Modine Q3 2020 Earnings Report
Key Takeaways
Modine Manufacturing Company reported a decrease in net sales by 12% to $473.4 million compared to the prior year, driven by market-related volume declines in the VTS segment and lower data center and refrigeration sales in the CIS segment. Earnings per share was $0.02, while adjusted earnings per share was $0.37. The company raised its adjusted EPS guidance range for fiscal 2020 due to a lower expected tax rate and confirmed sales and adjusted operating income guidance.
Net sales decreased 12 percent from the prior year to $473.4 million.
Operating income declined to $8.2 million, with adjusted operating income at $24.0 million.
Earnings per share was $0.02, and adjusted earnings per share was $0.37.
Adjusted EPS guidance range for fiscal 2020 was raised due to lower expected tax rate, while sales and adjusted operating income guidance were confirmed.
Modine
Modine
Forward Guidance
Modine provided its updated forecasted outlook for fiscal 2020, which remains inclusive of the automotive business in its VTS segment, with full year year-over-year sales down 7 to 12 percent; adjusted operating income of $85 million to $95 million; and adjusted earnings per share of $0.85 to $1.00.