• |
Net sales of $574.4 million increased 12 percent from the prior year
|
• |
Operating income of $20.6 million increased $34.9 million from the prior year operating loss
|
• |
Adjusted EBITDA of $56.7 million increased $14.5 million, or 34 percent, from the prior year
|
• |
Earnings per share of $0.16 compared to a loss per share of $0.29 in the prior year
|
• |
Adjusted earnings per share of $0.57 compared to $0.51 in the prior year
|
• |
Investor and Analyst Day planned for June 22, 2022 at the NYSE
|
• |
Net sales of $2.1 billion increased 13 percent from the prior year
|
• |
Operating income of $119.2 million increased $216.9 million from the prior year, primarily due to impairment charges related to the Automotive segment recorded in the prior year and the reversal of a portion of those charges in the current year
|
• |
Adjusted EBITDA of $158.8 million decreased $6.0 million from the prior year
|
• |
Earnings per share of $1.62 compared to a loss per share of $4.11 in the prior year
|
• |
Adjusted earnings per share of $1.23 compared to $1.14 in the prior year
|
• |
BHVAC segment sales were $101.9 million, compared with $66.9 million one year ago, an increase of 52 percent. This increase was driven by higher sales to data center and commercial HVAC customers. The higher commercial HVAC sales were driven by higher sales of heating and school ventilation products. The segment reported gross margin of 27.9 percent, which was 310 basis points lower than the prior year, primarily due to higher inflationary costs, including freight charges, and unfavorable sales mix. The segment reported operating income of $15.6 million, a 63 percent increase from the prior year. Adjusted EBITDA for the BHVAC segment was $17.4 million, an increase of $6.4 million, or 58 percent, from the prior year.
|
• |
CIS segment sales were $171.3 million, compared with $142.8 million one year ago, an increase of 20 percent. This increase was driven by higher sales to commercial HVAC and refrigeration customers and favorable pricing adjustments in response to raw material price increases. The segment reported gross margin of 18.5 percent, up 490 basis points compared with the prior year, primarily due to the positive impact of increased sales volume, favorable sales mix, pricing, and operational efficiencies. The segment reported operating income of $18.6 million, a $12.8 million improvement from the prior year, primarily due to higher gross profit on increased sales. Adjusted EBITDA for the CIS segment was $24.1 million, an increase of $11.9 million, or 98 percent, from the prior year.
|
• |
HDE segment sales were $226.1 million, compared with $207.4 million one year ago, an increase of 9 percent. This increase was driven by higher sales to off-highway, bus and specialty vehicle customers, and includes a significant impact from material pass through price increases. The segment reported gross margin of 10.7 percent, down 250 basis points from the prior year. This decrease was primarily driven by higher material prices in excess of contractual pricing adjustments along with higher freight, packaging and surcharges. The segment reported operating income of $9.6 million, a $3.6 million decrease compared to the prior year. This decrease was primarily due to lower gross profit. Adjusted EBITDA for the HDE segment was $15.6 million, a decrease of $5.2 million from the prior year.
|
• |
Automotive segment sales were $89.3 million, compared with $112.4 million one year ago, a decrease of 21 percent. This decrease was primarily driven by the sale of the air-cooled automotive business earlier this fiscal year and, to a lesser extent, the impact of the ongoing semiconductor shortage on automotive production volumes. The segment reported gross margin of 12.8 percent, down 160 basis points compared with the prior year, primarily due to lower sales volume. The segment reported an operating loss of $18.2 million, an improvement of $12.0 million from the prior year. The operating loss in the current year was negatively impacted by $20.1 million of restructuring expenses, primarily related to targeted headcount reductions in Europe. The operating loss in the prior year was negatively impacted by $32.4 million of impairment charges, which were primarily related to the air-cooled automotive business that was sold earlier in fiscal 2022. Adjusted EBITDA for the Automotive segment was $3.6 million, compared with adjusted EBITDA of $5.9 million in the prior year.
|
• |
Full fiscal year-over-year sales up 6 to 12 percent;
|
• |
Adjusted EBITDA of $180 million to $195 million.
|
Three months ended March 31,
|
Twelve months ended March 31,
| |||||||||||||||
2022
|
2021
|
2022
|
2021
| |||||||||||||
Net sales
|
$
|
574.4
|
$
|
514.9
|
$
|
2,050.1
|
$
|
1,808.4
| ||||||||
Cost of sales
|
479.2
|
431.1
|
1,740.8
|
1,515.0
| ||||||||||||
Gross profit
|
95.2
|
83.8
|
309.3
|
293.4
| ||||||||||||
Selling, general & administrative expenses
|
53.5
|
59.3
|
215.1
|
210.9
| ||||||||||||
Restructuring expenses
|
21.1
|
6.4
|
24.1
|
13.4
| ||||||||||||
Impairment charges (reversals) - net
|
-
|
32.4
|
(55.7
|
)
|
166.8
| |||||||||||
Loss on sale of assets
|
-
|
-
|
6.6
|
-
| ||||||||||||
Operating income (loss)
|
20.6
|
(14.3
|
)
|
119.2
|
(97.7
|
)
| ||||||||||
Interest expense
|
(3.8
|
)
|
(4.2
|
)
|
(15.6
|
)
|
(19.4
|
)
| ||||||||
Other expense - net
|
(0.5
|
)
|
(1.2
|
)
|
(2.1
|
)
|
(2.2
|
)
| ||||||||
Earnings (loss) before income taxes
|
16.3
|
(19.7
|
)
|
101.5
|
(119.3
|
)
| ||||||||||
(Provision) benefit for income taxes
|
(7.8
|
)
|
5.1
|
(15.2
|
)
|
(90.2
|
)
| |||||||||
Net earnings (loss)
|
8.5
|
(14.6
|
)
|
86.3
|
(209.5
|
)
| ||||||||||
Net earnings attributable to noncontrolling interest
|
(0.1
|
)
|
(0.4
|
)
|
(1.1
|
)
|
(1.2
|
)
| ||||||||
Net earnings (loss) attributable to Modine
|
$
|
8.4
|
$
|
(15.0
|
)
|
$
|
85.2
|
$
|
(210.7
|
)
| ||||||
Net earnings (loss) per share attributable to Modine shareholders - diluted
|
$
|
0.16
|
$
|
(0.29
|
)
|
$
|
1.62
|
$
|
(4.11
|
)
| ||||||
Weighted-average shares outstanding - diluted
|
52.4
|
51.6
|
52.5
|
51.3
| ||||||||||||
Condensed consolidated balance sheets (unaudited)
| ||||||||
(In millions)
| ||||||||
March 31, 2022
|
March 31, 2021
| |||||||
Assets | ||||||||
Cash and cash equivalents
|
$
|
45.2
|
$
|
37.8
| ||||
Trade receivables
|
367.5
|
267.9
| ||||||
Inventories
|
281.2
|
195.6
| ||||||
Assets held for sale
|
-
|
107.6
| ||||||
Other current assets
|
63.7
|
35.9
| ||||||
Total current assets
|
757.6
|
644.8
| ||||||
Property, plant and equipment - net
|
315.4
|
269.9
| ||||||
Intangible assets - net
|
90.3
|
100.6
| ||||||
Goodwill
|
168.1
|
170.7
| ||||||
Deferred income taxes
|
27.2
|
24.5
| ||||||
Other noncurrent assets
|
68.4
|
66.2
| ||||||
Total assets
|
$
|
1,427.0
|
$
|
1,276.7
| ||||
Liabilities and shareholders' equity | ||||||||
Debt due within one year
|
$
|
29.4
|
$
|
23.3
| ||||
Accounts payable
|
325.8
|
233.9
| ||||||
Liabilities held for sale
|
-
|
103.3
| ||||||
Other current liabilities
|
139.3
|
108.7
| ||||||
Total current liabilities
|
494.5
|
469.2
| ||||||
Long-term debt
|
348.4
|
311.2
| ||||||
Other noncurrent liabilities
|
126.0
|
140.2
| ||||||
Total liabilities
|
968.9
|
920.6
| ||||||
Total equity
|
458.1
|
356.1
| ||||||
Total liabilities & equity
|
$
|
1,427.0
|
$
|
1,276.7
|
Twelve months ended March 31,
| ||||||||
2022
|
2021
| |||||||
Cash flows from operating activities:
| ||||||||
Net earnings (loss)
|
$
|
86.3
|
$
|
(209.5
|
)
| |||
Adjustments to reconcile net earnings (loss) to net cash provided by
| ||||||||
operating activities:
| ||||||||
Depreciation and amortization
|
54.8
|
68.6
| ||||||
Impairment charges (reversals) - net
|
(55.7
|
)
|
166.8
| |||||
Loss on sale of assets
|
6.6
|
-
| ||||||
Stock-based compensation expense
|
5.7
|
6.3
| ||||||
Deferred income taxes
|
(3.8
|
)
|
67.9
| |||||
Other - net
|
3.1
|
6.3
| ||||||
Changes in operating assets and liabilities:
| ||||||||
Trade accounts receivable
|
(55.6
|
)
|
(17.1
|
)
| ||||
Inventories
|
(70.7
|
)
|
(5.0
|
)
| ||||
Accounts payable
|
55.1
|
44.0
| ||||||
Accrued compensation and employee benefits
|
9.8
|
15.7
| ||||||
Other assets
|
(2.4
|
)
|
27.5
| |||||
Other liabilities
|
(21.7
|
)
|
(21.7
|
)
| ||||
Net cash provided by operating activities
|
11.5
|
149.8
| ||||||
Cash flows from investing activities:
| ||||||||
Expenditures for property, plant and equipment
|
(40.3
|
)
|
(32.7
|
)
| ||||
Proceeds from (payments for) disposition of assets
|
(7.6
|
)
|
0.7
| |||||
Other - net
|
(3.1
|
)
|
0.7
| |||||
Net cash used for investing activities
|
(51.0
|
)
|
(31.3
|
)
| ||||
Cash flows from financing activities:
| ||||||||
Net increase (decrease) in debt
|
40.8
|
(147.3
|
)
| |||||
Other - net
|
(1.6
|
)
|
2.2
| |||||
Net cash provided by (used for) financing activities
|
39.2
|
(145.1
|
)
| |||||
Effect of exchange rate changes on cash
|
(0.4
|
)
|
1.4
| |||||
Net decrease in cash, cash equivalents, restricted cash and cash held for sale
|
(0.7
|
)
|
(25.2
|
)
| ||||
Cash, cash equivalents, restricted cash and cash held for sale - beginning of period
|
46.1
|
71.3
| ||||||
Cash, cash equivalents, restricted cash and cash held for sale - end of period
|
$
|
45.4
|
$
|
46.1
|
Three months ended March 31,
|
Twelve months ended March 31,
| |||||||||||||||
2022
|
2021
|
2022
|
2021
| |||||||||||||
Net sales:
| ||||||||||||||||
Building HVAC Systems
|
$
|
101.9
|
$
|
66.9
|
$
|
336.6
|
$
|
263.2
| ||||||||
Commercial and Industrial Solutions
|
171.3
|
142.8
|
627.5
|
512.4
| ||||||||||||
Heavy Duty Equipment
|
226.1
|
207.4
|
824.5
|
682.1
| ||||||||||||
Automotive
|
89.3
|
112.4
|
313.3
|
398.3
| ||||||||||||
Segment total
|
588.6
|
529.5
|
2,101.9
|
1,856.0
| ||||||||||||
Corporate and eliminations
|
(14.2
|
)
|
(14.6
|
)
|
(51.8
|
)
|
(47.6
|
)
| ||||||||
Net sales
|
$
|
574.4
|
$
|
514.9
|
$
|
2,050.1
|
$
|
1,808.4
|
Three months ended March 31,
|
Twelve months ended March 31,
| |||||||||||||||||||||||||||||||
2022
|
2021
|
2022
|
2021
| |||||||||||||||||||||||||||||
Gross profit:
| $'s |
% of sales
|
$'s
|
% of sales
|
$'s
|
% of sales
|
$'s
|
% of sales
| ||||||||||||||||||||||||
Building HVAC Systems
|
$
|
28.4
|
27.9
|
%
|
$
|
20.8
|
31.0
|
%
|
$
|
93.6
|
27.8
|
%
|
$
|
85.3
|
32.4
|
%
| ||||||||||||||||
Commercial and Industrial Solutions
|
31.7
|
18.5
|
%
|
19.4
|
13.6
|
%
|
88.5
|
14.1
|
%
|
64.2
|
12.5
|
%
| ||||||||||||||||||||
Heavy Duty Equipment
|
24.1
|
10.7
| % |
27.5
|
13.2
|
%
|
87.2
|
10.6
| % |
88.4
|
13.0
| % | ||||||||||||||||||||
Automotive
|
11.4
|
12.8
|
%
|
16.2
|
14.4
|
%
|
39.3
|
12.5
|
%
|
56.0
|
14.1
|
%
| ||||||||||||||||||||
Segment total
|
95.6
|
16.2
|
%
|
83.9
|
15.8
|
%
|
308.6
|
14.7
|
%
|
293.9
|
15.8
|
%
| ||||||||||||||||||||
Corporate and eliminations
|
(0.4
|
)
|
-
|
(0.1
|
)
|
-
|
0.7
|
-
|
(0.5
|
)
|
-
| |||||||||||||||||||||
Gross profit
|
$
|
95.2
|
16.6
|
%
|
$
|
83.8
|
16.3
|
%
|
$
|
309.3
|
15.1
|
%
|
$
|
293.4
|
16.2
|
%
|
Three months ended March 31,
|
Twelve months ended March 31,
| |||||||||||||||
2022
|
2021
|
2022
|
2021
| |||||||||||||
Operating income:
| ||||||||||||||||
Building HVAC Systems
|
$
|
15.6
|
$
|
9.6
|
$
|
45.7
|
$
|
45.2
| ||||||||
Commercial and Industrial Solutions
|
18.6
|
5.8
|
35.3
|
10.2
| ||||||||||||
Heavy Duty Equipment
|
9.6
|
13.2
|
34.6
|
36.8
| ||||||||||||
Automotive
|
(18.2
|
)
|
(30.2
|
)
|
35.4
|
(150.9
|
)
| |||||||||
Segment total
|
25.6
|
(1.6
|
)
|
151.0
|
(58.7
|
)
| ||||||||||
Corporate and eliminations
|
(5.0
|
)
|
(12.7
|
)
|
(31.8
|
)
|
(39.0
|
)
| ||||||||
Operating income (loss)
|
$
|
20.6
|
$
|
(14.3
|
)
|
$
|
119.2
|
$
|
(97.7
|
)
|
Three months ended March 31,
|
Twelve months ended March 31,
| |||||||||||||||
2022
|
2021
|
2022
|
2021
| |||||||||||||
Net earnings (loss)
|
$
|
8.5
|
$
|
(14.6
|
)
|
$
|
86.3
|
$
|
(209.5
|
)
| ||||||
Interest expense
|
3.8
|
4.2
|
15.6
|
19.4
| ||||||||||||
Provision (benefit) for income taxes
|
7.8
|
(5.1
|
)
|
15.2
|
90.2
| |||||||||||
Depreciation and amortization expense
|
14.4
|
14.4
|
54.8
|
68.6
| ||||||||||||
Other expense - net
|
0.5
| 1.2 | 2.1 | 2.2 | ||||||||||||
Restructuring expenses (a) |
21.1
|
6.4
|
24.1
|
13.4
| ||||||||||||
Impairment charges (reversals) - net (b) |
-
|
32.4
|
(55.7
|
)
|
166.8
| |||||||||||
Loss on sale of assets (c) |
-
|
-
|
6.6
|
-
| ||||||||||||
Automotive separation and exit strategy costs (d) |
0.1
|
2.5
|
2.6
|
6.6
| ||||||||||||
Strategic reorganization costs (e) |
0.3
|
0.8
|
3.4
|
6.7
| ||||||||||||
Environmental charges (f) |
0.2
|
-
|
3.8
|
0.4
| ||||||||||||
Adjusted EBITDA
|
$
|
56.7
|
$
|
42.2
|
$
|
158.8
|
$
|
164.8
| ||||||||
Net earnings (loss) per share attributable to Modine shareholders - diluted
|
$
|
0.16
| $ |
(0.29
| ) |
$
|
1.62
|
$
|
(4.11
| ) | ||||||
Restructuring expenses (a) |
0.40
|
0.12
|
0.45
|
0.24
| ||||||||||||
Impairment charges (reversals) - net (b) |
-
|
0.62
|
(0.94
|
)
|
2.51
| |||||||||||
Loss on sale of assets (c) |
-
|
-
|
0.13
|
-
| ||||||||||||
Automotive separation and exit strategy costs (d) |
-
|
0.05
|
0.05
|
0.11
| ||||||||||||
Strategic reorganization costs (e) |
0.01
|
0.01
|
0.07
|
0.11
| ||||||||||||
Environmental charges (f) |
-
|
-
|
0.07
|
0.01
| ||||||||||||
Tax valuation allowances (g) |
-
|
-
|
(0.22
|
)
|
2.27
| |||||||||||
Adjusted earnings per share
|
$
|
0.57
|
$
|
0.51
|
$
|
1.23
|
$
|
1.14
|
(a) |
Restructuring expenses primarily consist of employee severance expenses related to targeted headcount reductions and plant consolidation activities and equipment transfer costs. The restructuring expenses recorded in the fourth quarter of fiscal 2022 primarily relate to targeted headcount reductions in Europe within the Automotive segment. The tax benefit related to restructuring expenses during the fourth quarter of fiscal 2022 and fiscal 2021 was $0 and $0.4 million, respectively. The tax benefit related to restructuring expenses during fiscal 2022 and fiscal 2021 was $0.3 million and $1.4 million, respectively.
|
(b) |
The net impairment reversals during fiscal 2022 primarily relate to the Company's liquid-cooled automotive business within the Automotive segment. During the third quarter of fiscal 2022, the Company agreed with Dana Incorporated to terminate an agreement for the sale of the liquid-cooled automotive business. The Company remeasured the previously impaired long-lived assets of the liquid-cooled automotive business to the lower of (i) carrying value, had held for sale classification never been met, or (ii) fair value. As a result, the Company recorded a $57.2 million impairment reversal. This impairment reversal was partially offset by other net impairment charges related to assets held for sale. The tax charges related to the net impairment reversals during fiscal 2022 totaled $6.1 million. The fiscal 2021 impairment charges also primarily related to the liquid-cooled automotive business in connection with it being classified as held for sale in fiscal 2021. The tax benefit related to the fiscal 2021 impairment charges was $37.7 million.
|
(c) |
The Company's sale of its air-cooled automotive business closed on April 30, 2021. As a result of the sale, the Company recorded a $6.6 million loss on sale at Corporate during the first quarter of fiscal 2022. There was no tax impact associated with this transaction.
|
(d) |
Automotive separation and exit strategy costs consist of costs directly associated with the Company's review of strategic alternatives for the liquid-cooled and air-cooled automotive businesses, including costs to separate and prepare the underlying businesses for sale. With the exception of $0.2 million and $0.6 million of costs in fiscal 2022 and fiscal 2021, respectively, associated with program and equipment transfers recorded as costs of sales, these costs were recorded as SG&A expenses at Corporate and primarily related to accounting, legal, and IT professional services. The tax benefit related to these costs during fiscal 2022 and fiscal 2021 was $0 and $0.9 million, respectively. |
(e) |
Strategic reorganization costs, recorded as SG&A expenses at Corporate, primarily consist of severance-related expenses and professional service fees for recruiting key senior management positions and the Company's implementation of its 80/20 strategy. The fiscal 2022 costs include recruiting fees for new segment vice presidents and business unit general managers and severance-related expenses for the outgoing executives as part of the transition. The fiscal 2021 costs include severance and benefit-related expenses associated with Thomas A. Burke's separation agreement and costs directly associated with the search for his successor. There was no tax benefit related to the fiscal 2022 costs. The tax benefit related to these costs in fiscal 2021 was $0.9 million.
|
(f) |
Environmental charges, including related legal costs, are recorded as SG&A expenses and relate to a previously-owned U.S. manufacturing facility.
|
(g) |
During fiscal 2022, the Company reversed valuation allowances on deferred tax assets in Italy, China, and the Netherlands. These reversals were partially offset by a valuation allowance established on other deferred tax assets in China. As a result, the Company recorded net income tax benefits totaling $11.4 million during fiscal 2022. During fiscal 2021, the Company increased its valuation allowance on deferred tax assets in the U.S. and in foreign jurisdictions. As a result, the Company recorded income tax charges totaling $116.5 million during fiscal 2021.
|
Three months ended March 31, 2022
|
Three months ended March 31, 2021
| |||||||||||||||||||||||||||||||||||||||||||||||
Building
HVAC
Systems
|
Commercial
and Industrial
Solutions
|
Heavy
Duty
Equipment
|
Automotive
|
Corporate
and
eliminations
|
Total
|
Building
HVAC
Systems
|
Commercial
and Industrial
Solutions
|
Heavy
Duty
Equipment
|
Automotive
|
Corporate
and
eliminations
|
Total
| |||||||||||||||||||||||||||||||||||||
Operating income (loss)
|
$
|
15.6
|
$
|
18.6
|
$
|
9.6
|
$
|
(18.2
|
)
|
$
|
(5.0
|
)
|
$
|
20.6
|
$
|
9.6
|
$
|
5.8
|
$
|
13.2
|
$
|
(30.2
|
)
|
$
|
(12.7
|
)
|
$
|
(14.3
|
)
| |||||||||||||||||||
Depreciation and amortization expense
|
1.5
|
5.3
|
5.5
|
1.7
|
0.4
|
14.4
|
1.4
|
5.6
|
6.5
|
0.5
|
0.4
|
14.4
| ||||||||||||||||||||||||||||||||||||
Restructuring expenses (a) |
0.3
|
0.2
|
0.5
|
20.1
|
-
|
21.1
|
-
|
0.8
|
1.1
|
3.2
|
1.3
|
6.4
| ||||||||||||||||||||||||||||||||||||
Impairment charges (reversals) - net (a) |
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
32.4
|
-
|
32.4
| ||||||||||||||||||||||||||||||||||||
Automotive separation and exit strategy costs (a) |
-
|
-
|
-
|
-
|
0.1
|
0.1
|
-
|
-
|
-
|
-
|
2.5
|
2.5
| ||||||||||||||||||||||||||||||||||||
Strategic reorganization costs (a) |
-
|
-
|
-
|
-
|
0.3
|
0.3
|
-
|
-
|
-
|
-
|
0.8
|
0.8
| ||||||||||||||||||||||||||||||||||||
Environmental charges (a) |
-
|
-
|
-
|
-
|
0.2
|
0.2
|
-
|
-
|
-
|
-
|
-
|
-
| ||||||||||||||||||||||||||||||||||||
Adjusted EBITDA
|
$
|
17.4
|
$
|
24.1
|
$
|
15.6
|
$
|
3.6
|
$
|
(4.0
|
)
|
$
|
56.7
|
$
|
11.0
|
$
|
12.2
|
$
|
20.8
|
$
|
5.9
|
$
|
(7.7
|
)
|
$
|
42.2
|
Twelve months ended March 31, 2022
|
Twelve months ended March 31, 2021
| |||||||||||||||||||||||||||||||||||||||||||||||
Building
HVAC
Systems
|
Commercial
and Industrial
Solutions
|
Heavy
Duty
Equipment
|
Automotive
|
Corporate
and
eliminations
|
Total
|
Building
HVAC
Systems
|
Commercial
and Industrial
Solutions
|
Heavy
Duty
Equipment
|
Automotive
|
Corporate
and
eliminations
|
Total
| |||||||||||||||||||||||||||||||||||||
Operating income (loss)
|
$
|
45.7
|
$
|
35.3
|
$
|
34.6
|
$
|
35.4
|
$
|
(31.8
|
)
|
$
|
119.2
|
$
|
45.2
|
$
|
10.2
|
$
|
36.8
|
$
|
(150.9
|
)
|
$
|
(39.0
|
)
|
$
|
(97.7
|
)
| ||||||||||||||||||||
Depreciation and amortization expense
|
5.9
|
20.5
|
23.4
|
3.4
|
1.6
|
54.8
|
5.5
|
22.6
|
25.5
|
13.2
|
1.8
|
68.6
| ||||||||||||||||||||||||||||||||||||
Restructuring expenses (a) |
0.3
|
2.3
|
1.2
|
20.3
|
-
|
24.1
|
-
|
5.2
|
3.0
|
3.8
|
1.4
|
13.4
| ||||||||||||||||||||||||||||||||||||
Impairment charges (reversals) - net (a) |
-
|
0.3
|
-
|
(56.0
|
)
|
-
|
(55.7
|
)
|
-
|
-
|
-
|
166.8
|
-
|
166.8
| ||||||||||||||||||||||||||||||||||
Loss on sale of assets (a) |
-
|
-
|
-
|
-
|
6.6
|
6.6
|
-
|
-
|
-
|
-
|
-
|
-
| ||||||||||||||||||||||||||||||||||||
Automotive separation and exit strategy costs (a) |
-
|
-
|
-
|
-
|
2.6
|
2.6
|
-
|
-
|
-
|
-
|
6.6
|
6.6
| ||||||||||||||||||||||||||||||||||||
Strategic reorganization costs (a) |
-
|
-
|
-
|
-
|
3.4
|
3.4
|
-
|
-
|
-
|
-
|
6.7
|
6.7
| ||||||||||||||||||||||||||||||||||||
Environmental charges (a) |
-
|
-
|
-
|
-
|
3.8
|
3.8
|
-
|
-
|
0.4
|
-
|
-
|
0.4
| ||||||||||||||||||||||||||||||||||||
Adjusted EBITDA
|
$
|
51.9
|
$
|
58.4
|
$
|
59.2
|
$
|
3.1
|
$
|
(13.8
|
)
|
$
|
158.8
|
$
|
50.7
|
$
|
38.0
|
$
|
65.7
|
$
|
32.9
|
$
|
(22.5
|
)
|
$
|
164.8
|
(a) |
See the Adjusted EBITDA reconciliation on the previous page for information on restructuring expenses and other adjustments.
|
Net debt (unaudited)
| ||||||||
(In millions)
| ||||||||
March 31, 2022
|
March 31, 2021
| |||||||
Debt due within one year
|
$
|
29.4
|
$
|
23.3
| ||||
Long-term debt
|
348.4
|
311.2
| ||||||
Total debt
|
377.8
|
334.5
| ||||||
Less: cash and cash equivalents
|
45.2
|
37.8
| ||||||
Net debt
|
$
|
332.6
|
$
|
296.7
|
Free cash flow (unaudited)
| ||||||||||||||||
(In millions)
| ||||||||||||||||
Three months ended March 31,
|
Twelve months ended March 31,
| |||||||||||||||
2022
|
2021
|
2022
|
2021
| |||||||||||||
Net cash provided by operating activities
|
$
|
4.1
|
$
|
3.3
|
$
|
11.5
|
$
|
149.8
| ||||||||
Expenditures for property, plant and equipment
|
(9.6
|
)
|
(9.0
|
)
|
(40.3
|
)
|
(32.7
|
)
| ||||||||
Free cash flow
|
$
|
(5.5
|
)
|
$
|
(5.7
|
)
|
$
|
(28.8
|
)
|
$
|
117.1
|
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Disclaimer
Modine Manufacturing Company published this content on 25 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 May 2022 04:56:28 UTC.