Modine Manufacturing Co (MOD) Misses Q1 EPS by 12c, Maintains FY Outlook

Modine Manufacturing Co (NYSE: MOD) reported Q1 EPS of $0.14, $0.12 worse than the analyst estimate of $0.26. Revenue for the quarter came in at $346.1 million versus the consensus estimate of $373.1 million.

"Although the business was challenged by weak demand in certain markets and unfavorable exchange rates, we delivered solid operating performance and continued to demonstrate excellent cost control," said Modine President and Chief Executive Officer, Thomas A. Burke. "Despite the expected, difficult year-over-year comparables in the first half of this year, we are on track to achieve our full-year earnings guidance."

Outlook

"Our first quarter results were consistent with our market and exchange rate expectations, and we confirm our previously reported full year outlook," Burke commented. "After the seasonally slow second quarter, we anticipate a much stronger second half of the fiscal year due to new program launches and increased heating season sales."

Based on current exchange rates and market outlook, Modine confirms the following guidance for fiscal 2016:

• Full fiscal year-over-year sales flat to down 5 percent, or up 1 to 6 percent on a constant currency basis;
• Adjusted operating income of $65 million to $70 million, including approximately $3 million of negative year-over-year currency impacts; and
• Adjusted earnings per share of $0.75 to $0.82.

For earnings history and earnings-related data on Modine Manufacturing Co (MOD) click here.

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