Worldwide leader in thermal management Modine Manufacturing Company reported Tuesday a fiscal-fourth-quarter loss of $41 million and the reduction of its quarterly dividend by 43 percent.
The net loss constituted $1.28 per share, compared with a net loss for the same period a year ago of $2.8 million, or 9 cents per share. Net sales went up 15 percent to $478.5 million from $414.7 million.
The loss is mainly a result of an $8 million charge in restructuring case of North American and European operations and asset impairment ($16 million) of its operations in Korea.
Modine Manufacturing has already existed for almost 90 years. It designs, engineers, tests, and manufactures heat transfer products for a wide range of applications and markets. It’s at work in practically every corner of the world, inside the things you see every day.