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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Modine Manufacturing Co | NYSE:MOD | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
3.59 | 3.61% | 103.09 | 104.91 | 101.01 | 102.76 | 286,384 | 19:19:51 |
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification Number)
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(Address of principal executive offices)
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(Zip Code)
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Registrant's telephone number, including area code:
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(
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(Former name or former address, if changed since last report.)
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N/A
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class | Trading Symbol(s) |
Name of each exchange on which registered
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Item 7.01 |
Regulation FD Disclosure
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Item 9.01 |
Financial Statements and Exhibits
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(d) |
Exhibits
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Recast unaudited segment financial information – for the quarter ended June 30, 2023; the quarter ended September 30, 2023; the quarter ended December 31, 2023;
and the quarter and fiscal year ended March 31, 2024.
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104
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Cover Page Interactive Data File (formatted as Inline XBRL)
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Modine Manufacturing Company
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By: /s/ Michael B. Lucareli
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Michael B. Lucareli
Executive Vice President, Chief Financial Officer
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Date: July 26, 2024 |
Three months ended
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Twelve months ended
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|||||||||||||||||||
June 30, 2023
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September 30, 2023
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December 31, 2023
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March 31, 2024
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March 31, 2024
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||||||||||||||||
Net sales:
|
||||||||||||||||||||
Climate Solutions
|
$
|
286.7
|
$
|
289.2
|
$
|
254.0
|
$
|
278.2
|
$
|
1,108.1
|
||||||||||
Performance Technologies
|
343.1
|
337.3
|
310.9
|
330.0
|
1,321.3
|
|||||||||||||||
Segment total
|
629.8
|
626.5
|
564.9
|
608.2
|
2,429.4
|
|||||||||||||||
Corporate and eliminations
|
(7.4
|
)
|
(6.0
|
)
|
(3.5
|
)
|
(4.7
|
)
|
(21.6
|
)
|
||||||||||
Net sales
|
$
|
622.4
|
$
|
620.5
|
$
|
561.4
|
$
|
603.5
|
$
|
2,407.8
|
Three months ended
|
Twelve months ended
|
|||||||||||||||||||||||||||||||||||||||
June 30, 2023
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September 30, 2023
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December 31, 2023
|
March 31, 2024
|
March 31, 2024
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||||||||||||||||||||||||||||||||||||
Gross profit:
|
$'s
|
% of sales
|
$'s
|
% of sales
|
$'s
|
% of sales
|
$'s
|
% of sales
|
$'s
|
% of sales
|
||||||||||||||||||||||||||||||
Climate Solutions
|
$
|
75.8
|
26.4
|
%
|
$
|
76.9
|
26.6
|
%
|
$
|
70.1
|
27.6
|
%
|
$
|
74.1
|
26.6
|
%
|
$
|
296.9
|
26.8
|
%
|
||||||||||||||||||||
Performance Technologies
|
51.9
|
15.1
|
%
|
57.6
|
17.1
|
%
|
57.0
|
18.3
|
%
|
63.1
|
19.1
|
%
|
$
|
229.6
|
17.4
|
%
|
||||||||||||||||||||||||
Segment total
|
127.7
|
20.3
|
%
|
134.5
|
21.5
|
%
|
127.1
|
22.5
|
%
|
137.2
|
22.6
|
%
|
526.5
|
21.7
|
%
|
|||||||||||||||||||||||||
Corporate and eliminations
|
0.2
|
-
|
0.6
|
-
|
0.2
|
-
|
(1.9
|
)
|
-
|
(0.9
|
)
|
-
|
||||||||||||||||||||||||||||
Gross profit
|
$
|
127.9
|
20.6
|
%
|
$
|
135.1
|
21.8
|
%
|
$
|
127.3
|
22.7
|
%
|
$
|
135.3
|
22.4
|
%
|
$
|
525.6
|
21.8
|
%
|
Three months ended
|
Twelve months ended
|
|||||||||||||||||||
June 30, 2023
|
September 30, 2023
|
December 31, 2023
|
March 31, 2024
|
March 31, 2024
|
||||||||||||||||
Operating income: | ||||||||||||||||||||
Climate Solutions
|
$
|
48.6
|
$
|
47.1
|
$
|
40.4
|
$
|
42.5
|
$
|
178.6
|
||||||||||
Performance Technologies
|
27.6
|
31.2
|
29.5
|
23.4
|
111.7
|
|||||||||||||||
Segment total
|
76.2
|
78.3
|
69.9
|
65.9
|
290.3
|
|||||||||||||||
Corporate and eliminations
|
(9.7
|
)
|
(12.6
|
)
|
(8.2
|
)
|
(19.1
|
)
|
(49.6
|
)
|
||||||||||
Operating income
|
$
|
66.5
|
$
|
65.7
|
$
|
61.7
|
$
|
46.8
|
$
|
240.7
|
Three months ended June 30, 2023
|
||||||||||||||||
Climate Solutions
|
Performance Technologies
|
Corporate and eliminations
|
Total
|
|||||||||||||
Operating income
|
$
|
48.6
|
$
|
27.6
|
$
|
(9.7
|
)
|
$
|
66.5
|
|||||||
Depreciation and amortization expense
|
6.1
|
7.4
|
0.2
|
13.7
|
||||||||||||
Environmental charges (d)
|
-
|
-
|
0.2
|
0.2
|
||||||||||||
Adjusted EBITDA
|
$
|
54.7
|
$
|
35.0
|
$
|
(9.3
|
)
|
$
|
80.4
|
|||||||
Net sales
|
$
|
286.7
|
$
|
343.1
|
$
|
(7.4
|
)
|
$
|
622.4
|
|||||||
Adjusted EBITDA margin
|
19.1
|
%
|
10.2
|
%
|
12.9
|
%
|
Three months ended September 30, 2023
|
||||||||||||||||
Climate Solutions
|
Performance Technologies
|
Corporate and eliminations
|
Total
|
|||||||||||||
Operating income
|
$
|
47.1
|
$
|
31.2
|
$
|
(12.6
|
)
|
$
|
65.7
|
|||||||
Depreciation and amortization expense
|
6.2
|
7.5
|
0.3
|
14.0
|
||||||||||||
Restructuring expenses (a)
|
0.3
|
0.2
|
-
|
0.5
|
||||||||||||
Environmental charges (d)
|
-
|
-
|
1.0
|
1.0
|
||||||||||||
Adjusted EBITDA
|
$
|
53.6
|
$
|
38.9
|
$
|
(11.3
|
)
|
$
|
81.2
|
|||||||
Net sales
|
$
|
289.2
|
$
|
337.3
|
$
|
(6.0
|
)
|
$
|
620.5
|
|||||||
Adjusted EBITDA margin
|
18.5
|
%
|
11.5
|
%
|
13.1
|
%
|
Three months ended December 31, 2023
|
||||||||||||||||
Climate Solutions
|
Performance Technologies
|
Corporate and eliminations
|
Total
|
|||||||||||||
Operating income
|
$
|
40.4
|
$
|
29.5
|
$
|
(8.2
|
)
|
$
|
61.7
|
|||||||
Depreciation and amortization expense
|
6.4
|
6.7
|
0.3
|
13.4
|
||||||||||||
Restructuring expenses (a)
|
1.4
|
0.2
|
-
|
1.6
|
||||||||||||
Gain of sale of assets (b)
|
-
|
-
|
(4.0
|
)
|
(4.0
|
)
|
||||||||||
Environmental charges (d)
|
-
|
-
|
1.2
|
1.2
|
||||||||||||
Adjusted EBITDA
|
$
|
48.2
|
$
|
36.4
|
$
|
(10.7
|
)
|
$
|
73.9
|
|||||||
Net sales
|
$
|
254.0
|
$
|
310.9
|
$
|
(3.5
|
)
|
$
|
561.4
|
|||||||
Adjusted EBITDA margin
|
19.0
|
%
|
11.7
|
%
|
13.2
|
%
|
Three months ended March 31, 2024
|
||||||||||||||||
Climate Solutions
|
Performance Technologies
|
Corporate and eliminations
|
Total
|
|||||||||||||
Operating income
|
$
|
42.5
|
$
|
23.4
|
$
|
(19.1
|
)
|
$
|
46.8
|
|||||||
Depreciation and amortization expense
|
7.8
|
7.1
|
0.1
|
15.0
|
||||||||||||
Restructuring expenses (a)
|
1.3
|
11.6
|
-
|
12.9
|
||||||||||||
Acquisition and integration costs (c)
|
-
|
-
|
4.1
|
4.1
|
||||||||||||
Adjusted EBITDA
|
$
|
51.6
|
$
|
42.1
|
$
|
(14.9
|
)
|
$
|
78.8
|
|||||||
Net sales
|
$
|
278.2
|
$
|
330.0
|
$
|
(4.7
|
)
|
$
|
603.5
|
|||||||
Adjusted EBITDA margin
|
18.5
|
%
|
12.8
|
%
|
13.1
|
%
|
Twelve months ended March 31, 2024
|
||||||||||||||||
Climate Solutions
|
Performance Technologies
|
Corporate and eliminations
|
Total
|
|||||||||||||
Operating income
|
$
|
178.6
|
$
|
111.7
|
$
|
(49.6
|
)
|
$
|
240.7
|
|||||||
Depreciation and amortization expense
|
26.5
|
28.7
|
0.9
|
56.1
|
||||||||||||
Restructuring expenses (a)
|
3.0
|
12.0
|
-
|
15.0
|
||||||||||||
Gain of sale of assets (b)
|
-
|
-
|
(4.0
|
)
|
(4.0
|
)
|
||||||||||
Acquisition and integration costs (c)
|
-
|
-
|
4.1
|
4.1
|
||||||||||||
Environmental charges (d)
|
-
|
-
|
2.4
|
2.4
|
||||||||||||
Adjusted EBITDA
|
$
|
208.1
|
$
|
152.4
|
$
|
(46.2
|
)
|
$
|
314.3
|
|||||||
Net sales
|
$
|
1,108.1
|
$
|
1,321.3
|
$
|
(21.6
|
)
|
$
|
2,407.8
|
|||||||
Adjusted EBITDA margin
|
18.8
|
%
|
11.5
|
%
|
13.1
|
%
|
(a)
|
Restructuring expenses primarily consist of employee severance expenses related to targeted headcount reductions and equipment transfer costs.
|
(b)
|
The Company's sale of three automotive businesses based in Germany closed on October 31, 2023. As a result of the sale, the Company recorded a $4.0 million gain
on sale at Corporate during the third quarter of fiscal 2024.
|
(c)
|
On March 1, 2024, the Company acquired Scott Springfield Manufacturing, a leading provider of air handling units for the data center, telecommunications,
healthcare, and aerospace markets. In addition, the Company purchased liquid immersion cooling technology from TMGcore, Inc. in January 2024. Acquisition and integration costs in fiscal 2024, recorded as SG&A expenses at Corporate,
primarily include fees for i) transaction advisors, ii) legal, accounting, and other professional services, and iii) incremental costs directly associated with integration activities. In addition, the adjustment includes $1.6 million, also
recorded at Corporate, for the impact of an inventory purchase accounting adjustment. The Company wrote up acquired inventory to its estimated fair value and is charging the write-up to cost of sales as the underlying inventory is sold.
|
(d)
|
Environmental charges, including related legal costs, relate to a previously-owned U.S. manufacturing facility.
|
Document and Entity Information |
Jul. 26, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Jul. 26, 2024 |
Entity File Number | 001-01373 |
Entity Registrant Name | Modine Manufacturing Company |
Entity Central Index Key | 0000067347 |
Entity Incorporation, State or Country Code | WI |
Entity Tax Identification Number | 39-0482000 |
Entity Address, Address Line One | 1500 DeKoven Avenue |
Entity Address, City or Town | Racine |
Entity Address, State or Province | WI |
Entity Address, Postal Zip Code | 53403 |
City Area Code | 262 |
Local Phone Number | 636-1200 |
Title of 12(b) Security | Common Stock, $0.625 par value |
Trading Symbol | MOD |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
1 Year Modine Manufacturing Chart |
1 Month Modine Manufacturing Chart |
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