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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 | |
---|---|---|---|---|---|---|---|---|
-3.05 | -2.98% | 99.25 | 105.49 | 98.00 | 102.93 | 1,216,215 | 00:50:23 |
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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
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Trading Symbol(s)
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Name of each exchange on which registered
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Item 2.02 |
Results of Operations and Financial Condition
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Item 9.01 |
Financial Statements and Exhibits
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(d) |
Exhibits
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Press Release dated July 30, 2024 announcing the results of operations and financial condition for the first quarter ended June 30, 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/ Neil D. Brinker
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||
Neil D.Brinker
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||
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President and Chief Executive Officer
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Date: July 30, 2024
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• |
Net sales of $661.5 million increased 6 percent from the prior year, organic sales increased 4 percent
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• |
Operating income of $74.4 million increased 12 percent from the prior year
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• |
Adjusted EBITDA of $100.9 million increased $20.5 million, or 25 percent, from the prior year
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• |
Earnings per share of $0.88 increased $0.03, or 4 percent, from the prior year
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• |
Adjusted earnings per share of $1.04 increased $0.19, or 22 percent, from the prior year
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• |
Net sales growth between 6 percent to 11 percent
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• |
Adjusted EBITDA of $375 million to $395 million, an increase of 19 percent to 26 percent over the prior year
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• |
Adjusted earnings per share of $3.65 to $3.95
|
• |
Climate Solutions segment sales were $357.3 million, compared with $286.7 million one year ago, an increase of 25 percent, including $41.1 million of sales from acquired businesses. Organic sales
increased 10 percent. This increase was driven by higher sales of data center cooling products, which were partially offset by lower sales of heat transfer products. The segment reported gross margin of 28.2 percent, which was 180 basis
points higher than the prior year, primarily due to favorable sales mix. The segment reported operating income of $59.8 million, a 23 percent increase from the prior year. Adjusted EBITDA was $71.9 million, an increase of $17.2 million, or 31
percent, from the prior year.
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• |
Performance Technologies segment sales were $309.0 million, compared with $343.1 million one year ago, a decrease of 10 percent. Excluding the impact of divestitures, which was $24.3 million in the
quarter, organic sales decreased 1 percent. This decrease primarily resulted from lower sales to off-highway and automotive customers, partially offset by higher sales to commercial vehicle customers. The segment reported gross margin of 20.6
percent, up 550 basis points from the prior year, primarily due to higher average selling prices and lower material costs. The segment reported operating income of $31.5 million, a $3.9 million improvement compared to the prior year,
primarily due to higher gross profit partially offset by higher SG&A and restructuring expenses as compared to the prior year. Adjusted EBITDA was $43.7 million, an increase of $8.7 million, or 25 percent, from the prior year.
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Fiscal 2025
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Current Outlook
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Net Sales
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+6 percent to 11 percent
|
Adjusted EBITDA
|
$375 to $395 million
|
Adjusted EPS
|
$3.65 to $3.95
|
Three months ended June 30,
|
||||||||
2024
|
2023
|
|||||||
Net sales
|
$
|
661.5
|
$
|
622.4
|
||||
Cost of sales
|
498.9
|
494.5
|
||||||
Gross profit
|
162.6
|
127.9
|
||||||
Selling, general & administrative expenses
|
82.8
|
61.4
|
||||||
Restructuring expenses
|
5.4
|
-
|
||||||
Operating income
|
74.4
|
66.5
|
||||||
Interest expense
|
(7.5
|
)
|
(5.9
|
)
|
||||
Other expense – net
|
(0.3
|
)
|
(0.6
|
)
|
||||
Earnings before income taxes
|
66.6
|
60.0
|
||||||
Provision for income taxes
|
(18.8
|
)
|
(14.7
|
)
|
||||
Net earnings
|
47.8
|
45.3
|
||||||
Net earnings attributable to noncontrolling interest
|
(0.5
|
)
|
(0.5
|
)
|
||||
Net earnings attributable to Modine
|
$
|
47.3
|
$
|
44.8
|
||||
Net earnings per share attributable to Modine shareholders – diluted
|
$
|
0.88
|
$
|
0.85
|
||||
Weighted-average shares outstanding – diluted
|
53.9
|
53.0
|
Condensed consolidated balance sheets (unaudited)
|
||||||||
(In millions)
|
||||||||
June 30, 2024
|
March 31, 2024
|
|||||||
Assets
|
||||||||
Cash and cash equivalents
|
$
|
72.9
|
$
|
60.1
|
||||
Trade receivables
|
438.1
|
422.9
|
||||||
Inventories
|
350.0
|
357.9
|
||||||
Other current assets
|
52.8
|
53.1
|
||||||
Total current assets
|
913.8
|
894.0
|
||||||
Property, plant and equipment – net
|
363.7
|
365.7
|
||||||
Intangible assets – net
|
170.7
|
188.3
|
||||||
Goodwill
|
237.4
|
230.9
|
||||||
Deferred income taxes
|
67.0
|
75.1
|
||||||
Other noncurrent assets
|
113.8
|
97.5
|
||||||
Total assets
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$
|
1,866.4
|
$
|
1,851.5
|
||||
Liabilities and shareholders' equity
|
||||||||
Debt due within one year
|
$
|
30.2
|
$
|
31.7
|
||||
Accounts payable
|
274.3
|
283.4
|
||||||
Other current liabilities
|
203.8
|
230.7
|
||||||
Total current liabilities
|
508.3
|
545.8
|
||||||
Long-term debt
|
405.7
|
399.9
|
||||||
Other noncurrent liabilities
|
156.1
|
150.3
|
||||||
Total liabilities
|
1,070.1
|
1,096.0
|
||||||
Total equity
|
796.3
|
755.5
|
||||||
Total liabilities & equity
|
$
|
1,866.4
|
$
|
1,851.5
|
Three months ended June 30,
|
||||||||
2024
|
2023
|
|||||||
Cash flows from operating activities:
|
||||||||
Net earnings
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$
|
47.8
|
$
|
45.3
|
||||
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
19.1
|
13.7
|
||||||
Stock-based compensation expense
|
4.2
|
1.5
|
||||||
Deferred income taxes
|
6.1
|
3.1
|
||||||
Other – net
|
1.5
|
1.4
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Trade accounts receivable
|
(18.1
|
)
|
(2.7
|
)
|
||||
Inventories
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6.0
|
(7.9
|
)
|
|||||
Accounts payable
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6.5
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(9.5
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)
|
|||||
Other assets and liabilities
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(32.6
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)
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(3.2
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)
|
||||
Net cash provided by operating activities
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40.5
|
41.7
|
||||||
Cash flows from investing activities:
|
||||||||
Expenditures for property, plant and equipment
|
(26.8
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)
|
(15.1
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)
|
||||
Other – net
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0.3
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(3.3
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)
|
|||||
Net cash used for investing activities
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(26.5
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)
|
(18.4
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)
|
||||
Cash flows from financing activities:
|
||||||||
Net increase in debt
|
4.5
|
4.5
|
||||||
Other – net
|
(4.5
|
)
|
(0.8
|
)
|
||||
Net cash provided by financing activities
|
-
|
3.7
|
||||||
Effect of exchange rate changes on cash
|
(1.1
|
)
|
(0.2
|
)
|
||||
Net increase in cash, cash equivalents and restricted cash
|
12.9
|
26.8
|
||||||
Cash, cash equivalents and restricted cash - beginning of period
|
60.3
|
67.2
|
||||||
Cash, cash equivalents and restricted cash - end of period
|
$
|
73.2
|
$
|
94.0
|
Three months ended June 30,
|
||||||||
2024
|
2023
|
|||||||
Net sales:
|
||||||||
Climate Solutions
|
$
|
357.3
|
$
|
286.7
|
||||
Performance Technologies
|
309.0
|
343.1
|
||||||
Segment total
|
666.3
|
629.8
|
||||||
Corporate and eliminations
|
(4.8
|
)
|
(7.4
|
)
|
||||
Net sales
|
$
|
661.5
|
$
|
622.4
|
Three months ended June 30,
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||||||||||||||||
2024
|
2023
|
|||||||||||||||
Gross profit:
|
$'s
|
% of sales
|
$'s
|
% of sales
|
||||||||||||
Climate Solutions
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$
|
100.8
|
28.2
|
%
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$
|
75.8
|
26.4
|
%
|
||||||||
Performance Technologies
|
63.5
|
20.6
|
%
|
51.9
|
15.1
|
%
|
||||||||||
Segment total
|
164.3
|
24.7
|
%
|
127.7
|
20.3
|
%
|
||||||||||
Corporate and eliminations
|
(1.7
|
)
|
-
|
0.2
|
-
|
|||||||||||
Gross profit
|
$
|
162.6
|
24.6
|
%
|
$
|
127.9
|
20.6
|
%
|
Three months ended June 30,
|
||||||||
2024
|
2023
|
|||||||
Operating income:
|
||||||||
Climate Solutions
|
$
|
59.8
|
$
|
48.6
|
||||
Performance Technologies
|
31.5
|
27.6
|
||||||
Segment total
|
91.3
|
76.2
|
||||||
Corporate and eliminations
|
(16.9
|
)
|
(9.7
|
)
|
||||
Operating income
|
$
|
74.4
|
$
|
66.5
|
Three months ended June 30,
|
||||||||
2024
|
2023
|
|||||||
Net earnings
|
$
|
47.8
|
$
|
45.3
|
||||
Interest expense
|
7.5
|
5.9
|
||||||
Provision for income taxes
|
18.8
|
14.7
|
||||||
Depreciation and amortization expense
|
19.1
|
13.7
|
||||||
Other expense – net
|
0.3
|
0.6
|
||||||
Restructuring expenses (a)
|
5.4
|
-
|
||||||
Acquisition and integration costs (b)
|
1.9
|
-
|
||||||
Environmental charges (c)
|
0.1
|
0.2
|
||||||
Adjusted EBITDA
|
$
|
100.9
|
$
|
80.4
|
||||
Net earnings per share attributable to Modine shareholders - diluted
|
$
|
0.88
|
$
|
0.85
|
||||
Restructuring expenses (a)
|
0.09
|
-
|
||||||
Acquisition and integration costs (b)
|
0.07
|
-
|
||||||
Adjusted earnings per share
|
$
|
1.04
|
$
|
0.85
|
(a) |
Restructuring expenses primarily consist of employee severance expenses related to targeted headcount reductions in the Performance Technologies segment, including those associated
with the closure of a technical service center in Europe, and equipment transfer costs. The tax benefit related to restructuring expenses during the first quarter of fiscal 2025 was $0.4 million.
|
(b) |
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. The adjustment in the first quarter of fiscal 2025 includes $1.6 million recorded at Corporate for the impact of an inventory purchase accounting adjustment. The Company wrote up acquired inventory to
its estimated fair value and charged the write-up to cost of sales as the underlying inventory was sold. The fiscal 2025 costs also include fees for accounting and legal professional services and incremental costs directly associated with
integration activities. In addition, for purposes of calculating adjusted EPS, the Company also adjusted for $2.7 million of incremental amortization expense recorded in the Climate Solutions segment during the first quarter of fiscal 2025
associated with the acquired order backlog intangible asset, which will be substantially amortized by the end of fiscal 2025.The tax benefit related to the acquisition related costs and adjustments for fiscal 2025 was $1.0 million.
|
(c) |
Environmental charges, including related legal costs, are recorded as SG&A expenses at Corporate and relate to previously-owned facilities.
|
Three months ended June 30, 2024
|
Three months ended June 30, 2023
|
|||||||||||||||||||||||||||||||
Climate
Solutions
|
Performance
Technologies
|
Corporate and
eliminations
|
Total
|
Climate
Solutions
|
Performance Technologies
|
Corporate and
eliminations
|
Total
|
|||||||||||||||||||||||||
Operating income
|
$
|
59.8
|
$
|
31.5
|
$
|
(16.9
|
)
|
$
|
74.4
|
$
|
48.6
|
$
|
27.6
|
$
|
(9.7
|
)
|
$
|
66.5
|
||||||||||||||
Depreciation and amortization expense
|
11.9
|
7.0
|
0.2
|
19.1
|
6.1
|
7.4
|
0.2
|
13.7
|
||||||||||||||||||||||||
Restructuring expenses (a)
|
0.2
|
5.2
|
-
|
5.4
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Acquisition and integration costs (a)
|
-
|
-
|
1.9
|
1.9
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Environmental charges (a)
|
-
|
-
|
0.1
|
0.1
|
-
|
-
|
0.2
|
0.2
|
||||||||||||||||||||||||
Adjusted EBITDA
|
$
|
71.9
|
$
|
43.7
|
$
|
(14.7
|
)
|
$
|
100.9
|
$
|
54.7
|
$
|
35.0
|
$
|
(9.3
|
)
|
$
|
80.4
|
||||||||||||||
Net sales
|
$
|
357.3
|
$
|
309.0
|
$
|
(4.8
|
)
|
$
|
661.5
|
$
|
286.7
|
$
|
343.1
|
$
|
(7.4
|
)
|
$
|
622.4
|
||||||||||||||
Adjusted EBITDA margin
|
20.1
|
%
|
14.1
|
%
|
15.3
|
%
|
19.1
|
%
|
10.2
|
%
|
12.9
|
%
|
(a)
|
See the Adjusted EBITDA reconciliation on the previous page for information on restructuring expenses and other adjustments.
|
Net debt (unaudited)
|
||||||||
(In millions)
|
||||||||
June 30, 2024
|
March 31, 2024
|
|||||||
Debt due within one year
|
$
|
30.2
|
$
|
31.7
|
||||
Long-term debt
|
405.7
|
399.9
|
||||||
Total debt
|
435.9
|
431.6
|
||||||
Less: cash and cash equivalents
|
72.9
|
60.1
|
||||||
Net debt
|
$
|
363.0
|
$
|
371.5
|
Free cash flow (unaudited)
|
||||||||
(In millions)
|
||||||||
Three months ended June 30,
|
||||||||
2024
|
2023
|
|||||||
Net cash provided by operating activities
|
$
|
40.5
|
$
|
41.7
|
||||
Expenditures for property, plant and equipment
|
(26.8
|
)
|
(15.1
|
)
|
||||
Free cash flow
|
$
|
13.7
|
$
|
26.6
|
Three months ended June 30, 2024
|
Three months ended June 30, 2023
|
|||||||||||||||||||||||||||||||
External
Sales |
Effect of
Exchange Rate
Changes
|
Effect of
Acquisitions
|
Organic
Sales
|
External
Sales
|
Effect of
Dispositions
|
Sales
Excluding
Dispositions
|
Organic Sales
Growth
|
|||||||||||||||||||||||||
Net sales:
|
||||||||||||||||||||||||||||||||
Climate Solutions
|
$
|
357.2
|
$
|
0.7
|
$
|
(41.1
|
)
|
$
|
316.8
|
$
|
286.7
|
$
|
-
|
$
|
286.7
|
10
|
%
|
|||||||||||||||
Performance Technologies
|
304.3
|
3.4
|
-
|
307.7
|
335.7
|
(24.3
|
)
|
311.4
|
-1
|
%
|
||||||||||||||||||||||
Net Sales
|
$
|
661.5
|
$
|
4.1
|
$
|
(41.1
|
)
|
$
|
624.5
|
$
|
622.4
|
$
|
(24.3
|
)
|
$
|
598.1
|
4
|
%
|
Document and Entity Information |
Jul. 30, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Jul. 30, 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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