Modine has reported second-quarter net sales down 8% to US$461m.
Second Quarter Highlights:
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- Net sales of $461.4m decreased 8% percent from the prior year
- Operating income of US$28.5m, up US$22.5m and net earnings of US$8.9m up US$13.7m
- Adjusted EBITDA of US$55.4m, up 40% from prior year on a 240 basis point improvement in gross margin and lower SG&A expenses
- Earnings per share of US$0.17 and adjusted earnings per share of US$0.43
- Significant year-over-year improvement in cash flow, with US$75.0m of cash flow from operating activities and US$69.5m of free cash flow in quarter; lowered leverage ratio to pre-pandemic levels
“We are very pleased with our second quarter results, which well exceeded our expectations,” said Modine Interim CEO, Michael Lucareli. “Higher than anticipated sales combined with cost reduction measures allowed us to deliver much improved margins, earnings and cash flow.”
“We are seeing slow but steady recovery in most of our end markets and geographies. This, along with continued controls over capex spending and positive working capital performance, led to record cash flow this quarter. We also recently announced that we reached a definitive agreement to sell the majority of our automotive business to Dana Incorporated.
“This is a critical step in our strategic transformation and allows us to avoid significant liabilities and cash investments to complete necessary restructuring in our automotive business.”
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