UPDATE: Modine Manufacturing (MOD) Misses Q3 EPS by 3c, FY EPS Guidance Comes in Light

Modine Manufacturing (NYSE: MOD) reported Q3 EPS of $0.21, $0.03 worse than the analyst estimate of $0.24. Revenue for the quarter came in at $349.8 million versus the consensus estimate of $363.87 million.

Outlook

"We continue to expect the newly-acquired CIS business to be accretive to Modine's operating income, for fiscal 2017 and beyond," commented Burke. "However, we are adjusting our full-year forecast to account for lower volumes in the Americas and Building HVAC segments, along with the temporary impact of higher metals and exchange rates. As a result, we are holding our range for adjusted operating earnings. We are also lowering the range for adjusted earnings per share, due to the incremental interest expense from the acquisition debt."

Based on current exchange rates, market outlook and business forecast, Modine updates the following guidance for fiscal 2017:

• Full fiscal year-over-year sales up 9 to 11 percent, including a reduction of 1 to 3 percent in the base business and approximately $160 million of revenue contributed by the CIS business;
• Adjusted operating income of $65 million to $71 million, with $61 million to $66 million contributed by the base business and $4 to $5 million contributed by the CIS business; and
• Adjusted earnings per share of $0.74 to $0.80, reflecting incremental interest expense from the acquisition debt.

(Street sees FY EPS of $0.84)

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

You May Also Be Interested In

• Nvidia pitches Vera CPU to Chinese clients with August delivery target
• UBS Reiterates Neutral Rating on Lennar (LEN) Following Q2 Results
• Investing.com’s stocks of the week