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Jun 30, 2021
Modine Q1 2022 Earnings Report
Modine's first quarter performance reflected strong top-line performance driven by continued market improvement and focused execution.
Key Takeaways
Modine Manufacturing Company reported a 42 percent increase in net sales to $494.6 million compared to the prior year. Operating income was $8.7 million, a $11.9 million increase. Earnings per share was $0.04, and adjusted earnings per share was $0.20.
Net sales increased 42 percent from the prior year.
Operating income increased $11.9 million.
Adjusted EBITDA increased $12.8 million or 62 percent.
Earnings per share was $0.04 and adjusted earnings per share was $0.20.
Modine
Modine
Forward Guidance
Modine is maintaining its full-year guidance despite ongoing inflationary pressures and supply chain concerns. Full fiscal year-over-year sales are expected to be up 12 to 18 percent, and adjusted EBITDA is expected to be $170 million to $185 million.
Positive Outlook
- Accelerating data center growth
- Improving CIS margins
- Focusing on opportunities in alternative powertrains
- Implementing an organizational structure to support our 80/20 strategy
- Higher sustainable growth rates
Challenges Ahead
- Ongoing inflationary pressures
- Supply chain concerns
- Low visibility of restructuring expenses
- Unpredictability of expenses
- Uncertainty regarding impacts of Brexit