MOD - Earnings call transcript Q2 2025 | Modine Manufacturing Company

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Operator

Good morning, ladies and gentlemen, and welcome to Modine's Second Quarter Fiscal 2025 Earnings Conference Call. [Operator Instructions] I would now like to turn the conference over to your host, Ms. Kathy Powers, Vice President, Treasurer, Investor Relations.

Kathy Powers

Hello, and good morning. Welcome to our conference call to discuss Modine's Second Quarter Fiscal 2025 Results. Brinker, our and Chief Executive Neil and Executive Financial by Lucareli, Mick Vice joined our Chief President Officer; Officer. I'm President and are forward-looking Relations that on of at that slides we'll our using X today's The notice is regarding be modine.com. On Slide the of section presentation Investor deck our statements. website for available the with earnings call that, as in well This contain statements forward-looking as Commission. With Neil. call to Exchange as company's over release the filings will I'll and turn outlined in our Securities our

Neil Brinker

and you, Thank everyone. good Kathy, morning,

event As Day in most everyone corporate like an or a of you for participated know, important replay thank live the we headquarters. us. last held Investor the who to person was watch our month in webcast attended at online. This I'd very

over value like pillars So the that the come. we our some of the I'd years for key messages. strategic foundation highlighted and our X to quarterly to are review drivers results, key believe drive to Throughout growth presentation, strategy margin form expansion of we before that going

at value for deep customers. management in thermal thermal to through allowing engineered, our core, create us First, expertise technology, solutions provide our highly we our mission-critical

for In doing years. been it XXX fact, we've over

X product Second, it, we value. announced the can focus. through drive groups And part and improve market of we XX/XX our process. product as our our portfolio in year have to the is resources that where to our will XX/XX, segment resegment most focusing next and leveraged product business, we an fiscal realign ongoing we

and growth. how pillar they third are megatrends The our to relates fueling

of for advanced solutions. center computing currently like are capacity and learning fuels focused demand trends we data high-performance For machine as expansion the rapid and supporting AI more cooling example, on

multiyear time, solutions. advanced reduce impact driving Although can meet environment cycles. regulations a change new constant fossil ever-increasing need over and This [indiscernible] and for need to are provide of fuels currently the our growth will we believe in these the that trends

have everything is profitable Evolving allocation. our we created mission-critical advantage, thermal discipline, organization evolve and a fuel XX/XX stronger recently to drive to spirit compound brings introduced repeatable the evolving We continually which drives ultimately, in strategic Next, our does growth. pushing product portfolio. That of more our a resource the value. to vision end, cycle, a we from is development By of and to down helping have us to our an This and decentralized in shareholder pillar. through us XX/XX portfolio a beginning final highly cycle entrepreneurial our an our from the expressed relationships customer business to efficiency, consider statement, decision-making not or pursuit always benefit be engineered, process but value focused derived shareholder drive to portfolio improve products organization, competitive solutions. our strategy

to introduced targets. X-year addition vision this financial In sharing new new statement, we also

in overwhelmingly positive. accepted has XXXX, The Day challenge our shared our we've have We and this Investor during and raised from further. the expect of 'XX annual in been the 'XX. Overall, XX% the XX% compound event XX% to and fiscal margins has off to by team bar delivered once commitments the first base feedback on period even to the XX% back expect the EBITDA now We revenue X-year of adjusted range plans of fiscal deliver growth again. for in place

the like results. X. segment shifting Slide turn to quarter, to the to Now review Please back I'd

business balance to Springfield doubled from as primarily exceed Our Revenues This compared the more acquisition. outstanding Climate and Solutions the center continues driven quarter, with in segment growth driven our had about Scott half than organically the year, prior data our of another to expectations. increase business. by the

hybrid is with the efficiency is decision at officially we a was product product systems with seamlessly in now data systems forefront the has the cooling energy designed first or developed high-density anticipate which our controls distribution fourth for integrate and of colocation cooling our in making, of and the coming of this the hyperscaler escalated year. quarter XX/XX centers. Interest liquid shipments to CDU, We development our and benefits to X-megawatt in this announced unit, voice improve Demonstrating inquiries CDU with customer and applications. for of launch addition, from the modem both still of product customers. critical In component fiscal and

presentation, As continue growth mentioned customers accelerate. to Day with hyperscaler during our Investor

In first we and our expect X addition now third this relationship the current hyperscaler customers, our to quarter. order with get to are building a

manufacture the be customers. Currently, this to a of observing also our significant for handlers are business. evolving custom these hyperscaler needs our of will component continue and We air and we design customers,

these customers now been high-performance U.S. our have increasingly both we in production However, chillers, interested have especially and that the U.K. the in

mentioned expanding week. business. Last to the and center capacity in our that purchase first units order production hyperscaler with U.K. our completed exciting report have is and prospect an quarter. shipment quarter, from customers our we first our ahead growth data are exciting offering pleased data I that received line customer our I'm product has fact, expansion fiscal fourth to quarter expansion of In our the of hyperscaler we expected with for of products, for this another past strategic This schedule, chillers a last for been center

of excited running data at is be We in growth existing our will globe. This the next a new for provide excited in to despite of customers in Performance also bring facility expansion products top for in continued leveraged at segments. us for center driven our both segment manufacturing and the the center this the markets. our vehicular line The in and in we in East. our a data Technologies can facility very locations the will and also products with SSM. I'm X. Chennai, and capacity also Slide our center a had growth margin expansion drop quarter to up India revenue, support decline strong in turn as Calgary, location supporting to to in by manufacturing around growth market. Please future continue number center Asia organically XX and a This announce data be from are growth the invest near opportunity to Middle with new I'm capacity about data the earnings

However, delivery. still seeing GenSet growth we is global This being solid are in high-quality our the on-time by bolstered module and business. footprint,

solutions region. Sales for growth Group growth Advanced In also includes fact, collaboration on transit data in long-standing fiber in This our relationship management also for advantage our in leading [indiscernible] future a Gilead, specializing the Solutions vehicles inverter announced buses, for partnership thermal posted supply in transportation. manufacturer and will with of positive capacity cooling expansion we GenSet public use the quarter. centers in India our in that production system modules. our and allow that sales low zero-emission battery

We from also feedback the introduced receiving our positive smart electric portfolio which market. component is

Group what are opportunities in of mix Advanced our to experiencing including countermeasures but Solutions positive with volume number are economic us and updates in the engagements to also will some are and few XX/XX our mitigate implications year. Mick, customer who seeing some product sensitivity our continues turn short-term strong, we Our expect and culture a the downs in balance certain costs, this good to we in markets and product funnel call provide Overall, segment. and long-term some legacy on for challenges a all, over opportunities of categories. I'll implementing help continues of be further the for quarter business wind in we a to Europe. All reduce approach

Michael Lucareli

adjusted raising heat exceed data we're business results. from XX% the center Climate European million, segment and refrigeration to commercial million, sales revenue the turn were above EBITDA Springfield, good group. hyperscale everyone. for to customers, to colocation projections, Thanks, customers. Slide Solutions a our along Data Transfer Please and including Neil, product residential from deliver demand to grew increased review X and business. Modine's HVAC Scott this down $XX morning, American posting improvement sales sales the of again Springfield and margin in with HVAC along coolers. Heat outstanding acquired North continues lower higher product or center with sales strong million sales pump $XX $XX by XXX% from XX%. or forecast a Scott the results, sales driven or XX% continues and and with XX% to revenue once

to which quarter resulted see most with certain to able strong pleased XXX However, working the commercial offset expected finalize were basis a to originally agreed what improvement been EBITDA towards and QX. Overall, The point had in we XX.X%. some this help margin the with conversion our adjusted beginning to Climate in team the lower we're settlements we customers. to originally volumes was earnings settlements, the of Solutions benefit versus

organic And improvements. million quarter, to continues heart on the $XX growth, to quarterly accelerating our improving of the for Investor Springfield margin from continue the adjusting segment's Day, discipline As Scott of X% discussed sales team this at organic with acquisition. revenue be focus the the at will XX/XX after

As The increase basis and to improvement evolve X% and turn Performance XXX work, portfolio the labor, momentum we hard profitability, of strong earnings year, Slide at continues X. the a were to earnings material Climate including Solutions. Please margin overhead adjusted in point due XX/XX the revenue half the improve look positive the for we expect continue of to last for Technologies to and and improvement. growth lot a improvement including a in EBITDA margin. and

which able were had sales tax positive the impact and to EBITDA on in operational addition to adjusted a quarter. In in credits Brazil, we revenue secure the improvements,

vehicle the down lower automotive, As was commercial quarter. This in by along and anticipated, automotive prior revenue Performance driven Technologies customers. off-highway sales the with to divestitures, was year

sales by or $XX application with divestiture, sales customers. systems higher due of vehicle end specialty bus and market the divestitures Excluding sales or impact cooled commercial demand to of and EV and by decreased sales XX% off-highway decreased markets. year the along auto, Organic vehicle driven across Solutions million, prior $X million Liquid to lower XX% negative X%. $XX Advanced increased were million

driven sales vehicle and air by XX% also market application Lastly, or equipment were lower construction and $XX by demand million, divestitures the and agriculture commercial lower customers. from cooled

by highlighted we've the GenSet sales focus, as a as However, increased to in strategic customers quarter XX%.

and rationalization, to portfolio a seasonally QX. with quickly earnings is we're broader construction volume this segment historically agriculture, across vehicle planned markets. Despite temporary After fiscal benefit which headwinds, level we XX-XX conversion, soft in of the validating the pleased is publicized QX, anticipate a our the the and the In further market of softness, well step-up addressing discipline. addition commercial

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

by Solutions. partially increased and volume in Climate Second driven declines the X%, million $XX and Performance Technologies. Scott growth organic acquisition was divestitures quarter Springfield Climate of market-related growth by Solutions in sales offset

improved numerous and XX/XX Scott acquisition improved to initiatives. including benefit the primarily Springfield XXX margin driven the gross mix XX.X%, basis by business an points Our of

million. settlements in my sales benefited As Solutions from along impact included comments the benefits of noted estimate than others, few during the anticipated Brazil. We was and with including the would a That the commercial we previously a are year $X Climate to in second full year. fiscal but segments, also These recovery secure our few that quarter in items, outlook, land and were the credit approximately pleased a we half these that said, items, tax net in of items they earlier expected. the the

acquired SG&A noted to Springfield the As of assets. expense last related amortization and acquired includes business, the incremental quarter, year-over-year intangible SG&A Scott

continues share XX/XX prior increase and great we quarter XX.X%, exceptional performance. Adjusted improvement prior of year-over-year quarter, provide margin or the recorded another than with momentum The We're XXX expenses higher compensation this on per margin with EBITDA in million. Each was update, $XX the laser-focused trend strong in an and adjusted and quarter remains $X.XX, point key XX% higher again XXth us representing overcome consecutive represents basis margin incentive was year. was implement improvement. Adjusted our end management this challenges a others. from a very addition, and team we The control. EBITDA allowed markets quarter, earnings to EBITDA as in things growth I the In now salary pleased can in the adjusted line year. resulting with improved of X% some to

cash of another to nearly turn million free which quarter, million included XX. was million, flow. lower of of Please which cash Now $XX the moving second track prior year We lower Consistent balance restructuring note flow the of quarter. that the free debt million first generated quarter. payments. good Please leverage This $XX than ratio year $XXX flow puts outlook. Net our the improvement full fiscal flow sheet cash of in with million anticipate cash year-to-date $XX last of is X.X. the our Slide in from the a cash strong, to million we $X flow an on the year previous This was $XX remains and quarter, quarterly and metrics. with than free resulted cash

estimated HVAC&R Slide year release expect to the I data to strong increase let's the quarterly second Solutions We with we're holding coming driven We in fiscal fiscal half transfer increase announced sales is benefits the data The neutral the quarter were grow performance for 'XX $X outlook. along Now the lowering the Modine's as growing to reviewed results. a groups. order to million while and majority we'll higher with benefits in quarter included to us, revenue our relatively standpoint, press the this outlook, group of for the increase in segment, the previously had of anticipated. these the company turn outlook would half Climate product outlook to to The we each revenue XX behind an total a year the we benefit book. XXX%, outlook, now QX. From impact our making revenue year With the settle 'XX somewhat of products. a QX we're update by first net large earnings for center XXX% our that while the in key adjustments in significant an center net product the the anticipated quarter. In in a continue of our half than

expect to and fiscal commercial Performance markets. EBITDA previous to by will normal weakness QX ongoing with in QX, with then for consistent to expect range ongoing we million regards and $XXX driven based years launches. we the we've million. Consistent seasonal of previous customer our than vehicle adjusted in adjusted trends earnings, $XXX For off-highway in vehicular in 'XX weakness markets. guidance, product and be the a lower some With sequentially markets Technologies, sequential on be We global and along trends, our QX expect with specific ramp auto

of we that current cash free to anticipate EPS fiscal In the cash addition, flow year view year adjusted be another consistent good of our in the above will year. Last, in the to or $X.XX anticipate we prior on $X.XX. we line as expect flow range flow. Based remain cash remains outlook, this of

tax of tax the amortization, depreciation assumptions questions. who this first trending Neil our of the of income the summarized to taxes, Our XX% to expense second half effective and or higher presentation. To XX%. wrap take Other pleased attended to results bit and webcast we encourage missed the quarter view in interest expect to appendix in for Day those we're is are year. range your up, website. With rate and the have a that, and available the may Investor to who Investor with expense, the it the attached the be expense again anyone replay on I I our viewed will Thanks event. from Relations

Operator

Davidson. Summerville first Instructions] the [Operator D.A. The line comes Matt of question from with

Matt Summerville

that that product manufacture. content? And to how I potentially trying currently a chillers understand, mentioned wallet now what hyperscale business, to opportunities you handlers looks have of if into your I'm much the chiller sell you seeing all per what are follow-up. a your like your basis, you'd add to here ultimately, can the prepared And On addition you Neil, hyperscale X your potentially current your on remarks, in like opportunity in high-performance air then in customers. center these sounds increase Neil, megawatt data

Neil Brinker

great of The around X.X chiller X.X the is about market Matt, USD pricing a Yes, question. to megawatt for right million. capacity

Matt Summerville

there the centers. in outside CapEx little project -- doing you're to a of capital you what this then associated, you're can looking product And looking addition timing the at about bit manufacture specifically, in to in India, data you're it. the Got talk

I mentioned about think something gensets. you

quarter or more of that billion process? of already So X when thought a growing longer-term little million center importantly, sort X your part to about bit business this in $XXX was view color that. But a a in $X that on this was ago Or you expressed years you talked less? data or

Neil Brinker

Matt. for was Yes. customers not. their We're is incremental. It suggestions. our Good This question, following

out fan vehicular I a well. we've as this got there location already CDUs cracks, feel GenSets market about opportunity there with we've looking India. in And presence of got walls, we our it. we're at mean, good So doing through

of makes accelerate kind our previous and incremental just plan a strategic move this of it, this lot So it to our in will add sense beyond up and statements. capacity

Operator

The Kaye next question from the comes Noah line of Oppenheimer.

Noah Kaye

contribution we with revenue Springfield? this Can Another Scott step-up in start quarter.

Canada. for up set production expanded in up obviously You've

talk what stronger Just when it? about year how seeing maybe of the you little to think you about that business the you've contribution bit versus from through been a trending balance and acquired the drive

Neil Brinker

really our a acquisition. the brand in successful get additional flow and the within doing the hence, overall for very over the the Ardell get We now. We're at been would has capacity that faster CapEx team in the welcome seeing could we're we add more traditional that we more to That if second bringing to Springfield customers, then an opportunity premium out Modine volume So some customers. and amazing we We investment job. brand if could with share rate, knew get pleased also we and of we'd that product would in the through Ardell knew delivery cross-selling facility, They're bring that Scott team. produce. we because as we're seeing of the the quality

the are up that the with pick our just the build seeing of our So product, of starting that customers' and pipeline in our then and the up volume pure opportunities cross-selling quality because to uptake. funnel we're product,

So it's point. to our this expectations exceeded

Noah Kaye

the that and Climate XQ a pieces some in to -- of the high and thoughts that bit positive Okay. some outlook. think mentioned, does PT how center of year? the you we business? do But maybe mix? It I the the on about like just a the weakness is margin at on growth seem XQ. the appreciate kind I level, through on your around of Solutions, for side from big just And little trajectory over might mix forward balance pull Mick, And more by you overall be for how love that of then informed benefits data just getting more going that.

Michael Lucareli

a QX with margin points Solutions, the company half and Yes. at of with things on in line the No, half hit second the year. the there, again more and strong. see kind of then water bit we're year. Then as total other little of being volume lower with rebound another with a Yes. Climate line the the look talking book do order kind center QX the solid major we QX QX for on of quarter the you first We there there in data under in to expecting be QX the is with

seasonal is always construction, on seeing time the We it's to for of the Heating Solutions. quarter and challenges year, see One be with just of ag, the climate holidays as lower, is data temporary and feeling that customers the days as CV about know. And pattern this QX expect where and softness good production a shutdown. QX dip. auto, top across then The extend really it we're got always is center is and goes, the side. is we've guys you production on season PT how all of but we're good year another Climate that then our this that

PT see side. on will the on be the So bigger we'll the impact margin

on climate yet, side. the but -- solid So

So QX. we it into of flowing kind see QX that's through how and

Noah Kaye

the of you this feel X mean, PD how the can bit your half pretty drivers? have visibility turn at sort some baked? much -- you at is back macro production for you into with really follow-up over. point, of And those I just you couple it I the little where a we planning Yes. before next half for move in months? are think of around the back Do point Do

Michael Lucareli

Yes.

where have For order same will get up not based under pulling rates EDI our system. we've a that where in improvements our more cases to genset QX volumes, -- to number from start situations they there's tried the tied order on of to and they're with QX launches sending most to and volume especially side a part, here at said, plans EV firm that an and the the opportunities rate. But we are product them around few always in also customer are the

launches this of tried market then some we've got to the we've latest see here volume kind get and So and with run we under rate improvements the quarter. there,

Operator

Next question comes Brian with Drab William of player. from line the

Brian Drab

on I there the a that some And just just talk year. wanted business, revision about the those the be balance is Advanced somewhat you to first of could ask great. downward you of for elaborate would Solutions of dynamics, to

Michael Lucareli

say Mick. if Yes. It's anything swing wants Neil Great. first can. you to I'll a take

a revenue, management EV last So Solutions. $XXX That, launching lower year, revenue to the continuing outlook about a and battery mix for we did as or little and evolve ATS reminder, million that we're system. bit thermal our as Advanced is in

So was specialty the -- quite about and year in year components fiscal vehicle, we're side. legacy EV down expecting thermal most X to component the quarters some the systems grow EV battery of that management XX%. still we took on was portfolio excess as our side type mostly and auto on of this rapidly And EV auto we -- of really heavy hybrid what vehicle, still last commercial the

that what got company. and area, the the really was component the pulled So focus isn't down for strategic

that answer question? does your So

Brian Drab

the you're Yes. management That's helpful. thermal on saying side, commercial the And side? that's battery

Michael Lucareli

part the it overall to a portfolio. Yes, become of to and shift grow continue continue that's growing, will bigger the we're will and

Brian Drab

Okay. that heat visibility And there anything better recovers? you market, is then giving when in the any pump that's into

Neil Brinker

the at It's relative from Brian, push are now several driven It's And monitor they by that. compliant is question. if today. that's regulation still Neil. that amount we as that that as incentives pulse. This we And out we really right? and regulations, you good by thanks and a applied basically driven what is see permits then for to of for that quarters look

Brian Drab

detailed having better conversations can info have. to regulations, trying I assume I'm and those Okay. more that you Great. than have follow Yes, I but

up follow later. more I'll So

Neil Brinker

No problem.

Operator

Jeff the with from B. Riley Van Sinderen of comes question Securities. line Next

Jeff Van Sinderen

hyperscaler, are little it bit any sounds on hyperscalers to a or new a And seems are considering considering first like hyperscaler Are So Sorry, facilities area? And it the touch gear capacity potential the will how data you you expect ship this then to hyperscale just maybe particular on work in order constrained just with follow facilities? hyperscaler and production on you're new bringing is then wanted the a could hyperscalers, those, you you incremental that get given in the new at to more on build the for an capacity order work. center And after for then, might toward with dedicated products new more I bring question. the the what point production on targeting QX? up since that? from in lot like guess,

Neil Brinker

Yes. you're where that's given. And we've Good the invested certainly can within we've by No, with and Jeff. the comfortable demand we okay, meet expanded, adding been we it's can yes, We're question. right. in. that brick-and-mortar lines additional

coming agreement -- are the We sales expect the with as last it. orders and in to and some the we a of night now see here we've to signed have we capacity master quarters. do officially third,

third we conversations your others. So that have are, we And or in -- process, with that of process vetting third new our part now with the the was hyperscaler. that to point,

continuing to we're others are X. same processes there that we're previous conversations and with, vetting with going the have through the So

Jeff Van Sinderen

to initiatives those or rationalization back on a divestiture on circle moment, Okay. latest business PT or either for maybe Great. there as X. the we then thoughts just further And

Michael Lucareli

to a and Jeff, next few I that place million not the right pieces the generation bigger at to laid as times, a about focused our we've share targeted the think $XXX in and we is of then, had growth that's the going IR that's that that, $XXX of about power the laid team we way is year, best and doubling might the capture out when million as heavily years, the on answer EV Day, are knowing area over event on now, sole we business right piece, systems. out each are Well nonstrategic. about deemphasize little. But exactly that to many down focus talked now, take we

Operator

Chris from [Operator line Instructions] Moore Securities. of Next comes CJS the question with

Unknown Analyst

you've data on and for and themes expected consistent positioning Will When of the the Chris. always a one is talked about growth, been products subset and of relatively we're small This focused has on service. market, center providing Modine's exceptional

target about have get the data in base? customers you be when center, you you of your to expansion about do how attracting there would you So think double it? customer the revenue need from billion Can helpful. you base? just thoughts new think the on customer Do $X Any existing

Neil Brinker

we're that right. in Well, double-digit Yes. play teens from market away niche single-digit We that's and space share low share. moving market into low

would in have funnel And space. with existing we're still place would be So existing that's that the today, capacity we incurrent of be with we the incremental. the in customers that have. Incremental customers

know. we what based is on we forecast what So

Unknown Analyst

is then focus. And business value that recognizing space a the not auto helpful. Super long-term

here. some sold You've businesses

pay auto the raised the the many were pace in prices at especially In least of X-plus auto guys You overall business customers ice transformation aggressively, as instances, years temporarily. to part increases price ago. willing

switching and react costs business? of state competitors your . to to the more How analyze the to increases. auto have price have time had remaining would Now had characterize time the as current Auto companies ICE you

Neil Brinker

Yes, that's a good Will. question,

think I that the and generally. supplier value can price they I that they your relative conversations had and agree discussions unique But statement has every to with pay.

conversations we we're we If those those have typically at in going terms had into of X- that had short conversations. to to X-year look when commercially, programs. we've certainly, conversations, look that at And term. don't we So

Operator

from comes question the Next line of Matt D.A. with Davidson. Summerville

Matt Summerville

Yes.

couple follow-ups. of Just a

this million fact another any should seeing and How from thinking or that? way? of downturn you're $XXX you you that to want be about in understanding XX/XX Just given move one the accelerate that of my revenue. we to sort way PT on enable in Does

Neil Brinker

hard the good strategies. we XX/XX question, But we the at within outperform see Matt. same to initiatives. initiatives growth on line our real that's we and at businesses can market, other that we headwinds definitely lean the also Yes, product through a when of their time, offset Certainly, look business where see we

So can the the looking lower. and strategies line really at down, product are volumes level you is you will, water see when start your the when to if you're icebergs,

a remember, Climate terms later in year Solutions. of absolutely, because a about we was So PT them behind deliberately year XX/XX launched initiatives than

at of So decisions yes. to to directly, line long take continue and they're it's volume day on water they're product a in the throes market, term portfolio to make which their where they based going based but look on to question the and the on the new it want is answer it, your

Matt Summerville

maybe on And it. the side the quick data X business. then center just Got follow-ups of

at from You're expect liquid some in Day this for much this obviously liquid your third Analyst remind us than fiscal which guys can include launched is much of the did suspected? picture maybe in last in you you seemingly or 'XX, you beginning shared month in fiscal look equipment to hyperscale from to CDU, maybe sooner have have And would forward customer, early can roll like you your what the there procure there you perhaps volume What's big on thought year. 'XX. you

Neil Brinker

third Yes, Matt, liquid of terms in hyperscaler. nothing material, or a from

Operator

Thank you.

Kathy now floor further this Powers to like no As for the turn comments. there over questions would I closing are to time, at

Kathy Powers

our you for joining us for a hours. available I everyone to day, all be has X in website this Investor replay in morning. great call interest of and your this everybody will The Relations you Modine. Thank hope thank about

Operator

This today's teleconference. you. concludes Thank

lines your your you this disconnect participation. Thank at time. You may for

Modine Manufacturing (MOD) 30 Oct 242025 Q2 Earnings call transcript