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Mar 31, 2023
Modine Q4 2023 Earnings Report
Modine reported strong fourth quarter results, driving record full year sales and earnings.
Key Takeaways
Modine reported an 8% increase in net sales to $618.1 million and a significant rise in operating income to $48.5 million, up 135% year-over-year. Earnings per share reached $1.69, a substantial increase from $0.16 in the prior year, with adjusted EPS at $0.67, marking an 18% increase.
Net sales increased by 8% compared to the prior year.
Operating income increased by $27.9 million, or 135%, from the prior year.
Earnings per share was $1.69 compared to $0.16 in the prior year.
Adjusted earnings per share of $0.67 increased $0.10, or 18%, from the prior year
Modine
Modine
Modine Revenue by Segment
Revenue by Segment
Climate Solutions Revenue
CapyFin.comPerformance Technologies Revenue
CapyFin.com Forward Guidance
Modine anticipates another record year in fiscal 2024, projecting continued margin expansion across both segments, with net sales expected to increase by 4% to 10% and adjusted EBITDA to range from $240 million to $260 million.
Positive Outlook
- Net Sales up 4% to 10%
- Adjusted EBITDA of $240 to $260 million, up 13% to 23%
- Anticipated continued margin expansion across both segments
- Climate Solutions adjusted EBITDA margin is within the 13-15 percent range targeted for fiscal 2024, a full year ahead of schedule
- Significant margin improvements in Performance Technologies
Challenges Ahead
- Potential adverse developments or disruptions in the global economy and financial markets, including impacts related to inflation and rising energy costs
- Supply chain challenges or supplier constraints
- Tariffs, sanctions and other trade issues or cross-border trade restrictions
- Foreign currency exchange rate fluctuations
- Impact of COVID-19 on the national and global economy, our business, suppliers, customers, and employees
Revenue & Expenses
Visualization of income flow from segment revenue to net income