Modine Q1 2023 Earnings Report
Key Takeaways
Modine Manufacturing Company reported a 9 percent increase in net sales to $541.0 million, with operating income increasing by $16.9 million to $25.6 million. Earnings per share rose to $0.27, and adjusted earnings per share reached $0.32. The Climate Solutions segment led revenue and earnings growth.
Net sales increased 9 percent to $541.0 million compared to the prior year.
Operating income increased $16.9 million from the prior year, reaching $25.6 million.
Earnings per share was $0.27, compared to $0.04 in the prior year
Adjusted earnings per share was $0.32, compared to $0.20 in the prior year.
Modine
Modine
Modine Revenue by Segment
Forward Guidance
Modine is reiterating its outlook for fiscal 2023 with full fiscal year-over-year sales expected to be up 6 to 12 percent and adjusted EBITDA of $180 million to $195 million.
Positive Outlook
- End markets expected to remain robust.
- Operations benefiting from actions to simplify business
- Operations benefiting from actions to focus the organization
- Operations benefiting from actions to improve profitability
- Strategic transformation is supporting strong fiscal 2023
Challenges Ahead
- Uncertainty created by geopolitical risks
- Uncertainty created by economic risks
Revenue & Expenses
Visualization of income flow from segment revenue to net income