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Modine Manufacturing profit holds mostly steady YOY in fiscal Q4

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Modine Manufacturing profit holds mostly steady YOY in fiscal Q4

Modine Manufacturing Co. said its normalized net income for the fiscal fourth quarter ended March 31 was 15 cents per share, compared with the S&P Capital IQ consensus estimate of 14 cents per share.

In the prior-year period, the per-share result came in at a profit of 14 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $6.9 million, compared with $6.9 million in the year-earlier period.

The normalized profit margin climbed to 2.4% from 1.8% in the year-earlier period.

Total revenue declined 7.1% on an annual basis to $363.0 million from $390.6 million, and total operating expenses declined 7.1% from the prior-year period to $349.4 million from $376.1 million.

Reported net income came to a loss of $3.3 million, or a loss of 7 cents per share, compared to income of $118.6 million, or $2.47 per share, in the year-earlier period.

For the year, the company's normalized net income totaled 57 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 66 cents.

EPS declined from 59 cents in the prior year.

Normalized net income was $27.4 million, a fall from $28.3 million in the prior year.

Full-year total revenue grew on an annual basis to $1.50 billion from $1.48 billion, and total operating expenses rose year over year to $1.44 billion from $1.42 billion.

The company said reported net income declined 83.8% year over year to $21.0 million, or 44 cents per share, in the full year, from $129.5 million, or $2.72 per share.