Earnings call transcript Q3 2023

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Operator

Good morning, ladies and gentlemen and welcome to the Modine Manufacturing Company's Third Quarter Fiscal 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions] As a reminder, this conference call is being recorded.

I would now like to turn the conference over to your host, Ms. Treasurer Relations. President, Vice Powers, and Investor Kathy Please go ahead.

Kathy Powers

Brinker, for conference fiscal Officer; call morning by results. and and discuss and our Financial you thank Neil call Executive this quarter Good Mick to Lucareli, Chief Vice joining Modine's Officer. joined on President our our and I'm President Executive XXXX Chief third

posted Relations or We either through accessed of will can by the modine.com. which accessing be be Investor using presentation slides on PDF website, our file webcast section for link the today's the

Slide regarding and On Securities as forward-looking This call our release X our as in the in with Exchange statements forward-looking Commission. statements. company's is our filings as well notice will outlined earnings contain

to With Neil. that, is call pleasure it my to turn over the

Neil Brinker

everyone. more an XX% we in towards results from our prior activities go and detail. to sales you, pleased as strategic with would quarter make will good announce that, our the up I XX% on strong Thank XX/XX and EBITDA through up specifically morning, goals. on financial I'm focusing year. Mick our update to adjusted our before another provide progress But like transformation, Kathy

Once those and we driven complete, focusing align organization culture and our resources ago, for role It and this best on were the teams market call company around steps the our returning vertical. for X leaders would play. segment our the XX/XX a that were outlining prioritizing first strategies began specific our by high-performance was simplify creating with steps opportunities. a years that on each to new modem actually the began vision my and initial The

growth. in were driving preparation activities focused and these sustainable for of done All

segment was The XX/XX the example launch of in is As Climate pilot first journey. well which is this for the was mentioned initiatives. to I data best along in initial its our quarter, the last and centers XX/XX Solutions

our bring existing progress. happier We and and we markets. expanding to data new Fast center organization to we began stood are immediately our where couldn't the products today capability forward up with be to manufacturing our

is for capabilities. we first Our Virginia step quarter. line an data North in us system is to center as important production production of in local a allows products new This it early full chiller America open shipped plant us have last running off our be now the with supplier products and

addition, we segment, relationships our brand to order Climate strengthen are best with our in loyalty. drive In identifying service throughout Solutions and providing acumen customers prospects and and existing developing sales commercial sharpening exceptional by by our relationships the top with

our to for distribution product across We are through this reduction offerings strengthening model improvements is All focus. leading our business. and our simplifying better SKU

is more Our range its EBITDA is target past well rate segment June. margin basis at set year XXX this tracking XX.X% than quarter run X-year last and than better adjusted Investor the towards our points of this Day

Transfer was a to Heat pricing their by group reducing business and This model. fine-tuning products team this has Our their improvement. simplified SKUs large contributor

capability. European the growth business, the Given will key pump be they heat improvement now particularly increasing are focusing where within of markets, on level this market in in manufacturing we

areas along, also innings The this the impact early where This the for they're a business. and rapid a our adoption XX/XX pump is Europe initiatives in areas It technology are of that the in is of of the providing clear tailwind positive glimpse process. XX/XX heat business in indicator furthest having. of of for is the business effectiveness demonstrates

the within and of rate very with improvement are Climate segment, the traction Solutions our from done. pleased we far While I'm

through in our supply to further the improve throughout the simplify We the will business. beyond continue floor and to factory and our drive organization the to team order XX/XX efficiency chain commercial

created focus by incremental lines. with factories creating capacity and capability low-margin are We eliminating product

to returning product also were new gaps warranted. In filling addition, improving our development, are technologies or we

Please turn XXXX well the of we formally we latter to along XX/XX are in segment, X. our part workforce. Technologies training and the launched Performance the In Slide way in

are and leadership working the through our in we segmentation have We process. team place

contracts to we pass quarters. us increases the the which Although in our metal Performance several margins not our Technologies through most generally allowed segment in have other pass hurt of have allow prices, past to costs been through over

margins make This have and We area, several has major improvements customers. led in have however past started this quarters. to X key agreements with EBITDA to gains over reached the incremental in

expectations. revenue cool to focus in Our are their annual to strategic our $XXX additional are during EV meeting that efficiency delivery our identifying of initiatives book right moving keen business, our priorities. continue product estimate in not and plants increasing our million. Group of liquid the operations space, build in one In we the In last includes Advanced a we our have order business, order understanding this the on currently quarter clear groups nearly systems direction, with mile the which the peak a those improving our segment Solutions with production

air been Our One where key lift genset and targets. major cool the underway. number has of a market us reach our area financial are building that we heaviest help of has strong business of ahead book will a initiatives the business focus has

and focusing improvements. this I capture to quoting that product They ensure They relentlessly tremendous criteria. negotiated key opportunities. chain and here to by rationalizing meet complexity. team. they cost are prioritization have on The introducing commercial key our is supply are faith in filters programs the improving optimization structure reducing new their lines are They using greatest XX/XX financial have

benefits expect fiscal 'XX. easy. their this in is of to in None improvements year and the actions seeing already incremental see XX/XX are from our We results

in it's strong of our note. but critical will quite and business fact, hitting financial our on year our is our difficult we transformation a In step I'm that targets. optimistic fiscal a finish

Now, turn to our quarter will financial I'd like over for call the segment to and who review results Mick, the provide updates.

Mick Lucareli

volume review exceptional the results. segment and Solutions earnings X Thanks, Slide excellent another had growth. to sales Neil good with everyone. morning, to higher Please and Climate turn quarter

up $XX demand strong up Revenue year prior and from center American up constant our a the North currency on X% Data was basis. million XX% on customers. XX% sales were over or

residential heat As by we're products seeing million market sales first a X% some our of air heating of customers. higher our the up $X our $X offset modest weakness market some product Sales or was indoor in products refrigeration from partially across softening in were quarter. products X% the chillers XX/XX increased and year. driven school commercial but North in sales for Neil the or prior There of mentioned, from to American coil this and coolers. growth sales quality by the rationalization. markets shipped million, global HVAC was we transfer This HVAC increased market and demand

XX.X%. anticipated in transfer journey QX, our ongoing to are Climate improvement is margin driven seeing along heating clearly Adjusted we markets including weakness a In and products. in but EBITDA initiatives. Solutions were by we in increased center sales far remain margin its volume and sales XX/XX the anticipate primarily Earnings and the improvement. basis improvements margin XXX XX/XX strong segment market our and XX%, HVAC The of benefits higher point to heat lower from expect data and

Asia product was Advanced quarter Solutions with million. Please commercial constant basis, Performance a Slide along from Revenue with were pricing. up currency volume a sales up XX% groups, improved in had with X. to or $X in sales benefiting XX% in on also turn strong vehicle up or continued Technologies all $XX growth offset our solid cooled softness or $XX North partially by in million COVID-related in product vehicle sales million commercial American product to XX% electric and shutdowns increased sales, tied China. Liquid growth sales. due XX% growth European to

Lastly, in and air sales increased improvement. XXX an XX% vehicle X.X% margin increased cooled commercial a strong basis due and the point resulting or $XX to in million, off-highway EBITDA XX%, demand Adjusted markets. product primarily

As copper experienced quarter. costs net a of impact trending anticipated, small we have and material lower. been this Aluminum positive

favorability. have than prices been was higher sales. offset to XX a declined partially as steel stainless increasing percentage that but of year prior basis points the However, --

early is to recover Performance quarter. agreements discussed, very key is XX/XX cost Technologies improvement of well. segment journey evident Adjusting but better results its still to team's the margin progress the our this in commercial is the in stages Neil and our As progressing

gains markets further and of fourth We end our in revenue quarter. continue earnings expect our in most to see strength both in and

review Please turn results. Slide company total let's X. to the Now,

expenses, professional were prior XX% growth was rate cost resulting Revenue or and other million volume pricing, Solutions. sales $XX XX%, the and from a due variable improved increases. to certain Climate XX%. volume of quarter, year, up offset driver a of net in of XXX by due and $XX Technologies to points the quarter inflationary Performance million, million, FX Third $X approximately up both impact the driven revenue the basis compensation-related impact partially the negative employee higher higher primarily was by increased Gross gains costs. million. volume excluding In SG&A in fees margin higher main $XX of

a the income auto a As XX% point to $X.XX a last prior that XX% the report or adjusted asset $XX $X.XX earnings prior reversal related was activities million. reminder, year's improvement higher year-over-year consecutive of quarter was I'm increased and due of to above EBITDA operating of basis divestiture years. previous happy Adjusted charges margin represents impairment This or large in share XXX per fourth year. to improvement.

challenges. including for last working third capital relatively $XX cash flat remains headcount elevated flow chain Please year. Working flow metrics. of we restructuring Year-to-date was cash cash million was reductions turn payments, are to somewhat at impact X. $XX of million. This global the European primarily through supply negative moving to Slide as Now, the flow Free free includes announced the cash in activities, quarter.

we shares shares end, Net a impact. $XXX last higher During basis. negative FX million due the on a of to total quarter than the slightly repurchased was a quarter, XXX,XXX of partially year-to-date debt for XXX,XXX

Our X.X $XX leverage million ratio was a slightly cash of quarter. which from with balance last improved

free QX, mostly stronger working to As look we expect due capital. reduced we to flow cash

our Slide XX outlook. Now, let's turn fiscal 'XX for to

exchange revenue our the this at foreign We 'XX growth negative are despite confirming for to impact of year. fiscal had X% outlook has XX%

outlook products, the in are reduced and coils heating in HVAC&R slightly that weakness for mostly products to transfer due market. the into and have tighten the sold some range We residential sales heat

In sales air cooled lowered high of the for end addition, slightly we the liquid of products. ranges and

XX% representing versus outlook to in $XXX be EBITDA range to our million increase for holding of adjusted also year. 'XX are fiscal million, the the We to prior XX% $XXX an of

QX, In and high As we'll products. margins to and Solutions. period had we heating particular, coil difficult comparables in in ago have the year look extremely sales Climate

last we're high quarter end that towards Given and of we are guidance conservative next said That relatively trending stance the clearly results, based the current quarter. raised year-to-date economic range. uncertainty, on guidance our our and we the a our on taking

our with the our transformation and pleased to and planned business quarter third our we're in Day We with on up, on results our continue presented execute targets wrap Investor track towards improvements. margin progress last To long-term remain leaders June.

your With that, will take I Neil questions. and

Operator

D.A. Instructions] first Matt question Summerville [Operator Our Davidson. with comes from

Unidentified Analyst

colocation This out are with for is we And today. Will Matt respect businesses to of on well not observations head growth you what asking [ph] both year you as whether feel level by the about hyperscale center wanted and to Europe fiscal from Summerville these as now? your business North with that start or the and I your America markets up data XXXX. in to into comfortable as Jellison still expected you've

Neil Brinker

U.K. not America. Neil. is comfortable as I we we're only our do I at. have for in in North with in the expansion feel Yes, short, where Thanks in that the as of because with well in position question. comfortable Continental This Europe of feel particularly but factories the

to seeing specific we're very taken opportunity product expanded and as of strategic customers a with We've we've over a as want serving line. grow opportunity of that So those lot customers. our we we've lot seen

with So yes, still the and trending where I'm we're in center data side. at where short, confident in we're

Unidentified Analyst

like on any had Performance picture thermal a you've the customer last-mile interested the you other wondering space? -- but -- broader delivery EV But wins customers I'm side, one incremental and if Technology we win go-forward and notable within about sounds management the it get then could in of had funnel

Neil Brinker

of engagements area considering growth we XXX focus where to on tremendous that's opportunity great for us XXX -- engagements see our years ago. and We're last Well, where from were amount of roughly question. X for Yes, an September in a we month. have certainly a increased

We wins. gone XX XX wins have to from

XX announcement peak today. million. from this made Our $XXX prototypes award quarter in increased to when We're last our to we was up million $XX XX have

in van. and mile looked terms delivery the management applications We've So we're at continuing solve to critical wins vehicles battery for thermal of specialty we've pivoted a in last towards meaningful customers. also some our on way

base. So our have we commercial expanded

portfolio product battery us that's well. version environments tough our of management vehicles. We is and thermal press into harsh for that as And which also with our a recently specialty release applications system we've expanded put another out additional Elcon gets

So the continues group to grow.

We're resources, with adding funnel continue invest. the capital more We more today. at we're to pleased and with we're where

Operator

question next with comes Our [ph] Securities. CGS from Stephen

Unidentified Analyst

at more last just that? comparison $X of I detail year-over-year how to to for but year guidance and just implied end, on just Can on it million remind of the want EBITDA. think about touch call high the you QX there. QX it's and on us about applying maybe you a little the is I the touched know the

Mick Lucareli

Mick. it's Steph,

you Let because color give a little of pieces. more there's me lot moving bit a

or to to we're holding that they'll you our another as growth. we're of Technologies, sequential range we good and confident with PT with that expect quarter our have regards in ability year-over-year top mentioned, hit end but both So already guidance Performance very --

Performance continued earnings pockets comps. be season do heating a that they from of anticipating will So volume difficult year, from results Solutions and Climate We're pricing. up last from QX really strong and have heating good we both slightly Technologies. had really but And progress some

coil I a talked in the and in year of volume, terms products had record area also transfer price last activities. heat We XX/XX about the

from And hasn't HTP plus little flip we going a winter season. OE are as inventory heating some in out cooperated coils softness this really -- we the this little So of area of into ahead or customers year, a to applications. for residential are leaning their products where see our bit. a then bit

So heating from mostly SG&A, we're is compensation bit last on year, but then not the last And least, to And comp. their last in a very, little incentive planning general down very bit little incentive year. QX, market a low. was higher tied

volumes forward, we exceed view. -- year, are we even trying and We Climate we're our hold as Neil to take covered think just next really fiscal if to books looking out order Solutions an a So opportunity look have the then our cautious strong. guidance quite into

good to holding feel We 'XX still our our we're upcoming Investor the out about Day. And laid we fiscal really on year. targets

of of hope So kind I address helps all that that.

you if know questions. have me more Let

Unidentified Analyst

closing you move just to on color. great levels then cash talk just into to out just in I how that's and those going about No, us free view And want 'XX next capital, particular, Can inventory to working and flow. you year?

Mick Lucareli

Yes.

and you out working mentioned, us that lead capital. of about the companies on XX-week higher improving. follow, some that time of talked in of we've For the year slowly lot most primarily that had lean peak some probably like or as calls is Most a supply base other due, previous and is taking times. you inventory. the components to Neil's It's

quite in we've us little at will up to would a take still for carrying over $XX a bit a least been bit pre-COVID it time. sure, million of million $XX excess So levels. I from and say that we're inventory

flow good and you as time would give to to we'll we working to quite we our for side manage grow, on by year, the capital improved, have expect, much think we little working next from early a mentioned expect earnings mostly QX, standpoint, positive guidance go capital best capital And long that I a as working we too down improvements. cash but into were here where we're to [ph]. to do continue in So a I driven revenue

Unidentified Analyst

good. Sounds

Operator

question Brian comes next & from Sponheimer Gabelli with Company. Our

Brian Sponheimer

business. go to in It your seems to back everywhere there's bear and the want positive numbers I momentum commentary guess from really out, I it the outlook. really just the

that to know so your the and one the at low to a the job. fourth it And me quarter at -- picture... had. the that of much does there's high momentum out just to -- that was implies end, and to seems that I spoken end team before high It just quarter guidance basically are fantastic question asked similar end you take just completely a guidance you've being the of pursuant the You doing a basically

Mick Lucareli

that couple our actually those. us business Yes, overdrive point we exceed to would the a But going actual be in vehicular EDI can come of going solid where quarters bit guidance. customers. at we strongest have its go rates of is QX lumpy order as or our year we're to of if X the the where The based really QX forecast. very that the very data to high far center that as date, on And opportunities of that out would you to we and those a on out Brian. little drivers the we remain end Yes, of allow months our are shipments confident one when our those to and mean, see year see in I as feel in it be

Brian Sponheimer

makes with sheet. your balance me. want that Yes, regards regards -- to I just to sense to to in

some it I year-over-year EPS reaction is comparison. headline algo think X.Xx today the The trading to probably aspect has given at the balance levered. and sheet the

You're to working really another something Where doing start perspective. down is a that consider day buyback you you're cap to from your you and really take would really enter Where like and a a be would on Neil? in thinking, $XX opportunistic positive like line, eventually all where now million going today? to start momentum can the

Mick Lucareli

Neil Brian, anything. I'll to wants first it's go Mick. add and

bit to flow. lumpy previous been where back We've been question, we've on year, the working this driven by think a I cash primarily little capital.

pointed 'XX, that 'XX point and our or think better buybacks set we then full on acquisition stabilize calendar think, I down here, out, quarter-to-quarter anticipated here Brian, to QX wanted flow. got free fiscal stable in 'XX working relatively a expect opportunistically a year, stabilized there even is point, we've when the you the have enter capital the had At to when We're next and needed. targets we where point. both As And but based we've at that to point see flow. I we at in we can ratio at things when as look really year, cash we this XX between opportunities look also leverage work cash

Brian Sponheimer

that. Appreciate

perspective? a anecdote CNH any have had that you to more being of able able I were significant of any from one on of labor may Were Racine. advantage you opportunity Just from quickly, tired workers hiring at strike, in that pretty really do could. if take there strike a gotten facilities one to their

Neil Brinker

Neil. in primarily and a that's is It's United R&D little manufacturing Most -- question, is -- do Yes, racing. for It's Missouri. is States of. in our center and manufacturing the Island. This Brian. very good in We aware that our Not of development. I'm testing was Tennessee, Rhode in footprint

outside locations a area fair of in that's the it's So but Wisconsin point.

Brian Sponheimer

Understood. of And luck. best

Operator

Our Ferazani Company. question next & Sidoti with comes Steve from

Steve Ferazani

want run questions to I specific more couple guidance. do on of through a

I'm winter. As only But weeks. end. to said country previous you -- in ground I when had actually and your up look I just X haven't mean see to winter on York much more skipped New hog I'm shifts I very the I real how skipping Climate revenue. trying I are we is the the you're -- parts that we've year? raised this modestly HVAC presentation of down HTP, it. Refrigeration is the know here see and an just at Solutions, but impact change match of When the lower

Mick Lucareli

Yes.

or people heating, application the little really really see a magnitude Yes, to a of We're lack I commercial where describing the and a gaining impacted new down heating says share. snap you're or on home from decline then that. residential correct XX% you think, have of our winter, But what in if a of bit heaters data markets cold Yes. XX%. starts. near it's We're wrong, pockets market Neil, nowhere me I'm both

Neil Brinker

the at, colder that also temperatures the that industry also would where and faster. I'd But overweight Steve, in and the help there's again, terms we to the of distribution with add, heating know little in see a a of that And that where believe business. Certainly, we that work of some to market out. we're we're we're it work going inventory rate gaining out share side Yes. we see start at itself

Steve Ferazani

Because about -- stronger does starts well, think that stuff weather next impact will you carry if it -- end didn’t home if I year, with we up as I replace winter, right? When is really does that guess warm new dependent? Great. over into that although year? a this Or

Neil Brinker

to As well capture as continue out build our distribution. market as we

Mick Lucareli

Neil had the we've it's that said where Steve, years channel.

sell and the that stop bit we'll actual based a remainder inventory the have lean heating winter address enter it is year, the good and they into you some on right, -- regardless on of restocking, distributors bad weather. and the head season. next a winter be will of a with So lot if will what help you're channel But as we of that of a can years, quite really they

Steve Ferazani

helpful. you That's you. then Got it you'll was the believe pump on I building HTP, Serbia, where the -- with And are be where facility?

Neil Brinker

Yes, that's correct.

the through with there -- equipment third continue market. Steve, working is and and still plant final the we're there the to capacity to X to heat the as work negotiations Serbia manufacture currently build out in This So landholder. a support secure to started European do process plants. we pump to the recently you additional We've know,

Steve Ferazani

supply that it'd still. be number been say demand fair? have overwhelming Is the different timing fair on So is that that, could your based that to

Neil Brinker

-- to we're continue yes, going we're win So, continuing orders. to

quite is is I Hence, production next building specific have we book that me year it online the need additional exactly that we're will but in very of can have facility. we to order third which don't quarter healthy technology. for that factory back Our that regards front in in

Steve Ferazani

a little reduced -- automotive cooled. strong then, books area. on the that from the that hearing constraints from cooled reopen. and I really production surprised know and We up And bit China air starting know just we to is still ag right starting Okay. that touching are construction And and in chain on order briefly supply to those. pick was now you've is liquid but

reduction bit there. I'm So little on just surprised the modest a

Neil Brinker

Yes.

We're book and getting Our EDI terms we're the the confident commercial messaging and is healthy. of in order back. that vehicle off-highway

hence, we automotive the business, it's unpredictable, been side bit the little of there auto On a more the on side. hedged where

Steve Ferazani

haven't from shift But major any were seen quarter? last you where we

Neil Brinker

No.

Steve Ferazani

question Okay. on a And quick that. just

you're order then saying you just Have how at general, wasn't you that million, peak think with I disease. was was number as had So $XX EV. picked production that in up production down ramp last component $XX written And might million. million The $XXX it? work shortage one

Neil Brinker

Yes, incremental. that's so

If of you wins in other to order all today, we addition as seeing won, combine those well. increase the that forecast we're that

the that done our it's aggregate -- the in of chain we So we has targets. an of trends managing hit see terms so in that team its good those space. and really supply managing job inventory We're a can that

press And to to we're do new we launched source only able that for the locally where product Alcon-BTMS has a need which some we release technology that source components. own out they've a our but and so so not actually this of components those manufacturing put different the for we much also

Steve Ferazani

Thanks. Great.

it. You got

Neil Brinker

Steve. you, Thank

Operator

EF from next Our [ph]. with Instructions] question Moore Tim comes [Operator Hutton

Unidentified Analyst

systems Congratulations the major impressive packages customers? additional execution to in the air hiring on My locations to related open XX/XX with and EVs. evolution and the centers, and of question aftermarket quarter Do you ramp full quality EPS heating to is your continued first data maintenance the up for growth have offerings into there service the strategy. any

Neil Brinker

This Tim. question, the for want expand thanks And an absolutely. America. Certainly, that's Neil. to in area we where is North Yes,

in area the Virginia support to area. our That's business customers, starting Continental help to supports Europe. well in an U.K. a some the side we service where we're as organization together as have that our particularly put We that plans partnerships use the on largest good of service Northern in Virginia, very

Unidentified Analyst

centers, maybe your And on helpful. might North X be that chillers months? That's you topic sales getting do rate? for take million in When think close generate are precooling the for Will $XXX X the America. you facility data or to Virginia to then Or for up run that? more you Great. another just the ramped

Neil Brinker

some we capacity the ramping produced added our time. up our production yes, line We've We're last the off first at quarter. additional capacity there. So same chillers

was, in put believe have we [ph]. digits I So ability X that press million we to the hit recent years we the out triple was that release $XXX -- most believe and what

Unidentified Analyst

[ph]? million $XXX Yes.

Neil Brinker

million [ph]. $XXX

center For be produce plus Does we products production, would would in chillers help, that fiscal U.S. 'XX. the and data so that that Tim? include other that

Unidentified Analyst

That you're just I switching the up on mentioned for production. make initial How the your that gears, Serbia, seems like heat going does. third to track No, facility sure it you well. And was for want is that. read as just a was? for from calendar good those be and for Are XXXX as maybe XXXX heat as up? demand there? for think incentives holding the you still Europe do those And could pumps XXXX year

Neil Brinker

I do.

Serbia We the motivation are are and strategy the picking continue in we seeing that's And the that we're to the there, driven why that up is there. reason to incentives more have demand the customers. and it's out capital advance there. build capacity

has sales space that through, customers, new helping win large that that space. increase pull orders. commercially into it been be we sell to today, we we've that then in to in us products honest, and seen as And traditional successful the continue team very are really With OEMs, the

Unidentified Analyst

payment sounds you've headcount working the the do of few years. more about final timing and next It guided just the I you'd million cash like free Mick quarter paid the know then for trend flow. cash capital cash restructuring should just And maybe $XX in reduction to in already flow gone European I offset cash into last my wondering this free buffer want that a some payments make question how costs. this flow, free is just like for but that just as head than the an of trying was It positive cash already about the unwind March benefit, Great. Europe. around much inventories have enduring sure reduction. And maybe to I around you wrap seems my to headcount

Mick Lucareli

probably million bit restructuring. few $XX expect for a probably in We more QX. in we'll costs than Nothing little of a million seen unlike Yes. be cash would restructuring year, cash full we've the

And QX. a we -- EBITDA So favorable it. then yes, of driver the talked we'd the similar working expect is lot capital we in about the main expect

Unidentified Analyst

Great my it and Mike. for Neil questions. That's

Operator

showing this no questions further I am time. at

now like over So, I back would Kathy to the to conference turn Powers.

Kathy Powers

for and you this thanks morning. joining Thank us to everyone

to day. of a this that have access call the you website X be able You'll We hours. Thanks. replay hope in through great our all about

Operator

This your for participation. concludes you today's conference. Thank

your this You at lines may time. disconnect

Modine Manufacturing (MOD) 2 Feb 232023 Q3 Earnings call transcript