Loading...
•
Dec 31, 2023
Modine Q3 2024 Earnings Report
Modine's Q3 2024 earnings were reported, showcasing growth in target markets and improvements from 80/20 initiatives.
Key Takeaways
Modine reported third quarter fiscal year 2024 results with net sales of $561.4 million and operating income of $61.7 million. EPS was $0.83 and adjusted EPS was $0.74. The company raised its full-year earnings guidance due to strong third quarter results.
Net sales of $561.4 million, in line with the prior year including divestiture impact.
Operating income of $61.7 million increased $22.2 million, or 56 percent, from the prior year.
Adjusted EBITDA of $73.9 million increased $20.6 million, or 39 percent, from the prior year.
Earnings per share of $0.83 compared to $0.46 in the prior year.
Modine
Modine
Modine Revenue by Segment
Revenue by Segment
Climate Solutions Revenue
CapyFin.comPerformance Technologies Revenue
CapyFin.com Forward Guidance
Modine adjusted its outlook for net sales to reflect the recent automotive divestitures in Germany and to reflect the impact of ongoing market weakness for heat transfer and heating products. The company raised its full-year earnings guidance driven by the strong third quarter results and significant 80/20 progress.
Positive Outlook
- Net sales are expected to increase by 4% to 7%.
- Adjusted EBITDA is projected to be $305 million to $313 million.
- Strong third quarter results.
- Significant 80/20 progress.
- Business transformation remains on track or ahead of schedule.
Challenges Ahead
- Recent automotive divestitures in Germany.
- Ongoing market weakness for heat transfer and heating products.
- Closure costs totaling approximately $8.0 million to $12.0 million related to restructuring plan.
- Low visibility and unpredictability of certain cash and non-cash expenses or gains.
- Potential adverse developments or disruptions in the global economy and financial markets.
Revenue & Expenses
Visualization of income flow from segment revenue to net income