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Dec 31, 2020
Modine Q3 2021 Earnings Report
Modine's financial performance improved due to market recovery and cost control.
Key Takeaways
Modine reported a 2% increase in net sales to $484.3 million, driven by favorable currency impacts and higher sales volume in the Heavy Duty Equipment segment. Adjusted EPS increased to $0.41, and strong cash flow resulted in $122.8 million of free cash flow year-to-date. The company maintains its fiscal 2021 outlook.
Net sales increased 2 percent from the prior year, primarily due to favorable currency impacts
Adjusted EBITDA of $46.7 million, up 7 percent from prior year on a 160 basis point improvement in gross margin
Adjusted earnings per share of $0.41, up $0.04 from prior year
Strong cash flow, with $146.5 million of cash flow from operating activities and $122.8 million of free cash flow on a year-to-date basis
Modine
Modine
Forward Guidance
Modine is maintaining its fiscal 2021 outlook, anticipating ongoing recovery in certain end markets, partially offset by new tariffs and rising raw material costs, along with the reversal of temporary COVID-related cost reduction measures.