Exhibit 99.1
Modine Manufacturing Company
Segment operating results
Recast for segment realignment (unaudited)
(In millions)
| | Three months ended | | | Twelve months ended | |
| | June 30, 2023 | | | September 30, 2023 | | | December 31, 2023 | | | March 31, 2024 | | | March 31, 2024 | |
| Net sales: | | | | | | | | | | | | | | | |
| Climate Solutions | | $ | 286.7 | | | $ | 289.2 | | | $ | 254.0 | | | $ | 278.2 | | | $ | 1,108.1 | |
| Performance Technologies | | | 343.1 | | | | 337.3 | | | | 310.9 | | | | 330.0 | | | | 1,321.3 | |
| Segment total | | | 629.8 | | | | 626.5 | | | | 564.9 | | | | 608.2 | | | | 2,429.4 | |
| Corporate and eliminations | | | (7.4 | ) | | | (6.0 | ) | | | (3.5 | ) | | | (4.7 | ) | | | (21.6 | ) |
| Net sales | | $ | 622.4 | | | $ | 620.5 | | | $ | 561.4 | | | $ | 603.5 | | | $ | 2,407.8 | |
| | Three months ended | | | Twelve months ended | |
| | June 30, 2023 | | | September 30, 2023 | | | December 31, 2023 | | | March 31, 2024 | | | March 31, 2024 | |
Gross profit: | | $'s | | | % of sales | | |
$'s | | | % of sales | | |
$'s | | | % of sales | | |
$'s | | | % of sales | | | $'s | | | % of sales | |
| Climate Solutions | | $ | 75.8 | | | | 26.4 | % | | $ | 76.9 | | | | 26.6 | % | | $ | 70.1 | | | | 27.6 | % | | $ | 74.1 | | | | 26.6 | % | | $ | 296.9 | | | | 26.8 | % |
| Performance Technologies | | | 51.9 | | | | 15.1 | % | | | 57.6 | | | | 17.1 | % | | | 57.0 | | | | 18.3 | % | | | 63.1 | | | | 19.1 | % | | $ | 229.6 | | | | 17.4 | % |
| Segment total | | | 127.7 | | | | 20.3 | % | | | 134.5 | | | | 21.5 | % | | | 127.1 | | | | 22.5 | % | | | 137.2 | | | | 22.6 | % | | | 526.5 | | | | 21.7 | % |
| Corporate and eliminations | | | 0.2 | | | | - | | | | 0.6 | | | | - | | | | 0.2 | | | | - | | | | (1.9 | ) | | | - | | | | (0.9 | ) | | | - | |
| Gross profit | | $ | 127.9 | | | | 20.6 | % | | $ | 135.1 | | | | 21.8 | % | | $ | 127.3 | | | | 22.7 | % | | $ | 135.3 | | | | 22.4 | % | | $ | 525.6 | | | | 21.8 | % |
| | Three months ended | | | Twelve months ended | |
| | June 30, 2023 | | | September 30, 2023 | | | December 31, 2023 | | | March 31, 2024 | | | March 31, 2024 | |
| Operating income: | | | | | | | | | | | | | | | |
| Climate Solutions | | $ | 48.6 | | | $ | 47.1 | | | $ | 40.4 | | | $ | 42.5 | | | $ | 178.6 | |
| Performance Technologies | | | 27.6 | | | | 31.2 | | | | 29.5 | | | | 23.4 | | | | 111.7 | |
| Segment total | | | 76.2 | | | | 78.3 | | | | 69.9 | | | | 65.9 | | | | 290.3 | |
| Corporate and eliminations | | | (9.7 | ) | | | (12.6 | ) | | | (8.2 | ) | | | (19.1 | ) | | | (49.6 | ) |
| Operating income | | $ | 66.5 | | | $ | 65.7 | | | $ | 61.7 | | | $ | 46.8 | | | $ | 240.7 | |
Modine Manufacturing Company
Segment adjusted financial results
Recast for segment realignment (unaudited)
(In millions)
| | Three months ended June 30, 2023 | |
| | Climate Solutions | | | Performance Technologies | | | Corporate and eliminations | | | Total | |
| Operating income | | $ | 48.6 | | | $ | 27.6 | | | $ | (9.7 | ) | | $ | 66.5 | |
| Depreciation and amortization expense | | | 6.1 | | | | 7.4 | | | | 0.2 | | | | 13.7 | |
Environmental charges (d) | | | - | | | | - | | | | 0.2 | | | | 0.2 | |
| Adjusted EBITDA | | $ | 54.7 | | | $ | 35.0 | | | $ | (9.3 | ) | | $ | 80.4 | |
| | | | | | | | | | | | | | | | |
| Net sales | | $ | 286.7 | | | $ | 343.1 | | | $ | (7.4 | ) | | $ | 622.4 | |
| Adjusted EBITDA margin | | | 19.1 | % | | | 10.2 | % | | | | | | | 12.9 | % |
| | Three months ended September 30, 2023 | |
| | Climate Solutions | | | Performance Technologies | | | Corporate and eliminations | | | Total | |
| Operating income | | $ | 47.1 | | | $ | 31.2 | | | $ | (12.6 | ) | | $ | 65.7 | |
| Depreciation and amortization expense | | | 6.2 | | | | 7.5 | | | | 0.3 | | | | 14.0 | |
Restructuring expenses (a) | | | 0.3 | | | | 0.2 | | | | - | | | | 0.5 | |
Environmental charges (d) | | | - | | | | - | | | | 1.0 | | | | 1.0 | |
| Adjusted EBITDA | | $ | 53.6 | | | $ | 38.9 | | | $ | (11.3 | ) | | $ | 81.2 | |
| | | | | | | | | | | | | | | | |
| Net sales | | $ | 289.2 | | | $ | 337.3 | | | $ | (6.0 | ) | | $ | 620.5 | |
| Adjusted EBITDA margin | | | 18.5 | % | | | 11.5 | % | | | | | | | 13.1 | % |
| | Three months ended December 31, 2023 | |
| | Climate Solutions | | | Performance Technologies | | | Corporate and eliminations | | | Total | |
| Operating income | | $ | 40.4 | | | $ | 29.5 | | | $ | (8.2 | ) | | $ | 61.7 | |
| Depreciation and amortization expense | | | 6.4 | | | | 6.7 | | | | 0.3 | | | | 13.4 | |
Restructuring expenses (a) | | | 1.4 | | | | 0.2 | | | | - | | | | 1.6 | |
Gain of sale of assets (b) | | | - | | | | - | | | | (4.0 | ) | | | (4.0 | ) |
Environmental charges (d) | | | - | | | | - | | | | 1.2 | | | | 1.2 | |
| Adjusted EBITDA | | $ | 48.2 | | | $ | 36.4 | | | $ | (10.7 | ) | | $ | 73.9 | |
| | | | | | | | | | | | | | | | |
| Net sales | | $ | 254.0 | | | $ | 310.9 | | | $ | (3.5 | ) | | $ | 561.4 | |
| Adjusted EBITDA margin | | | 19.0 | % | | | 11.7 | % | | | | | | | 13.2 | % |
See the next page for information on restructuring expenses and other adjustments.
Modine Manufacturing Company
Segment adjusted financial results (continued)
Recast for segment realignment (unaudited)
(In millions)
| | Three months ended March 31, 2024 | |
| | Climate Solutions | | | Performance Technologies | | | Corporate and eliminations | | | Total | |
| Operating income | | $ | 42.5 | | | $ | 23.4 | | | $ | (19.1 | ) | | $ | 46.8 | |
| Depreciation and amortization expense | | | 7.8 | | | | 7.1 | | | | 0.1 | | | | 15.0 | |
Restructuring expenses (a) | | | 1.3 | | | | 11.6 | | | | - | | | | 12.9 | |
Acquisition and integration costs (c) | | | - | | | | - | | | | 4.1 | | | | 4.1 | |
| Adjusted EBITDA | | $ | 51.6 | | | $ | 42.1 | | | $ | (14.9 | ) | | $ | 78.8 | |
| | | | | | | | | | | | | | | | |
| Net sales | | $ | 278.2 | | | $ | 330.0 | | | $ | (4.7 | ) | | $ | 603.5 | |
| Adjusted EBITDA margin | | | 18.5 | % | | | 12.8 | % | | | | | | | 13.1 | % |
| | Twelve months ended March 31, 2024 | |
| | Climate Solutions | | | Performance Technologies | | | Corporate and eliminations | | | Total | |
| Operating income | | $ | 178.6 | | | $ | 111.7 | | | $ | (49.6 | ) | | $ | 240.7 | |
| Depreciation and amortization expense | | | 26.5 | | | | 28.7 | | | | 0.9 | | | | 56.1 | |
Restructuring expenses (a) | | | 3.0 | | | | 12.0 | | | | - | | | | 15.0 | |
Gain of sale of assets (b) | | | - | | | | - | | | | (4.0 | ) | | | (4.0 | ) |
Acquisition and integration costs (c) | | | - | | | | - | | | | 4.1 | | | | 4.1 | |
Environmental charges (d) | | | - | | | | - | | | | 2.4 | | | | 2.4 | |
| Adjusted EBITDA | | $ | 208.1 | | | $ | 152.4 | | | $ | (46.2 | ) | | $ | 314.3 | |
| | | | | | | | | | | | | | | | |
| Net sales | | $ | 1,108.1 | | | $ | 1,321.3 | | | $ | (21.6 | ) | | $ | 2,407.8 | |
| Adjusted EBITDA margin | | | 18.8 | % | | | 11.5 | % | | | | | | | 13.1 | % |
(a) | Restructuring expenses primarily consist of employee severance expenses related to targeted headcount reductions and equipment transfer costs. |
(b) | The Company's sale of three automotive businesses based in Germany closed on October 31, 2023. As a result of the sale, the Company recorded a $4.0 million gain on sale at Corporate during the third quarter of fiscal 2024. |
(c) | On March 1, 2024, the Company acquired Scott Springfield Manufacturing, a leading provider of air handling units for the data center, telecommunications, healthcare, and aerospace markets. In addition, the Company purchased liquid immersion cooling technology from TMGcore, Inc. in January 2024. Acquisition and integration costs in fiscal 2024, recorded as SG&A expenses at Corporate, primarily include fees for i) transaction advisors, ii) legal, accounting, and other professional services, and iii) incremental costs directly associated with integration activities. In addition, the adjustment includes $1.6 million, also recorded at Corporate, for the impact of an inventory purchase accounting adjustment. The Company wrote up acquired inventory to its estimated fair value and is charging the write-up to cost of sales as the underlying inventory is sold. |
(d) | Environmental charges, including related legal costs, relate to a previously-owned U.S. manufacturing facility. |
