Modine Manufacturing Co
The global recession, with the lowest global vehicular original equipment manufacturing production rates in decades, continues to significantly challenge our business, Chief Executive Thomas Burke said in a statement.
Modine expects the global recession to continue to adversely impact its sales volumes in fiscal 2010.
However, it expects fiscal 2010 revenue to be up slightly from the fourth-quarter run-rate due to incremental volume from several new program launches globally.
For the fourth quarter ended March 31, the company posted a net loss of $47.1 million, or $1.47 a share, compared with a loss of $35.2 million, or $1.10 a share, a year ago.
Revenue fell 43 percent to $254.8 million.
Two analysts on average expected a loss of 82 cents a share, before items, while one analyst expected revenue of $264.1 million, according to Reuters Estimates.
Shares of the company were down 52 cents at $4.72 in early morning trade Tuesday on the New York Stock Exchange.
(Reporting by Eric Yep in Bangalore; Editing by Anne Pallivathuckal)