Modine Updates Outlook for Fiscal 2007 Fourth Quarter

RACINE, Wis.--Modine Manufacturing Company , a diversified global leader of thermal management technologies and solutions, today provided an updated outlook into its Fiscal 2007 preliminary fourth quarter results, which are expected to be reported on Wednesday, May 2, 2007. The company currently expects that earnings for the Fiscal 2007 fourth quarter will be at or below the break-even level. Several factors, most of which were identified in the company’s pervious outlook, will contribute to these results.

As furnished in its previous outlook, the company is experiencing a slower than anticipated start-up of business from a new truck customer in the U.S., as this customer works through its inventory of engines manufactured prior to January 1, 2007. Also previously mentioned, the company will record a one-time charge related to its continuing repositioning program.

Since Modine’s outlook was provided in January, 2007, the price per ton of nickel, a raw material used in the company’s high performance products, has increased by approximately 47 percent. Further, the company now expects to take a reserve for certain warranty events in its European business. The company will provide more insight into these factors, as well as on additional, positive, trends for its fiscal year on its year-end conference call scheduled for May 2, 2007.

David B. Rayburn, Modine’s President and Chief Executive Officer, said, “Despite these challenging and unusual items, we are encouraged with the progress we’ve made executing our five-point repositioning program. We are on target with each of the program’s elements. We are also encouraged by our continued ability to generate strong cash flows through this quarter and for the year. We continue to operate from a position of strength, and we are confident we will achieve our growth and ROACE(a) goals over the next several years, and provide improved returns to our shareholders.”

Founded in 1916, with fiscal 2006 revenues from continuing operations of $1.6 billion, Modine specializes in thermal management systems and components, bringing highly engineered heating and cooling technology and solutions to diversified global markets. Modine products are used in light, medium and heavy-duty vehicles, HVAC (heating, ventilating, and air conditioning) equipment, industrial equipment, refrigeration systems, fuel cells, and electronics. Based in Racine, Wisconsin, the company has more than 9,000 employees at 34 facilities in 15 countries worldwide. For information about Modine, visit www.modine.com.