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Modine Manufacturing profit beats consensus by 31.2% in fiscal Q1

Modine Manufacturing Co. said its normalized net income for the fiscal first quarter ended June 30 amounted to 24 cents per share, compared with the S&P Capital IQ consensus estimate of 18 cents per share.

EPS rose 5.6% year over year from 23 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $11.5 million, a gain of 6.5% from $10.8 million in the year-earlier period.

The normalized profit margin rose to 2.9% from 2.9% in the year-earlier period.

Total revenue increased year over year to $392.5 million from $375.8 million, and total operating expenses climbed year over year to $370.2 million from $354.1 million.

Reported net income rose 34.5% year over year to $13.4 million, or 28 cents per share, from $9.9 million, or 21 cents per share.