UPDATE: Modine Manufacturing Reports Q4 Net Earnings of $12.3M

Modine Manufacturing Company MOD released its financial results for the fourth quarter on Tuesday. MOD reported its quarterly net earnings at $12.3 million, up 209%, from the year-ago period. Its sales surged 22% y/y to $397 million. Its gross margin surged 100 basis points y/y to 15.1%. The company's diluted earnings per share came in at $0.26, versus a diluted loss per share of $0.24, in the year-ago period. Its operating income jumped to $7.8 million, up $5.8 million, from the year-ago quarter. The company recorded an income tax benefit of $7.8 million related to an income tax incentive in its Hungary operations during the quarter. However, analysts were expecting earnings of $0.16 per share on revenue of $379.33 million. Modine Manufacturing projects FY12 earnings of $0.95 to $1.05 per share, versus the analysts' estimates of $1.05 per share. Modine Manufacturing shares jumped 10.32% to $15.50 in pre-market trading. Read more from Benzinga's Company news.