Modine Reports Second Quarter Fiscal 2025 Results
Strong quarterly results driven by strategic acquisitions and organic data center growth
Second Quarter Highlights:
- Net sales of
$658.0 million increased 6 percent from the prior year - Operating income of
$75.3 million increased 15 percent from the prior year - Adjusted EBITDA of
$99.8 million increased$18.6 million , or 23 percent, from the prior year - Earnings per share of
$0.86 decreased$0.01 from the prior year - Adjusted earnings per share of
$0.97 increased$0.08 , or 9 percent, from the prior year
"Our strong second quarter results benefited from continued momentum in some of our key end markets," said Modine President and Chief Executive Officer,
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
$366.4 million , compared with$289.2 million one year ago, an increase of 27 percent, including$53.4 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$64.7 million , a 37 percent increase from the prior year. Adjusted EBITDA was$78.8 million , an increase of$25.2 million , or 47 percent, from the prior year.
- Performance Technologies segment sales were
$297.5 million , compared with$337.3 million one year ago, a decrease of 12 percent. Excluding the impact of divestitures, which was$21.9 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 inBrazil . The segment reported operating income of$30.8 million , a$0.4 million decrease compared to the prior year, primarily due to higher restructuring expenses as compared to the prior year. Adjusted EBITDA was$41.0 million , an increase of$2.1 million , or 5 percent, from the prior year.
Balance Sheet & Liquidity
Net cash provided by operating activities for the six months ended
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
Conference Call and Webcast
Modine will conduct a conference call and live webcast, with a slide presentation, on
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
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.
Consolidated statements of operations (unaudited) (In millions, except per share amounts) |
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Three months ended |
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Six months ended |
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2024 |
|
2023 |
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2024 |
|
2023 |
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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) |
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Assets |
|
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|
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Cash and cash equivalents |
|
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|
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$ |
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 |
|
|
|
|
|
|
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 |
|
|
|
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Liabilities and shareholders' equity |
|
|
|
|
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|
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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 |
|
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|
|
|
152.2 |
|
|
150.3 |
Total liabilities |
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|
1,048.2 |
|
|
1,096.0 |
Total equity |
|
|
|
|
|
867.4 |
|
|
755.5 |
Total liabilities & equity |
|
|
|
|
$ |
1,915.6 |
|
$ |
1,851.5 |
|
Condensed consolidated statements of cash flows (unaudited) (In millions) |
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Six months ended |
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2024 |
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2023 |
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Cash flows from operating activities: |
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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 |
|
|
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Cash flows from investing activities: |
|
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|
|
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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) |
|
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Cash flows from financing activities: |
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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) |
|
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|
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Effect of exchange rate changes on cash |
|
|
0.7 |
|
|
(1.9) |
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Net increase in cash, cash equivalents and restricted cash |
|
|
18.6 |
|
|
55.9 |
|
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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 |
|
Segment operating results (unaudited) (In millions) |
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Three months ended |
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Six months ended |
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2024 |
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2023 |
|
2024 |
|
2023 |
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Net sales: |
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Climate Solutions |
|
|
|
|
|
|
|
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|
|
|
$ |
366.4 |
|
$ |
289.2 |
|
$ |
723.7 |
|
$ |
575.9 |
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Performance Technologies |
|
|
|
|
|
|
|
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|
297.5 |
|
|
337.3 |
|
|
606.5 |
|
|
680.4 |
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Segment total |
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|
663.9 |
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|
626.5 |
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|
1,330.2 |
|
|
1,256.3 |
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Corporate and eliminations |
|
|
|
|
|
|
|
|
|
|
|
|
(5.9) |
|
|
(6.0) |
|
|
(10.7) |
|
|
(13.4) |
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Net sales |
|
|
|
|
|
|
|
|
|
|
|
$ |
658.0 |
|
$ |
620.5 |
|
$ |
1,319.5 |
|
$ |
1,242.9 |
|
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Three months ended |
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Six months ended |
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2024 |
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2023 |
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2024 |
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2023 |
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$'s |
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% of sales |
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$'s |
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% of sales |
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$'s |
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% of sales |
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$'s |
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% of sales |
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Gross profit: |
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|
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|
|
|
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|
|
|
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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 |
% |
|
|
|
|
|
|
|
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|
|
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|
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|
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Three months ended |
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Six months ended |
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|
2024 |
|
2023 |
|
2024 |
|
2023 |
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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 |
|
|
Adjusted financial results (unaudited) (In millions, except per share amounts) |
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Three months ended |
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Six months ended |
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2024 |
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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 |
|
|
(c) |
Environmental charges, including related legal costs, are recorded as SG&A expenses at Corporate and relate to previously-owned facilities. |
Segment adjusted financial results (unaudited) (In millions) |
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Three months ended |
|
||||||||||||||||||||
|
|
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 |
|
Six months ended |
|
||||||||||||||||||||
|
|
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. |
|
||||||||||||||||||||||||
|
|
Net debt (unaudited) (In millions) |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
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 |
|
Six months ended |
||||||||
|
|
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 |
|
Three months ended |
|
|
|
|||||||||||||||||
|
|
|
|
|
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) |
% |
|
|
$ |
658.0 |
|
$ |
0.2 |
|
$ |
(53.4) |
|
$ |
604.8 |
|
$ |
620.5 |
|
$ |
(21.9) |
|
$ |
598.6 |
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended |
|
Six months ended |
|
|
|
|||||||||||||||||
|
|
|
|
|
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) |
% |
|
|
$ |
1,319.5 |
|
$ |
4.3 |
|
$ |
(94.5) |
|
$ |
1,229.3 |
|
$ |
1,242.9 |
|
$ |
(46.2) |
|
$ |
1,196.7 |
|
3 |
% |
|
(262) 636-1687
kathleen.t.powers@modine.com
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SOURCE Modine