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February 1, 2013
08:17 EDTMODModine Manufacturing sees FY13 EPS 40c-45c, consensus 43c
Sees FY13 y/y sales down 10%-12%, including approximately $80M of planned program reductions, consensus $1.39B. Sees FY operating income margin 2.75%-3.25%.
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April 23, 2014
17:33 EDTMODModine Manufacturing to close manufacturing facility in Illinois
Modine Manufacturing announced its intention to close its manufacturing facility in McHenry, Illinois. The closure is expected to impact approximately 135 full-time employees, who will receive a variety of support services. Modine plans to transfer the McHenry production to other facilities in North America. The company expects to incur a charge of approximately $2M in Q4, primarily related to anticipated severance payments and fixed asset impairment charges. In addition to temporary inefficiencies, the company expects total closure costs of approximately $5M over the entire closure period. The company anticipates annual savings of at least $5M once the closure is completed in FY16.
April 22, 2014
10:00 EDTMODOn The Fly: Analyst Upgrade Summary
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06:44 EDTMODModine Manufacturing upgraded to Outperform from Neutral at RW Baird
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