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Modine Manufacturing profit misses consensus by 37.1% in fiscal Q2

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Modine Manufacturing profit misses consensus by 37.1% in fiscal Q2

Modine Manufacturing Co. said its normalized net income for the fiscal second quarter ended Sept. 30 came to 8 cents per share, compared with the S&P Capital IQ consensus estimate of 12 cents per share.

EPS fell 37.5% year over year from 12 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $3.7 million, a decrease of 37.4% from $5.9 million in the year-earlier period.

The normalized profit margin declined to 1.0% from 1.6% in the year-earlier period.

Total revenue increased year over year to $377.3 million from $364.2 million, and total operating expenses climbed 5.0% from the prior-year period to $368.4 million from $350.9 million.

Reported net income declined 59.9% from the prior-year period to $1.9 million, or 4 cents per share, from $4.8 million, or 10 cents per share.