Modine Manufacturing Company (NYSE:MOD)

“Our company’s strong first quarter fiscal 2011 performance reflects the significant progress we have made over the previous year,” said Modine President and Chief Executive Officer Thomas A. Burke. “With the higher sales, we are clearly seeing the benefits of an increase in operating leverage, which drove our improved gross margin and contributed to net earnings during the quarter. Sales improved dramatically as a number of our markets, notably the off-highway and commercial vehicle markets in North and South America and the premium automotive market in Europe, continued to strengthen. Based on the strong first quarter results and improved visibility with respect to our customers’ production plans, we are raising our fiscal 2011 sales guidance to a year-over-year increase of approximately 16 to 20 percent.

“The trends we see provide us further confidence that we are on track to attain our mid-term goal of an 11 to 12 percent return on average capital employed by the end of fiscal 2013,” Burke continued. “When I look beyond 2013, we remain very excited about the growth drivers in the business, which include the need for reduced emissions, greater fuel efficiency and higher building energy efficiency standards. We believe we are well positioned to capitalize on these drivers with our advantaged product portfolio and next-generation thermal management technologies to support our customers around the globe.”