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January 31, 2014
08:21 EDTMODModine Manufacturing raises FY14 adjusted EPS view to 65c-70c from 50c-60c
FY14 EPS consensus 58c. Sees FY14 year-over-year sales up 5%-8% increased from the prior range of 3%-8%. FY14 revenue consensus $1.45B. The company said, "This quarter, Modine benefited from strong unit heater sales in North America and higher than expected sales in Europe and Asia. With three quarters behind us, we are increasing our full-year earnings guidance at this time.
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April 16, 2015
15:51 EDTMODModine Manufacturing sees $2M charge in 1Q16 from plant closure
In connection with this upcoming closure, Modine Manufacturing expects to incur a charge of approximately $2M in 1Q16, primarily related to anticipated severance payments. In addition to temporary inefficiencies, the company expects to incur total closure costs of approximately $3M over the entire closure period. The company anticipates it will generate annual savings of at least $9M once the closure is completed in fiscal 2018. In addition to achieving savings, the company anticipates that this consolidation will result in additional revenue opportunities and growth in vehicular markets due to the more competitive cost structure.
15:49 EDTMODModine announces conditional plans to close Washington, Iowa manufacturing plant
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