Modine Manufacturing Company (MOD) reported a fourth-quarter net loss attributable to Modine of $2.1 million or $0.04 per share, compared to profit of $15.6 million or $0.33 per share last year. The company recorded $0.8 million of impairment charges and $9.7 million of restructuring expenses related to the ongoing restructuring in Europe. Earnings were also impacted by a $2.0 million charge, within the provision for income taxes, for the initial recognition of a tax valuation allowance in Asia.
Earnings per share excluding impairment and restructuring charges was $0.18 compared to $0.34 last year. On average, three analysts polled by Thomson Reuters expected the company to report profit per share of $0.16 for the quarter. Analysts' estimates typically exclude special items.
Net sales decreased 7.5 percent to $359.6 million from $388.8 million last year. On a constant currency basis, net sales decreased 6.4 percent from the prior year. Analysts expected revenue of $356.84 million for the quarter.
The company said its sales were affected by continuing weak end market demand, particularly in North America, Europe and Asia. Sales in Europe were impacted by the planned wind-down of the non-strategic automotive module business. Gross profit decreased 12.8 percent, largely due to lower sales volume.
Modine expects fiscal 2014 earnings per share of $0.45 to $0.55, excluding European restructuring costs. The company expects year-over-year sales flat to up 5 percent. Analysts expect the company to report fiscal 2014 profit per share of $0.56.
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