LONDON, UK / ACCESSWIRE / June 25, 2018 / If you want access to our free earnings report on Modine Manufacturing Co. (NYSE: MOD) ("Modine"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=MOD. Modine reported its fourth quarter and fiscal 2018 operating and financial results on May 23, 2018. The heating and cooling products maker outperformed top- and bottom-line expectations.

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Earnings Highlights and Summary

For the quarter ended March 31, 2018, Modine's net sales of $566.6 million increased 16% compared to $488.3 million in Q4 FY17. On a constant-currency basis, the Company's net sales increased 8.6%. Modine's reported numbers beat analysts' estimates by $38.

During Q4 FY18, Modine's gross profit increased to $96.5 million compared to $85.1 million in Q4 FY17. The Company's reported quarter gross margin fell 40 basis points (bps) to 17.0%, primarily due to the negative impact of higher raw material costs.

Modine's operating income was $27.2 million, surging 30% compared to $20.9 million in Q4 FY17. During Q4 FY18 and FY17, acquisition and integration costs, restructuring expenses, impairment charges, and certain other items totaled $7.5 million and $9.0 million, respectively. Excluding these items, the Company's reported quarter adjusted operating income of $34.7 million increased 16% compared to the prior year's corresponding quarter.

For Q4 FY18, Modine's net earnings totaled $17.6 million, or $0.34 per diluted share, compared to $8.0 million, or $0.16 per share, in Q4 FY17. The Company's reported quarter adjusted earnings surged 26% to $0.44 per share, beating Wall Street's estimates of $0.40 per share.

Modine's net sales soared 40% to $2.10 billion compared to $1.50 billion in Q4 FY17 including strong 8.8% organic sales growth.

For FY18, Modine's net earnings came in at $22.2 million, or $0.43 per diluted share, compared to $14.2 million, or $0.29 per diluted share, in FY17. The Company's adjusted earnings soared 97% to $1.54 per share.

Modine Manufacturing's Segment Review

During Q4 FY18, the Americas segment's sales rose 3.7% to $150.0 million compared to $144.6 million in Q4 FY17. On a constant-currency basis, the segment's sales were up 4.2%, driven primarily by higher sales to off-highway and automotive customers. The segment reported operating income of $9.4 million compared to $13.7 million in Q4 FY17, primarily due to higher material costs, negative product mix, and higher compensation-related expenses.
For Q4 FY18, the Europe segment's sales surged 21% to $162.9 million compared to $134.6 million in Q4 FY17. On a constant-currency basis, the segment's sales rose 4.9% on a y-o-y basis, driven primarily by higher sales to automotive, commercial vehicle, and off-highway customers. The segment reported operating income of $10.8 million, up 48% compared to $7.3 million in the year earlier corresponding quarter, primarily due to higher sales volume, favorable currency impacts, and other plant efficiencies.

The Asia segment's sales totaled $48.1 million in Q4 FY18, reflecting an increase of 44% to $33.3 million. On a constant-currency basis, the segment's sales soared 35% on a y-o-y basis, driven by higher sales across all served markets in China, Korea, and India. Asia segment's operating income soared 79% to $5.0 million in Q4 FY18, primarily due to higher sales volume.

During Q4 FY18, the CIS segment's sales advanced 18% to $168.4 million compared to $143.0 million in Q4 FY17. On a constant-currency basis, sales rose 10% on a y-o-y basis, driven by higher sales of precision cooling, mobile air conditioning and coatings products. The segment reported operating income of $11.5 million, reflecting an increase of 47% from the prior year's same quarter, primarily due to higher sales volume and synergy savings.

For Q4 FY18, the Building HVAC segment's sales rose 12% to $43.3 million compared to $38.8 million in Q4 FY17. On a constant-currency basis, the segment's sales advanced 6.8%, driven primarily by heating sales in North America. Operating income of $1.7 million was down $1.1 million compared to Q4 FY17, primarily due to a $1.2 million asset impairment charge resulting from the decision to exit a product line and higher SG&A expenses.

Balance Sheet & Liquidity

As of March 31, 2018, Modine's total debt was $479.4 million. The Company's cash and cash equivalents at the end of Q4 FY18 were $39.3 million.
For FY18, Modine's net cash provided by operating activities was $123.8 million compared to $41.6 million in FY17. The improvement from the prior year was driven largely by higher earnings from operations and improved working capital. The Company's FY8 free cash flow was $52.8 million compared to negative free cash flow of $22.8 million in FY17.

Outlook

For the fiscal year 2018, Modine is forecasting sales to grow in the range of 3% to 8%. The Company is expecting adjusted operating income of $135 million to $145 million; and adjusted earnings of $1.50 to $1.65 per share.

Stock Performance Snapshot

June 22, 2018 - At Friday's closing bell, Modine Manufacturing's stock ended the trading session flat at $18.80.
Volume traded for the day: 221.64 thousand shares.

Stock performance in the last month ? up 1.90%; and past twelve-month period ? up 16.05%

After last Friday's close, Modine Manufacturing's market cap was at $951.28 million.

Price to Earnings (P/E) ratio was at 15.89.

The stock is part of the Consumer Goods sector, categorized under the Auto Parts industry. This sector was up 0.3% at the end of the session.

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