Modine Manufacturing Company announced the plans for Gary L. Neale to retire as Chairman of its Board of Directors following the Annual Meeting of the Shareholders on July 18, 2013. In addition, at its regular meeting on May 15, 2013, Modine's Board of Directors appointed Marsha C. Williams as independent Lead Director, effective upon Mr. Neale's retirement. Ms. Williams has been a member of Modine's Board since 1999 and is the current Chair of its Officer Nomination and Compensation Committee.

Modine Manufacturing Company announced the appointment of Ralf Beck to the position of Vice President and Chief Technology Officer, effective May 14, 2013. In this role, Beck will report to Thomas Burke, President and Chief Executive Officer, and will be responsible for Modine's global Research and Development and Engineering organizations. Beck has been with Modine for 26 years.

Modine Manufacturing Company announced unaudited consolidated earnings results for the third quarter and nine months ended December 31, 2012. For the quarter, net sales were $326.1 million, operating loss was $2.8 million, loss from continuing operations before income taxes was $6.9 million and loss from continuing operations was $8.4 million or $0.19 per diluted share against net sales of $373.3 million, operating income of $17.2 million, earnings from continuing operations before income taxes of $12.7 million and loss from continuing operations of $8.8 million or $0.18 per diluted share for the same period a year ago. The net loss attributable to Modine of $8.7 million compares to net earnings attributable to Modine of $9.0 million for the same period last year, and represents a loss per share of $0.19 on a GAAP basis against earnings per share of $0.19 a year ago. Earnings per share excluding impairment and restructuring charges were $0.02, compared to $0.24 in the third quarter of last year. Net debt was $131.8 million at December 31, 2012, a decrease of $1.1 million from the end of fiscal 2012. On a constant currency basis, net sales decreased 10.2% from the prior year. Operating income excluding impairment and restructuring charges was $5.9 million against $19.4 million a year ago. For the nine months, net sales were $1,016.4 million, operating loss was $6.7 million, loss from continuing operations before income taxes was $15.9 million and loss from continuing operations was $21.2 million or $0.47 per diluted share against net sales of $1,188.4 million, operating income of $49.7 million, earnings from continuing operations before income taxes of $32.9 million and loss from continuing operations of $22.3 million or $0.49 per diluted share for the same period a year ago. Net loss attributable to Modine was $22.1 million or $0.47 per diluted share against net earnings of $22.9 million or $0.49 per diluted share for the same period a year ago. Net cash provided by operating activities was $41.4 million and expenditures for property, plant and equipment was $33.6 million against net cash provided by operating activities of $18.3 million and expenditures for property, plant and equipment of $45.3 million a year ago. Operating income excluding impairment and restructuring charges was $25.7 million against $51.9 million a year ago. Earnings per share excluding impairment and restructuring charges were $0.22 against $0.54 a year ago. The company recorded $8.3 million of impairment charges and $1.4 million of restructuring expenses primarily related to the ongoing restructuring in Europe for the third quarter of fiscal 2013. Modine Manufacturing Company reaffirmed earnings guidance for the fiscal year 2013. For the fiscal year 2013, the company expects year-over-year sales down 10 to 12%, including approximately $80 million of planned program reductions. Operating income margin excluding impairment and restructuring expense is expected to be in the range of 2.75% to 3.25%, and EPS is expected to be in the range of $0.40 to $0.45 also excluding all impairment and restructuring charges. For the fourth quarter of 2013, the company's capital spending will pick up with an overall year target of $50 million to $55 million which is still running well below its historical levels.