Modine’s net sales in the first quarter decreased $67.5 million, or 16.2 percent, from the first quarter last year.
As expected, sales in Europe, South America and Asia continued to be impacted by weakening end market demand.
"As expected, our revenues and earnings were down during the quarter as we continued to see softness in our end markets and experience the negative currency impact from the stronger U.S. dollar," said Modine president and chief executive officer Thomas Burke. "In addition, we recorded $4.5 million in restructuring charges during the quarter, primarily related to headcount reductions in Europe."
Looking forward, Burke said, "While we recognize the critical importance of economic recovery and are monitoring our markets closely, we are also addressing things within our control. We are focused on controlling our costs, successfully implementing our restructuring program in Europe, and effectively managing our launch activity, which will lead to over $250 million in net new business over the next three years. I am confident that we have the right leadership team in place and remain on track to successfully execute our growth strategies."