New book by Larry Connors Click here Improve your trading - See how
The company posted $7.8 million in diluted net earnings, or 21 cents per share, down from $11 million, or 34 cents per share, in the year-ago quarter. Earnings from continuing operations were $6.8 million, or 21 cents per share.
Revenue increased to $499.7 million from $444.2 million in the quarter ended June 30.
The company said in April that it planned to close three plants in the U.S. in addition to a facility in Germany as part of a global restructuring plan. Fiscal 2009 will be a year of "blocking and tackling" as Modine continues to implement the restructuring, according to CEO Thomas Burke.
Modine saw strong results in Europe and South America, but the company said the downturn in the automotive industry hurt its business in the North American truck market.
Modine sees a softening in the automotive market in Europe, which accounts for almost half of its net sales.
It also expects the weakness in the North American heavy-duty truck market to continue and cut its volume forecast for the North American truck market by about 10,000 units.
"Fiscal 2009 remains a year of blocking and tackling to attain fiscal 2011 goals of an 18% to 20% gross margin and 11% to 12% return on capital employed," Burke said in a conference call with analysts.
Modine expects 2009 pre-tax earnings of $12 million to $16 million on net sales of $1.9 billion to $2 billion.
Modine shares closed at $16.49, up $2.68. The stock has ranged from $11.62 to $29.95 over the past year.
1st quarter
%
06/08 2009 2008 change
Sales $499.7 $444.2 +12.5%
Net income $7.8 $11 -29%
EPS (diluted) 0.21 0.34 -38%
Figures in millions except for earnings per share. Percentages are based on unrounded sales and income figures.
To see more of the Milwaukee Journal Sentinel, or to subscribe to the newspaper, go to http://www.jsonline.com. Copyright (c) 2008, Milwaukee Journal Sentinel Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
15260 Ventura Blvd., Ste. 2200
Sherman Oaks, CA 91403
© Copyright 2009 The Connors Group, Inc.
