Modine Manufacturing Q4 Earnings Top Estimates

Modine Manufacturing Co MOD reported fourth-quarter FY22 sales growth of 12% year-on-year, to $574.4 million, beating the consensus of $538.02 million.
The gross profit increased 14% Y/Y to $95.2 million with a margin of 16.6%, a 30-basis points expansion.
Selling, general, and administrative expenses declined 10% Y/Y to $53.5 million.
The operating margin was 3.6%, and operating income for the quarter was $20.6 million.
The company held $45.2 million in cash and equivalents as of March 31, 2022. Cash provided by operating activities for twelve months totaled $11.5 million.
Adjusted EBITDA increased 34% to $56.7 million.
Adjusted EPS of $0.57 beat the analyst consensus of $0.50.
Outlook: Modine sees FY23 sales growth of 6% - 12%.
The company expects FY23 adjusted EBITDA of $180 million - $195 million.
Price Action: MOD shares closed higher by 1.63% at $8.71 on Wednesday.