Modine Reports Second Quarter Fiscal 2025 Results
Modine (NYSE: MOD) reported strong Q2 fiscal 2025 results with net sales increasing 6% to $658.0 million. Operating income grew 15% to $75.3 million, while Adjusted EBITDA rose 23% to $99.8 million. The company's performance was driven by data center revenue growth and the Scott Springfield acquisition, despite lower volumes in vehicular markets. The Climate Solutions segment saw a 27% sales increase to $366.4 million, while Performance Technologies segment sales decreased 12% to $297.5 million. Earnings per share was $0.86, with adjusted EPS increasing 9% to $0.97.
Modine (NYSE: MOD) ha riportato risultati solidi per il secondo trimestre dell'esercizio fiscale 2025, con vendite netti in aumento del 6% a 658,0 milioni di dollari. L'utile operativo è cresciuto del 15% a 75,3 milioni di dollari, mentre l'EBITDA rettificato è aumentato del 23% a 99,8 milioni di dollari. La performance dell'azienda è stata guidata dalla crescita dei ricavi dei data center e dall'acquisizione di Scott Springfield, nonostante una diminuzione dei volumi nei mercati veicolari. Il segmento delle Soluzioni Climatiche ha registrato un aumento delle vendite del 27% a 366,4 milioni di dollari, mentre le vendite del segmento Tecnologie per le Prestazioni sono diminuite del 12% a 297,5 milioni di dollari. L'utile per azione è stato di 0,86 dollari, con l'utile per azione rettificato che è aumentato del 9% a 0,97 dollari.
Modine (NYSE: MOD) reportó resultados sólidos para el segundo trimestre del año fiscal 2025, con ventas netas aumentando un 6% hasta 658,0 millones de dólares. El ingreso operativo creció un 15% hasta 75,3 millones de dólares, mientras que el EBITDA ajustado subió un 23% hasta 99,8 millones de dólares. El desempeño de la empresa fue impulsado por el crecimiento de los ingresos de los centros de datos y la adquisición de Scott Springfield, a pesar de los menores volúmenes en los mercados de vehículos. El segmento de Soluciones Climáticas vio un aumento del 27% en ventas a 366,4 millones de dólares, mientras que las ventas del segmento de Tecnologías de Rendimiento disminuyeron un 12% a 297,5 millones de dólares. Las ganancias por acción fueron de 0,86 dólares, con las ganancias por acción ajustadas aumentando un 9% hasta 0,97 dólares.
모딘(Modine) (NYSE: MOD)은 2025 회계 연도 2분기 강력한 실적을 발표했으며, 순매출은 6% 증가하여 6억 5800만 달러에 달했습니다. 운영 이익은 15% 증가하여 7530만 달러에 이르렀고, 조정 EBITDA는 23% 증가하여 9980만 달러를 기록했습니다. 회사의 실적은 데이터 센터 수익의 증가와 스콧 스프링필드 인수에 의해 주도되었으며, 차량 시장의 낮은 물량에도 불구하고 좋은 성과를 올렸습니다. 기후 솔루션 부문은 판매가 27% 증가하여 3억 6640만 달러에 이르렀고, 성능 기술 부문은 판매가 12% 감소하여 2억 9750만 달러에 달했습니다. 주당 순이익은 0.86달러였으며, 조정 후 주당 순이익은 9% 증가하여 0.97달러가 되었습니다.
Modine (NYSE: MOD) a annoncé des résultats solides pour le deuxième trimestre de l'exercice fiscal 2025, avec des ventes nettes en hausse de 6 % à 658,0 millions de dollars. Le résultat d'exploitation a augmenté de 15 % pour atteindre 75,3 millions de dollars, tandis que l'EBITDA ajusté a crû de 23 % pour atteindre 99,8 millions de dollars. Les performances de l'entreprise ont été soutenues par la croissance des revenus des centres de données et l'acquisition de Scott Springfield, malgré des volumes plus faibles sur les marchés des véhicules. Le segment des Solutions Climatiques a enregistré une augmentation des ventes de 27 % à 366,4 millions de dollars, tandis que les ventes du segment Technologies de Performance ont diminué de 12 % à 297,5 millions de dollars. Le bénéfice par action était de 0,86 dollar, avec un bénéfice par action ajusté en hausse de 9 % à 0,97 dollar.
Modine (NYSE: MOD) hat starke Ergebnisse für das zweite Quartal des Geschäftsjahres 2025 berichtet, mit einem Anstieg der Nettoumsätze um 6 % auf 658,0 Millionen US-Dollar. Das Betriebsergebnis wuchs um 15 % auf 75,3 Millionen US-Dollar, während das bereinigte EBITDA um 23 % auf 99,8 Millionen US-Dollar stieg. Die Leistung des Unternehmens wurde durch das Umsatzwachstum im Rechenzentrum und die Akquisition von Scott Springfield angetrieben, trotz rückläufiger Volumina in den Fahrzeugmärkten. Der Klimaschutzbereich verzeichnete einen Umsatzanstieg von 27 % auf 366,4 Millionen US-Dollar, während der Umsatz im Bereich Leistungstechnologien um 12 % auf 297,5 Millionen US-Dollar sank. Der Gewinn pro Aktie betrug 0,86 US-Dollar, während der bereinigte Gewinn pro Aktie um 9 % auf 0,97 US-Dollar stieg.
- Net sales increased 6% to $658.0 million
- Operating income grew 15% to $75.3 million
- Adjusted EBITDA increased 23% to $99.8 million
- Climate Solutions segment sales up 27% to $366.4 million
- Gross margin improved by 340 basis points to 25.2%
- Net debt decreased by $44.7 million from fiscal 2024 end
- Performance Technologies segment sales declined 12% to $297.5 million
- Earnings per share decreased $0.01 to $0.86
- Free cash flow decreased by $27.1 million compared to prior year
- SG&A expenses increased by $16.9 million
- Restructuring expenses of $4.5 million recorded in Q2
Insights
Modine delivered a strong Q2 FY2025 with notable improvements across key metrics. Net sales increased
The strategic acquisition of Scott Springfield Manufacturing and organic data center growth are driving significant value. Gross margin expanded by 340 basis points to
The balance sheet remains healthy with net debt reduction of
Strong quarterly results driven by strategic acquisitions and organic data center growth
Second Quarter Highlights:
- Net sales of
increased 6 percent from the prior year$658.0 million - Operating income of
increased 15 percent from the prior year$75.3 million - Adjusted EBITDA of
increased$99.8 million , or 23 percent, from the prior year$18.6 million - Earnings per share of
decreased$0.86 from the prior year$0.01 - Adjusted earnings per share of
increased$0.97 , or 9 percent, from the prior year$0.08
"Our strong second quarter results benefited from continued momentum in some of our key end markets," said Modine President and Chief Executive Officer, Neil D. Brinker. "Data center revenue growth continues to drive top-line improvement, including the significant impact from the Scott Springfield acquisition. This more than offset lower volumes in both our vehicular end markets and in our heat transfer product business. Overall, margins improved versus the prior year, which resulted in earnings growth and supported continued momentum towards our new fiscal 2027 targets."
Second Quarter Financial Results
Net sales increased 6 percent to
Gross profit increased 23 percent to
Selling, general and administrative ("SG&A") expenses increased
Operating income was
Earnings per share was
Second Quarter Segment Review
- Climate Solutions segment sales were
, compared with$366.4 million one year ago, an increase of 27 percent, including$289.2 million of sales from the recently-acquired Scott Springfield Manufacturing business. Organic sales increased 7 percent. This increase was driven by higher sales of data center cooling products, partially offset by lower sales of heat transfer products. The segment reported gross margin of 29.0 percent, which was 240 basis points higher than the prior year, primarily due to higher sales volume, favorable sales mix, and benefits from commercial pricing settlements. The segment reported operating income of$53.4 million , a 37 percent increase from the prior year. Adjusted EBITDA was$64.7 million , an increase of$78.8 million , or 47 percent, from the prior year.$25.2 million
- Performance Technologies segment sales were
, compared with$297.5 million one year ago, a decrease of 12 percent. Excluding the impact of divestitures, which was$337.3 million in the quarter, and the effect of exchange rate changes, organic sales decreased 5 percent. This decrease primarily resulted from market-related declines to automotive, off-highway and commercial vehicle customers. The segment reported gross margin of 20.2 percent, up 310 basis points from the prior year, primarily due to higher average selling prices, improved operating efficiencies, and the recognition of sales tax credits in$21.9 million Brazil . The segment reported operating income of , a$30.8 million decrease compared to the prior year, primarily due to higher restructuring expenses as compared to the prior year. Adjusted EBITDA was$0.4 million , an increase of$41.0 million , or 5 percent, from the prior year.$2.1 million
Balance Sheet & Liquidity
Net cash provided by operating activities for the six months ended September 30, 2024 was
Total debt was
Outlook
"Our outlook for the data center business continues to improve, driven by strong organic growth and the strategic actions taken over the past year, including the acquisition of Scott Springfield," added Brinker. "We are gaining share with both colocation and hyperscale customers and continue to expand our product offering and our manufacturing capacity to meet market demand. In the Performance Technologies segment, we remain focused on further advancing our 80/20 initiatives and improving our business mix, as we anticipate ongoing weakness in our vehicular markets. We are holding our current guidance ranges, as we work towards delivering another record year of revenue and earnings."
Conference Call and Webcast
Modine will conduct a conference call and live webcast, with a slide presentation, on Wednesday, October 30, 2024 at 10:00 a.m. Central Time (11:00 a.m. Eastern Time) to discuss its second quarter financial results. The webcast and accompanying slides will be available on the Investor Relations section of the Modine website at www.modine.com. Participants are encouraged to log on to the webcast and conference call about ten minutes prior to the start of the event. A replay of the audio and slides will be available on the Investor Relations section of the Modine website at www.modine.com on or after October 30, 2024. A call-in replay will be available through midnight on November 6, 2024 at 877-660-6853, (international replay 201-612-7415); Conference ID# 13748652. The Company will post a transcript of the call on its website on or after November 1, 2024.
About Modine
At Modine, we are Engineering a Cleaner, Healthier World™. Building on more than 100 years of excellence in thermal management, we provide trusted systems and solutions that improve air quality and conserve natural resources. More than 11,000 employees are at work in every corner of the globe, delivering the solutions our customers need, where they need them. Our Climate Solutions and Performance Technologies segments support our purpose by improving air quality, reducing energy and water consumption, lowering harmful emissions and enabling cleaner running vehicles and environmentally friendly refrigerants. Modine is a global company headquartered in
Forward-Looking Statements
This press release contains statements, including information about future financial performance and market conditions, accompanied by phrases such as "believes," "estimates," "expects," "plans," "anticipates," "intends," "projects," and other similar "forward-looking" statements, as defined in the Private Securities Litigation Reform Act of 1995. Modine's actual results, performance or achievements may differ materially from those expressed or implied in these statements because of certain risks and uncertainties, including, but not limited to those described under "Risk Factors" in Item 1A of Part I of the Company's Annual Report on Form 10-K for the year ended March 31, 2024 and under Forward-Looking Statements in Item 7 of Part II of that same report and in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2024. Other risks and uncertainties include, but are not limited to, the following: the impact of potential adverse developments or disruptions in the global economy and financial markets, including impacts related to inflation, energy costs, supply chain challenges or supplier constraints, logistical disruptions, tariffs, sanctions and other trade issues or cross-border trade restrictions; the impact of other economic, social and political conditions, changes and challenges in the markets where we operate and compete, including foreign currency exchange rate fluctuations, changes in interest rates, tightening of the credit markets, recession or recovery therefrom, restrictions associated with importing and exporting and foreign ownership, public health crises, and the general uncertainties, including the impact on demand for our products and the markets we serve from regulatory and/or policy changes that have been or may be implemented in the
Non-GAAP Financial Disclosures
Adjusted EBITDA, adjusted EBITDA margin, adjusted earnings per share, net debt, free cash flow, organic sales and organic sales growth (which are defined below) as used in this press release are not measures that are defined in generally accepted accounting principles (GAAP). These non-GAAP measures are used by management as performance measures to evaluate the Company's overall financial performance and liquidity. These measures are not, and should not be viewed as, substitutes for the applicable GAAP measures, and may be different from similarly-titled measures used by other companies.
Definition – Adjusted EBITDA and adjusted EBITDA margin
The Company defines adjusted EBITDA as net earnings excluding interest expense, the provision or benefit for income taxes, depreciation and amortization expenses, other income and expense, restructuring expenses, acquisition and integration costs, and certain other gains or charges. Adjusted EBITDA margin represents adjusted EBITDA as a percentage of net sales. The Company believes that adjusted EBITDA and adjusted EBITDA margin provide relevant measures of profitability and earnings power. The Company views these financial metrics as being useful in assessing operating performance from period to period by excluding certain items that it believes are not representative of its core business. Adjusted EBITDA, when calculated for the business segments, is defined as operating income excluding depreciation and amortization expenses, restructuring expenses, and certain other gains or charges.
Definition – Adjusted earnings per share
Diluted earnings per share plus restructuring expenses, acquisition and integration costs, and excluding changes in income tax valuation allowances and certain other gains or charges. Adjusted earnings per share is an overall performance measure, not including costs associated with restructuring and acquisitions and certain other gains or charges.
Definition – Net debt
The sum of debt due within one year and long-term debt, less cash and cash equivalents. Net debt is an indicator of the Company's debt position after considering on-hand cash balances.
Definition – Free cash flow
Free cash flow represents net cash provided by operating activities less expenditures for property, plant and equipment. Free cash flow presents cash generated from operations during the period that is available for strategic capital decisions.
Definition – Organic sales and organic sales growth
Net sales and net sales growth can be impacted by acquisitions, dispositions, and foreign currency exchange rate fluctuations. The Company defines organic sales as external net sales excluding the impact of acquisitions and the effects of foreign currency exchange rate fluctuations. Organic sales growth represents the percentage change of organic sales compared to prior year external net sales, excluding the impact of dispositions. The effect of exchange rate changes is calculated by using the same foreign currency exchange rates as those used to translate financial data for the prior period. The Company adjusts for acquisitions and dispositions by excluding net sales in the current and prior periods, respectively, for which there are no comparable sales in the reported periods. These sales growth measures provide a more consistent indication of our performance, without the effects of foreign currency exchange rate fluctuations or acquisitions and dispositions.
Modine Manufacturing Company Consolidated statements of operations (unaudited) (In millions, except per share amounts) | ||||||||||||
Three months ended September 30, | Six months ended September 30, | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
Net sales | $ | 658.0 | $ | 620.5 | $ | 1,319.5 | $ | 1,242.9 | ||||
Cost of sales | 492.4 | 485.4 | 991.3 | 979.9 | ||||||||
Gross profit | 165.6 | 135.1 | 328.2 | 263.0 | ||||||||
Selling, general & administrative expenses | 85.8 | 68.9 | 168.6 | 130.3 | ||||||||
Restructuring expenses | 4.5 | 0.5 | 9.9 | 0.5 | ||||||||
Operating income | 75.3 | 65.7 | 149.7 | 132.2 | ||||||||
Interest expense | (7.4) | (6.1) | (14.9) | (12.0) | ||||||||
Other (expense) income – net | (1.5) | 0.1 | (1.8) | (0.5) | ||||||||
Earnings before income taxes | 66.4 | 59.7 | 133.0 | 119.7 | ||||||||
Provision for income taxes | (20.0) | (12.8) | (38.8) | (27.5) | ||||||||
Net earnings | 46.4 | 46.9 | 94.2 | 92.2 | ||||||||
Net earnings attributable to noncontrolling interest | (0.3) | (0.4) | (0.8) | (0.9) | ||||||||
Net earnings attributable to Modine | $ | 46.1 | $ | 46.5 | $ | 93.4 | $ | 91.3 | ||||
Net earnings per share attributable to Modine shareholders | $ | 0.86 | $ | 0.87 | $ | 1.73 | $ | 1.72 | ||||
Weighted-average shares outstanding – diluted | 53.9 | 53.4 | 53.9 | 53.2 | ||||||||
Condensed consolidated balance sheets (unaudited) (In millions) | |||||||||
September 30, 2024 | March 31, 2024 | ||||||||
Assets | |||||||||
Cash and cash equivalents | $ | 78.6 | $ | 60.1 | |||||
Trade receivables | 452.9 | 422.9 | |||||||
Inventories | 366.5 | 357.9 | |||||||
Other current assets | 54.6 | 53.1 | |||||||
Total current assets | 952.6 | 894.0 | |||||||
Property, plant and equipment – net | 373.9 | 365.7 | |||||||
Intangible assets – net | 165.8 | 188.3 | |||||||
Goodwill | 240.7 | 230.9 | |||||||
Deferred income taxes | 63.3 | 75.1 | |||||||
Other noncurrent assets | 119.3 | 97.5 | |||||||
Total assets | $ | 1,915.6 | $ | 1,851.5 | |||||
Liabilities and shareholders' equity | |||||||||
Debt due within one year | $ | 46.3 | $ | 31.7 | |||||
Accounts payable | 295.1 | 283.4 | |||||||
Other current liabilities | 195.5 | 230.7 | |||||||
Total current liabilities | 536.9 | 545.8 | |||||||
Long-term debt | 359.1 | 399.9 | |||||||
Other noncurrent liabilities | 152.2 | 150.3 | |||||||
Total liabilities | 1,048.2 | 1,096.0 | |||||||
Total equity | 867.4 | 755.5 | |||||||
Total liabilities & equity | $ | 1,915.6 | $ | 1,851.5 | |||||
Modine Manufacturing Company Condensed consolidated statements of cash flows (unaudited) (In millions) | ||||||
Six months ended September 30, | ||||||
2024 | 2023 | |||||
Cash flows from operating activities: | ||||||
Net earnings | $ | 94.2 | $ | 92.2 | ||
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||||
Depreciation and amortization | 39.1 | 27.7 | ||||
Stock-based compensation expense | 9.8 | 4.6 | ||||
Deferred income taxes | 9.8 | 5.5 | ||||
Other – net | 3.4 | 3.8 | ||||
Changes in operating assets and liabilities: | ||||||
Trade accounts receivable | (25.5) | 6.7 | ||||
Inventories | (5.2) | (4.3) | ||||
Accounts payable | 21.8 | (43.3) | ||||
Other assets and liabilities | (49.6) | 17.9 | ||||
Net cash provided by operating activities | 97.8 | 110.8 | ||||
Cash flows from investing activities: | ||||||
Expenditures for property, plant and equipment | (40.3) | (26.2) | ||||
Payments for business acquisitions | (3.4) | (4.8) | ||||
Other – net | 0.5 | (3.4) | ||||
Net cash used for investing activities | (43.2) | (34.4) | ||||
Cash flows from financing activities: | ||||||
Net decrease in debt | (28.8) | (9.5) | ||||
Purchases of treasury stock | (7.8) | (10.3) | ||||
Other – net | (0.1) | 1.2 | ||||
Net cash used for financing activities | (36.7) | (18.6) | ||||
Effect of exchange rate changes on cash | 0.7 | (1.9) | ||||
Net increase in cash, cash equivalents and restricted cash | 18.6 | 55.9 | ||||
Cash, cash equivalents and restricted cash - beginning of period | 60.3 | 67.2 | ||||
Cash, cash equivalents and restricted cash - end of period | $ | 78.9 | $ | 123.1 | ||
Modine Manufacturing Company Segment operating results (unaudited) (In millions) | |||||||||||||||||||||||||
Three months ended September 30, | Six months ended September 30, | ||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||
Climate Solutions | $ | 366.4 | $ | 289.2 | $ | 723.7 | $ | 575.9 | |||||||||||||||||
Performance Technologies | 297.5 | 337.3 | 606.5 | 680.4 | |||||||||||||||||||||
Segment total | 663.9 | 626.5 | 1,330.2 | 1,256.3 | |||||||||||||||||||||
Corporate and eliminations | (5.9) | (6.0) | (10.7) | (13.4) | |||||||||||||||||||||
Net sales | $ | 658.0 | $ | 620.5 | $ | 1,319.5 | $ | 1,242.9 |
Three months ended September 30, | Six months ended September 30, | ||||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||
$'s | % of sales | $'s | % of sales | $'s | % of sales | $'s | % of sales | ||||||||||||||||||||
Gross profit: | |||||||||||||||||||||||||||
Climate Solutions | $ | 106.3 | 29.0 | % | $ | 76.9 | 26.6 | % | $ | 207.1 | 28.6 | % | $ | 152.7 | 26.5 | % | |||||||||||
Performance Technologies | 60.1 | 20.2 | % | 57.6 | 17.1 | % | 123.6 | 20.4 | % | 109.5 | 16.1 | % | |||||||||||||||
Segment total | 166.4 | 25.1 | % | 134.5 | 21.5 | % | 330.7 | 24.9 | % | 262.2 | 20.9 | % | |||||||||||||||
Corporate and eliminations | (0.8) | — | 0.6 | — | (2.5) | — | 0.8 | — | |||||||||||||||||||
Gross profit | $ | 165.6 | 25.2 | % | $ | 135.1 | 21.8 | % | $ | 328.2 | 24.9 | % | $ | 263.0 | 21.2 | % | |||||||||||
Three months ended September 30, | Six months ended September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Operating income: | |||||||||||||||||||||||
Climate Solutions | $ | 64.7 | $ | 47.1 | $ | 124.5 | $ | 95.7 | |||||||||||||||
Performance Technologies | 30.8 | 31.2 | 62.3 | 58.8 | |||||||||||||||||||
Segment total | 95.5 | 78.3 | 186.8 | 154.5 | |||||||||||||||||||
Corporate and eliminations | (20.2) | (12.6) | (37.1) | (22.3) | |||||||||||||||||||
Operating income | $ | 75.3 | $ | 65.7 | $ | 149.7 | $ | 132.2 | |||||||||||||||
Modine Manufacturing Company Adjusted financial results (unaudited) (In millions, except per share amounts) | ||||||||||||
Three months ended September 30, | Six months ended September 30, | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
Net earnings | $ | 46.4 | $ | 46.9 | $ | 94.2 | $ | 92.2 | ||||
Interest expense | 7.4 | 6.1 | 14.9 | 12.0 | ||||||||
Provision for income taxes | 20.0 | 12.8 | 38.8 | 27.5 | ||||||||
Depreciation and amortization expense | 20.0 | 14.0 | 39.1 | 27.7 | ||||||||
Other expense (income) – net | 1.5 | (0.1) | 1.8 | 0.5 | ||||||||
Restructuring expenses (a) | 4.5 | 0.5 | 9.9 | 0.5 | ||||||||
Acquisition and integration costs (b) | — | — | 1.9 | — | ||||||||
Environmental charges (c) | — | 1.0 | 0.1 | 1.2 | ||||||||
Adjusted EBITDA | $ | 99.8 | $ | 81.2 | $ | 200.7 | $ | 161.6 | ||||
Net earnings per share attributable to Modine shareholders - diluted | $ | 0.86 | $ | 0.87 | $ | 1.73 | $ | 1.72 | ||||
Restructuring expenses (a) | 0.07 | 0.01 | 0.17 | 0.01 | ||||||||
Acquisition and integration costs (b) | 0.04 | — | 0.11 | — | ||||||||
Environmental charges (c) | — | 0.01 | — | 0.01 | ||||||||
Adjusted earnings per share | $ | 0.97 | $ | 0.89 | $ | 2.01 | $ | 1.74 | ||||
(a) | Restructuring expenses primarily consist of employee severance expenses in |
(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 fiscal 2025 includes |
(c) | Environmental charges, including related legal costs, are recorded as SG&A expenses at Corporate and relate to previously-owned facilities. |
Modine Manufacturing Company Segment adjusted financial results (unaudited) (In millions) | |||||||||||||||||||||||||
Three months ended September 30, 2024 | Three months ended September 30, 2023 | ||||||||||||||||||||||||
Climate | Performance | Corporate and | Climate | Performance | Corporate and | ||||||||||||||||||||
Solutions | Technologies | eliminations | Total | Solutions | Technologies | eliminations | Total | ||||||||||||||||||
Operating income | $ | 64.7 | $ | 30.8 | $ | (20.2) | $ | 75.3 | $ | 47.1 | $ | 31.2 | $ | (12.6) | $ | 65.7 | |||||||||
Depreciation and amortization expense | 12.6 | 7.2 | 0.2 | 20.0 | 6.2 | 7.5 | 0.3 | 14.0 | |||||||||||||||||
Restructuring expenses (a) | 1.5 | 3.0 | — | 4.5 | 0.3 | 0.2 | — | 0.5 | |||||||||||||||||
Environmental charges (a) | — | — | — | — | — | — | 1.0 | 1.0 | |||||||||||||||||
Adjusted EBITDA | $ | 78.8 | $ | 41.0 | $ | (20.0) | $ | 99.8 | $ | 53.6 | $ | 38.9 | $ | (11.3) | $ | 81.2 | |||||||||
Net sales | $ | 366.4 | $ | 297.5 | $ | (5.9) | $ | 658.0 | $ | 289.2 | $ | 337.3 | $ | (6.0) | $ | 620.5 | |||||||||
Adjusted EBITDA margin | 21.5 | % | 13.8 | % | 15.2 | % | 18.5 | % | 11.5 | % | 13.1 | % | |||||||||||||
Six months ended September 30, 2024 | Six months ended September 30, 2023 | ||||||||||||||||||||||||
Climate | Performance | Corporate and | Climate | Performance | Corporate and | ||||||||||||||||||||
Solutions | Technologies | eliminations | Total | Solutions | Technologies | eliminations | Total | ||||||||||||||||||
Operating income | $ | 124.5 | $ | 62.3 | $ | (37.1) | $ | 149.7 | $ | 95.7 | $ | 58.8 | $ | (22.3) | $ | 132.2 | |||||||||
Depreciation and amortization expense | 24.5 | 14.2 | 0.4 | 39.1 | 12.3 | 14.9 | 0.5 | 27.7 | |||||||||||||||||
Restructuring expenses (a) | 1.7 | 8.2 | — | 9.9 | 0.3 | 0.2 | — | 0.5 | |||||||||||||||||
Acquisition and integration costs (a) | — | — | 1.9 | 1.9 | — | — | — | — | |||||||||||||||||
Environmental charges (a) | — | — | 0.1 | 0.1 | — | — | 1.2 | 1.2 | |||||||||||||||||
Adjusted EBITDA | $ | 150.7 | $ | 84.7 | $ | (34.7) | $ | 200.7 | $ | 108.3 | $ | 73.9 | $ | (20.6) | $ | 161.6 | |||||||||
Net sales | $ | 723.7 | $ | 606.5 | $ | (10.7) | $ | 1,319.5 | $ | 575.9 | $ | 680.4 | $ | (13.4) | $ | 1,242.9 | |||||||||
Adjusted EBITDA margin | 20.8 | % | 14.0 | % | 15.2 | % | 18.8 | % | 10.9 | % | 13.0 | % | |||||||||||||
____ | |||||||||||||||||||||||||
(a) See the Adjusted EBITDA reconciliation on the previous page for information on restructuring expenses and other adjustments. | |||||||||||||||||||||||||
Modine Manufacturing Company Net debt (unaudited) (In millions) | |||||||||
September 30, 2024 | March 31, 2024 | ||||||||
Debt due within one year | $ | 46.3 | $ | 31.7 | |||||
Long-term debt | 359.1 | 399.9 | |||||||
Total debt | 405.4 | 431.6 | |||||||
Less: cash and cash equivalents | 78.6 | 60.1 | |||||||
Net debt | $ | 326.8 | $ | 371.5 | |||||
Free cash flow (unaudited) (In millions) | ||||||||||||
Three months ended September 30, | Six months ended September 30, | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
Net cash provided by operating activities | $ | 57.3 | $ | 69.1 | $ | 97.8 | $ | 110.8 | ||||
Expenditures for property, plant and equipment | (13.5) | (11.1) | (40.3) | (26.2) | ||||||||
Free cash flow | $ | 43.8 | $ | 58.0 | $ | 57.5 | $ | 84.6 | ||||
Organic sales and organic sales growth (unaudited) (In millions) | ||||||||||||||||||||||||
Three months ended September 30, 2024 | Three months ended September 30, 2023 | |||||||||||||||||||||||
Effect of | Sales | Organic | ||||||||||||||||||||||
External | Exchange Rate | Effect of | Organic | External | Effect of | Excluding | Sales | |||||||||||||||||
Sales | Changes | Acquisitions | Sales | Sales | Dispositions | Dispositions | Growth | |||||||||||||||||
Net sales: | ||||||||||||||||||||||||
Climate Solutions | $ | 366.4 | $ | (2.4) | $ | (53.4) | $ | 310.6 | $ | 289.2 | $ | — | $ | 289.2 | 7 | % | ||||||||
Performance Technologies | 291.6 | 2.6 | — | 294.2 | 331.3 | (21.9) | 309.4 | (5) | % | |||||||||||||||
Net Sales | $ | 658.0 | $ | 0.2 | $ | (53.4) | $ | 604.8 | $ | 620.5 | $ | (21.9) | $ | 598.6 | 1 | % | ||||||||
Six months ended September 30, 2024 | Six months ended September 30, 2023 | |||||||||||||||||||||||
Effect of | Sales | Organic | ||||||||||||||||||||||
External | Exchange Rate | Effect of | Organic | External | Effect of | Excluding | Sales | |||||||||||||||||
Sales | Changes | Acquisitions | Sales | Sales | Dispositions | Dispositions | Growth | |||||||||||||||||
Net sales: | ||||||||||||||||||||||||
Climate Solutions | $ | 723.6 | $ | (1.7) | $ | (94.5) | $ | 627.4 | $ | 575.9 | $ | — | $ | 575.9 | 9 | % | ||||||||
Performance Technologies | 595.9 | 6.0 | — | 601.9 | 667.0 | (46.2) | 620.8 | (3) | % | |||||||||||||||
Net Sales | $ | 1,319.5 | $ | 4.3 | $ | (94.5) | $ | 1,229.3 | $ | 1,242.9 | $ | (46.2) | $ | 1,196.7 | 3 | % | ||||||||
Kathleen Powers
(262) 636-1687
kathleen.t.powers@modine.com
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SOURCE Modine
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