Modine’s Q1 net income doubles y/y to USD17 million
Company reconfirms full-year earnings outlook
Modine Manufacturing’s net income nearly doubled year on year (y/y) to USD17 million in the first quarter ended 30 June 2017, driven mainly by 48.5% y/y increase in net sales to USD515.5 million, the US-based thermal management company said in a press release on 1 August. The first quarter sales includes USD157.7 million of sales from the newly formed Commercial and Industrial Solutions (CIS) segment, which include commercial and industrial coil business of Luvata HTS acquired last year and the coil business of Modine. Higher sales also helped the company to record 74.7% y/y jump in operating income to USD27.6 million.
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