Modine Manufacturing Segment Results for Q1 2024

By Bobby Samwell • Friday, July 26 15:26 • Permanent Link

Modine Manufacturing Company has released its segment operating results, recast for segment realignment, for the periods ending June 30, 2023, September 30, 2023, December 31, 2023, and March 31, 2024.

For the three months ended March 31, 2024, the net sales for Climate Solutions were $278.2 million and for Performance Technologies were $330.0 million. This represents a decrease from the previous quarter's net sales of $254.0 million for Climate Solutions and $310.9 million for Performance Technologies.

The gross profit margin for the segment total was 22.4% for the three months ended March 31, 2024, which is slightly lower than the 22.5% for the prior quarter.

Operating income for Climate Solutions was $42.5 million and for Performance Technologies was $23.4 million for the three months ended March 31, 2024, down from $40.4 million and $29.5 million, respectively, for the previous quarter.

The adjusted EBITDA margin for Climate Solutions was 18.5% and for Performance Technologies was 12.8% for the three months ended March 31, 2024, compared to 19.0% and 11.7%, respectively, for the quarter ended December 31, 2023.

For the twelve months ended March 31, 2024, the net sales for Climate Solutions were $1,108.1 million and for Performance Technologies were $1,321.3 million. This indicates a decrease from the previous twelve months' net sales of $1,321.3 million for Climate Solutions and $1,108.1 million for Performance Technologies.

The adjusted EBITDA margin for Climate Solutions was 18.8% and for Performance Technologies was 11.5% for the twelve months ended March 31, 2024, compared to 18.8% and 11.5%, respectively, for the prior twelve-month period.

The company also provided information on restructuring expenses, gain on sale of assets, acquisition and integration costs, and environmental charges, which impacted the segment's adjusted financial results.

These figures reflect the company's performance over the specified periods and demonstrate changes in key financial metrics. As a result of these announcements, the company's shares have moved 4.0% on the market, and are now trading at a price of $103.49. For more information, read the company's full 8-K submission here.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.