Modine Reports Fourth Quarter and Full Year Fiscal 2021 Results
Modine Manufacturing Company (NYSE: MOD) reported financial results for Q4 and FY ending March 31, 2021. Q4 net sales rose to $514.9 million, a 9% increase from last year. However, impairment charges of $32.4 million in the Automotive segment led to an operating loss of $14.3 million and a net loss per share of $0.29. For the full year, net sales decreased to $1.8 billion, down 8%, with a net loss per share of $4.11. Notably, adjusted earnings per share improved to $1.14 from $1.05 previously, reflecting operational resilience.
- Q4 net sales increased to $514.9 million, a 9% year-over-year growth.
- Adjusted earnings per share improved to $0.51, up from $0.24 in the prior year.
- Strong cash flow reported with $149.8 million from operating activities.
- Impairment charges of $32.4 million led to a Q4 operating loss of $14.3 million.
- Full year net sales decreased 8% to $1.8 billion.
- Full year adjusted EBITDA decreased by $9.6 million.
RACINE, Wis., May 26, 2021 /PRNewswire/ -- Modine Manufacturing Company (NYSE: MOD), a diversified global leader in thermal management technology and solutions, today reported financial results for the quarter and fiscal year ended March 31, 2021.
Fourth Quarter Highlights:
- Net sales of
$514.9 million increased 9 percent from the prior year - Impairment charges of
$32.4 million related to assets in the Automotive segment resulted in operating loss of$14.3 million and net loss per share of$0.29 - Adjusted EBITDA of
$42.2 million , down$1.9 million from the prior year - Adjusted earnings per share of
$0.51 , up$0.27 from$0.24 in the prior year
Full Year Highlights:
- Net sales of
$1.8 billion decreased 8 percent from the prior year - Impairment charges and income tax valuation allowance charges resulted in an operating loss of
$97.7 million and net loss per share of$4.11 - Adjusted EBITDA of
$164.8 million , down$9.6 million from the prior year - Adjusted earnings per share of
$1.14 compared to$1.05 in the prior year - Strong cash flow, with
$149.8 million of cash flow from operating activities and$117.1 million of free cash flow
"Our fiscal fourth quarter performance was in line with expectations as our markets continue to recover," said Modine President and Chief Executive Officer, Neil D. Brinker. "The Building HVAC segment delivered another impressive quarter with significant in
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