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Strong dollar chills Modine Manufacturing sales
2015-05-28 18:50:04| Automakers - Topix.net
A stronger U.S. dollar resulted in a 7 percent decline in fiscal fourth-quarter sales for Modine Manufacturing Co., though operating income increased 27 percent excluding the impact of an impairment charge in its South America segment and other expenses. Modine , a Racine-based manufacturer of radiators and other thermal management equipment, reported a fourth-quarter net loss, including charges and expenses, of $3.2 million, or 7 cents per share, compared with net income of $119.4 million, or $2.49 per share, in the same period the year before, which included an income tax benefit of $119.2 million during the fourth quarter of fiscal 2014 resulting from the reversal of the valuation allowance on certain U.S. deferred tax assets.
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Category:Automotive