Loading...
•
Mar 31, 2020
Modine Q4 2020 Earnings Report
Fourth quarter results exceeded expectations and the company amended credit agreement to increase flexibility.
Key Takeaways
Modine Manufacturing Company reported a decrease in net sales by 15% in Q4 2020 compared to the prior year, driven by market-related volume declines and COVID-19 related plant closures. The company's operating income also declined, impacted by lower gross profit and asset impairment charges.
Net sales decreased 15 percent to $472.9 million.
Operating income declined to $5.6 million.
Loss per share was $0.13 and adjusted earnings per share was $0.24.
Automotive business sale temporarily delayed, but the Company will resume the process as soon as possible.
Modine
Modine
Forward Guidance
The Company is not providing a financial outlook at this time due to the significant uncertainty regarding the short-term and longer-term business impacts of the COVID-19 pandemic.