Racine-based Modine Manufacturing Co. today reported a fiscal second-quarter net loss of $6.5 million, or 19 cents per share, which was an improvement over a loss of $13.2 million, or 41 cents per share, in the same period a year ago.
The company's quarterly net sales fell to $282.3 million from $390.5 million a year earlier.
"We are pleased with Modine's performance during the second quarter of fiscal 2010, especially given the current economic environment," said Thomas Burke, Modine president and chief executive officer. "On a sequential basis, sales rose 11 percent, and we saw significant improvements in gross margin and adjusted EBITDA since the first quarter … As we move into the second half of fiscal 2010, we are encouraged by the sales trends in our business and the early signs of stabilization and selective, modest improvements within our end markets. Yet we are mindful of continued recessionary pressures, along with the impact that restructuring, new program launch activities and recent increases in material costs may have on our future financial results. As we execute our Four-Point Plan, we are positioning Modine for profitable growth as market volumes recover."
Modine's losses are contracting
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