Modine Manufacturing Records Street-Beating Q1 Earnings

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Modine Manufacturing Co MOD reported first-quarter FY23 sales growth of 9% year-on-year to $541 million, beating the consensus of $490.74 million.
The gross profit increased 14% Y/Y to $83.4 million with a margin of 15.4%, a 60-basis points expansion.
Selling, general, and administrative expenses declined 5% Y/Y to $56.3 million.
The operating margin was 4.7%, and operating income for the quarter nearly tripled to $25.6 million.
The company held $58.7 million in cash and equivalents as of June 30, 2022. Cash provided by operating activities for the quarter totaled $14.5 million.
Adjusted EBITDA increased 27% to $42.2 million.
Adjusted EPS of $0.32 beat the analyst consensus of $0.12.
Outlook: Modine reiterated its FY23 sales growth forecast of 6% - 12%.
The company expects FY23 adjusted EBITDA of $180 million - $195 million.
Price Action: MOD shares closed higher by 1.51% at $13.43 on Wednesday.