Modine Q3 FY2023 sales up 12% to $560M, adj. EBITDA up 36%, confirms FY guidance

MODINE MANUFACTURING CO

2023-Q3 EPS reported $1.20 revenue$1,679,800,000

Net sales $560M (+12% YoY); gross margin improved 250 bps to 17.4%.
Adjusted EBITDA $53.3M (+36% YoY); adjusted EPS $0.48 vs $0.31 prior year.
Climate Solutions segment: sales $248.6M (+9%); adj. EBITDA $35.4M (+48%).
Performance Technologies: sales $317.8M (+13%); adj. EBITDA $25.6M (+48%).
FY2023 outlook: net sales +6% to +12%; adj. EBITDA $190-$200M; expects high end.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

MODINE MANUFACTURING CO reported third quarter ended December 31, 2022 results: revenue $560.0 million, EPS $0.46. Guidance reaffirmed.

Period: third quarter ended December 31, 2022
Revenue: $560.0 million
EPS: $0.46
Guidance: reaffirmed
Result: reported results

Exact text from the filing

FOR IMMEDIATE RELEASE NEWS RELEASE Modine Reports Third Quarter Fiscal 2023 Results Double digit top-line growth and meaningful margin improvement; Company confirms earnings outlook for fiscal 2023 Racine, WI – February 1, 2023 – Modine Manufacturing Company (NYSE: MOD), a diversified global leader in thermal management technology and solutions, today reported financial results for the quarter ended December 31, 2022. Third Quarter Highlights: • Net sales of $560.0 million, increased 12 percent from the prior year • Operating income of $39.5 million, decreased $39.9 million from the prior year, due to a significant impairment reversal recorded in the prior year • Adjusted EBITDA of $53.3 million, increased $14.0 million or 36 percent, from the prior year • Earnings per share of $0.46, compared to $1.41 in the prior year, and adjusted earnings per share of $0.48, compared to $0.31 in the prior year • 80/20 focus continues to drive significant margin improvement and increased sales

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Source: SEC EDGAR

accession 0001140361-23-003856

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