prices, as well as new program launches and announced plant closure activities, are expected to impact the company’s gross margin.”
Metal prices
According to Modine, aluminum prices were up 55 percent and copper were up 160 percent in 2009.
