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MODINE MANUFACTURING : Management's Discussion and Analysis of Financial Condition and Results of Operations. (form 10-Q)

07/31/2015 | 01:29pm US/Eastern

When we use the terms " value="NYSE:MOD" idsrc="xmltag.org">Modine," "we," "us," the "Company," or "our" in this report, we are referring to value="NYSE:MOD" idsrc="xmltag.org">Modine Manufacturing Company. Our fiscal year ends on March 31 and, accordingly, all references to quarters refer to our fiscal quarters. The quarter ended June 30, 2015 was the first quarter of fiscal 2016.

First Quarter Highlights: Net sales in the first quarter of fiscal 2016 decreased $46.4 million, or 12 percent, from the first quarter of fiscal 2015, primarily due to a $40.2 million unfavorable impact of foreign currency exchange rate changes associated with the strengthening of the U.S. dollar and lower sales volume to off-highway customers, partially offset by higher sales volume to automotive customers. Gross profit decreased $10.7 million, primarily due to the unfavorable impact of foreign currency exchange rate changes, including the impact on material costs in value="LR/eur" idsrc="xmltag.org">Europe and value="LC/br" idsrc="xmltag.org">Brazil. Selling, general and administrative ("SG&A") expenses in the first quarter of fiscal 2016 remained consistent with the prior year. During the first quarter of fiscal 2016, our net earnings were $5.5 million, compared with net earnings of $14.1 million in the first quarter of the prior year.

© Edgar Online, source Glimpses

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