Why Shares of Modine Manufacturing Are Crashing Today
Shares of Modine Manufacturing Co. (NYSE: MOD) fell more than 40% on Friday morning after the thermal management system manufacturer reported worse-than-expected quarterly earnings and provided disappointing guidance. The company is trying to shed underperforming businesses, but that process is taking longer than it had hoped.
After market close on Thursday, Modine reported fiscal second-quarter adjusted earnings of $0.13 per share on revenue of $500.2 million, falling short of consensus expectations for $0.25 per share in earnings on $515 million in revenue. The revenue figure was down 9% from the prior-year quarter, and operating income of $6 million was well below the $22.8 million figure Modine posted in the same three months last year.
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Source Fool.com
