Accelerating benefits from 80/20 actions
support transformation and progress towards long-term targets;
strong Q1 results lead to upward revision to full-year earnings
outlook
RACINE,
Wis., Aug. 2, 2023 /PRNewswire/ -- Modine (NYSE:
MOD), a diversified global leader in thermal management technology
and solutions, today reported financial results for the quarter
ended June 30, 2023.
First Quarter Highlights:
- Net sales of $622.4 million
increased 15 percent from the prior year
- Operating income of $66.5 million
increased $40.9 million, or 160
percent, from the prior year
- Adjusted EBITDA of $80.4 million
increased $38.2 million, or 91
percent, from the prior year
- Earnings per share of $0.85
compared to $0.27 in the prior
year
- Adjusted earnings per share of $0.85 compared to $0.32 in the prior year
Revised Fiscal 2024 Outlook:
- Net sales up 6% to 11%
- Adjusted EBITDA of $280 million
to $295 million, an increase of 32%
to 39% over the prior year
"This was an incredible quarter for Modine, with record revenue
and significant margin expansion, as both segments exceeded
expectations by driving strong growth and operational
improvements," said Modine President
and Chief Executive Officer, Neil D.
Brinker. "The benefits of the 80/20 activities taken to
transform our business are coming earlier than we originally
planned, leading to our first quarter results being stronger than
expected. In particular, I am extremely proud of the Performance
Technologies team, who are embracing 80/20 principles to improve
commercial terms while continuing to deliver value to our
customers. The Data Center vertical also had a strong quarter, with
orders materializing earlier than expected. We are still in the
early stages of our transformation journey, with further
opportunities for margin improvement while we invest for future
growth in our most attractive markets."
Financial Results
Net sales increased 15 percent in the first quarter to
$622.4 million, compared with
$541.0 million in the prior year. The
increase was driven by sales volume improvements in both the
Climate Solutions and Performance Technologies segments and
favorable commercial pricing.
Gross profit increased 53 percent in the first quarter to
$127.9 million and gross margin
improved by 520 basis points to 20.6 percent, primarily due to the
favorable impact of higher sales.
Selling, general and administrative ("SG&A") expenses
increased $5.1 million to
$61.4 million in the first quarter,
yet decreased by 50 basis points as a percentage of sales. The
increase in SG&A expenses was primarily driven by higher
compensation-related expenses, including higher incentive
compensation driven by improved financial results.
Operating income in the first quarter was $66.5 million, compared to $25.6 million in the prior year. The increase was
driven by higher gross profit as compared to the prior year. During
the first quarter of fiscal 2024, the Company recorded $0.2 million of environmental charges. During the
first quarter of fiscal 2023, the Company recorded $1.5 million of restructuring expenses and
$1.2 million of environmental
charges. Excluding restructuring expenses, environmental charges,
and depreciation and amortization expense, adjusted EBITDA of
$80.4 million increased $38.2 million, or 91 percent, compared with
$42.2 million in the prior
year.
Earnings per share was $0.85 in
the first quarter, compared with $0.27 in the first quarter last year. Adjusted
earnings per share was $0.85 in the
first quarter, compared with adjusted earnings per share of
$0.32 in the first quarter of the
prior year. These improvements were primarily driven by higher
gross profit on higher sales volume.
First Quarter Segment Review
- Climate Solutions segment sales were $271.8 million, compared with $244.4 million one year ago, an increase of 11
percent. This increase was driven by higher sales of data center
cooling products, partially offset by lower sales of heat transfer
products and HVAC and refrigeration products. The segment reported
gross margin of 25.4 percent, which was 480 basis points higher
than the prior year, primarily due to higher sales volume. The
segment reported operating income of $44.3
million, a 64 percent increase from the prior year. Adjusted
EBITDA was $49.7 million, an increase
of $17.3 million, or 53 percent, from
the prior year.
- Performance Technologies segment sales were $358.9 million, compared with $304.3 million one year ago, an increase of 18
percent. This increase primarily resulted from higher sales across
all product groups as well as favorable commercial pricing,
including favorable retroactive adjustments. The segment reported
gross margin of 16.3 percent, up 550 basis points from the prior
year. The margin improvement was primarily driven by the favorable
impact of higher sales. The segment reported operating income of
$32.0 million, a $24.6 million improvement compared to the prior
year, primarily due to higher gross profit. Adjusted EBITDA was
$40.1 million, an increase of
$23.0 million, or 135 percent, from
the prior year.
Balance Sheet & Liquidity
Net cash provided by operating activities for the quarter ended
June 30, 2023 was $41.7 million, an increase of $27.2 million compared to the prior year. Free
cash flow for the quarter ended June 30,
2023 was $26.6 million, an
increase of $22.5 million from the
prior year. This increase was primarily due to the favorable impact
of higher earnings, partially offset by unfavorable net changes in
working capital, including higher payments for incentive
compensation, as compared with the prior year. Cash payments for
restructuring activities, environmental costs, and certain other
items during the quarter ended June 30,
2023 totaled $2.7
million.
Total debt was $357.7 million as
of June 30, 2023. Cash and cash
equivalents at June 30, 2023 were
$92.5 million. Net debt was
$265.2 million as of June 30, 2023, a decrease of $20.4 million from the end of fiscal
2023.
Outlook
"Our performance in the first quarter exceeded our expectations,
leading to a stronger outlook for the full fiscal year," added
Brinker. "In Performance Technologies, we have focused on improving
commercial terms and have recaptured margin lost to material,
labor, and overhead inflation over the past several years. In
Climate Solutions, we have invested for growth in key markets such
as data centers, which continues to drive significant value. We are
maintaining a cautious stance on the second half of the year due to
continued softness in certain end markets, but remain confident in
our ability to execute on our strategic initiatives and deliver on
our financial commitments as we build further momentum towards our
transformation."
Based on current exchange rates and market outlook, Modine
provides its revised outlook for fiscal 2024:
Fiscal 2024
|
Current Outlook
|
Net Sales
|
+6% to 11%
|
Adjusted EBITDA
|
$280 to $295
million
|
Conference Call and Webcast
Modine will conduct a conference call and live webcast, with a
slide presentation, on Thursday, August 3,
2023 at 9:00 a.m. Central Time
(10:00 a.m. Eastern Time) to discuss
its first quarter fiscal year 2024 financial results. The webcast
and accompanying slides will be available on the Investor Relations
section of the Modine website at www.modine.com. Participants are
encouraged to log on to the webcast and conference call about ten
minutes prior to the start of the event. A replay of the audio and
slides will be available on the Investor Relations section of the
Modine website at www.modine.com on or after August 3, 2023. A call-in replay will be
available through midnight on August 10,
2023 at 877-660-6853, (international replay 201-612-7415);
Conference ID# 13739421. The Company will post a transcript of the
call on its website on or after August 8,
2023.
About Modine
At Modine, we are Engineering a Cleaner, Healthier World™.
Building on more than 100 years of excellence in thermal
management, we provide trusted systems and solutions that improve
air quality and conserve natural resources. More than 11,000
employees are at work in every corner of the globe, delivering the
solutions our customers need, where they need them. Our Climate
Solutions and Performance Technologies segments support our purpose
by improving air quality, reducing energy and water consumption,
lowering harmful emissions and enabling cleaner running vehicles
and environmentally friendly refrigerants. Modine is a global
company headquartered in Racine,
Wisconsin (U.S.), with operations in North America, South
America, Europe and
Asia. For more information about
Modine, visit www.modine.com.
Forward-Looking Statements
This press release contains statements, including information
about future financial performance and market conditions,
accompanied by phrases such as "believes," "estimates," "expects,"
"plans," "anticipates," "intends," "projects," and other similar
"forward-looking" statements, as defined in the Private Securities
Litigation Reform Act of 1995. Modine's actual results, performance
or achievements may differ materially from those expressed or
implied in these statements because of certain risks and
uncertainties, including, but not limited to those described under
"Risk Factors" in Item 1A of Part I of the Company's Annual Report
on Form 10-K for the year ended March 31,
2023 and under Forward-Looking Statements in Item 7 of Part
II of that same report. Other risks and uncertainties include, but
are not limited to, the following: the impact of potential adverse
developments or disruptions in the global economy and financial
markets, including impacts related to inflation, rising energy
costs, along with supply chain challenges or supplier constraints,
tariffs, sanctions and other trade issues or cross-border trade
restrictions; the impact of other economic, social and political
conditions, changes and challenges in the markets where we operate
and compete, including foreign currency exchange rate fluctuations,
increases in interest rates or tightening of the credit markets,
recession or recovery therefrom, restrictions associated with
importing and exporting and foreign ownership, public health
crises, and the general uncertainties, including the impact on
demand for our products and the markets we serve, from regulatory
and/or policy changes, including those related to tax and trade,
climate change, COVID-19 or future public health threats, the
military conflict in Ukraine and
other matters, that have been or may be implemented in the U.S. or
abroad; the overall health and pricing focus of our customers; our
ability to successfully realize further anticipated benefits,
including improved profit margins and cash flow, from our strategic
initiatives and our application of 80/20 principles across our
businesses; our ability to accelerate growth organically and
through acquisitions and successfully integrate acquired
businesses; our ability to effectively and efficiently manage our
operations in response to sales volume changes, including
maintaining adequate production capacity to meet demand in our
growing businesses while also completing restructuring activities
and realizing benefits thereof; our ability to fund our global
liquidity requirements efficiently and comply with the financial
covenants in our credit agreements; operational inefficiencies as a
result of product or program launches, unexpected volume increases
or decreases, and product transfers; the impact on Modine of any
significant increases in commodity prices, particularly aluminum,
copper, steel and stainless steel (nickel) and other purchased
components and related costs, and our ability to adjust product
pricing in response to any such increases; our ability to recruit
and maintain talent in managerial, leadership, operational and
administrative functions and to mitigate increased labor costs; our
ability to protect our proprietary information and intellectual
property from theft or attack; the impact of any substantial
disruption or material breach of our information technology
systems; costs and other effects of environmental investigation,
remediation or litigation and the increasing emphasis on
environmental, social and corporate governance matters; and other
risks and uncertainties identified in our public filings with the
U.S. Securities and Exchange Commission. Forward-looking statements
are as of the date of this press release, and we do not assume any
obligation to update any forward-looking statements.
Non-GAAP Financial Disclosures
Adjusted EBITDA, adjusted EBITDA margin, adjusted earnings per
share, net debt, and free cash flow (which are defined below) as
used in this press release are not measures that are defined in
generally accepted accounting principles (GAAP). These non-GAAP
measures are used by management as performance measures to evaluate
the Company's overall financial performance and liquidity. These
measures are not, and should not be viewed as, substitutes for the
applicable GAAP measures, and may be different from
similarly-titled measures used by other companies.
Definition – Adjusted EBITDA and adjusted EBITDA
margin
The Company defines adjusted EBITDA as net earnings excluding
interest expense, the provision or benefit for income taxes,
depreciation and amortization expenses, other income and expense,
restructuring expenses, impairment charges and certain other gains
or charges. Adjusted EBITDA margin represents adjusted EBITDA as a
percentage of net sales. The Company believes that adjusted EBITDA
and adjusted EBITDA margin provide relevant measures of
profitability and earnings power. The Company views these financial
metrics as being useful in assessing operating performance from
period to period by excluding certain items that it believes are
not representative of its core business. Adjusted EBITDA, when
calculated for the business segments, is defined as GAAP operating
income excluding depreciation and amortization expenses,
restructuring expenses, impairment charges, and certain other gains
or charges.
Definition – Adjusted earnings per share
Diluted earnings per share plus restructuring expenses,
impairment charges, and excluding changes in income tax valuation
allowances and certain other gains or charges. Adjusted earnings
per share is an overall performance measure, not including non-cash
impairment charges, costs associated with restructuring activities
and certain other gains or charges.
Definition – Net debt
The sum of debt due within one year and long-term debt, less
cash and cash equivalents. Net debt is an indicator of the
Company's debt position after considering on-hand cash
balances.
Definition – Free cash flow
Free cash flow represents net cash provided by operating
activities less expenditures for property, plant and equipment.
Free cash flow presents cash generated from operations during the
period that is available for strategic capital decisions.
Forward-looking non-GAAP financial measure
The Company's fiscal 2024 guidance includes adjusted EBITDA, as
defined above, which is a non-GAAP financial measure. The full-year
fiscal 2024 guidance for adjusted EBITDA is based upon the
Company's estimates for interest expense of approximately
$23 to $25
million, a provision for income taxes of approximately
$49 to $55
million, and depreciation and amortization expense of
approximately $56 to $60 million. Adjusted EBITDA also excludes
certain cash and non-cash expenses or gains. These expenses and
gains may be significant and include items such as restructuring
expenses (including severance costs and plant consolidation and
relocation expenses), impairment charges and certain other items.
These expenses for the first three months of fiscal 2024 are
presented on page 9. Estimates of these expenses and gains for the
remainder of fiscal 2024 are not available due to the low
visibility and unpredictability of these items.
Modine Manufacturing Company
|
|
|
|
Consolidated statements of operations
(unaudited)
|
|
|
|
(In millions, except
per share amounts)
|
|
|
|
|
|
|
Three months ended
June 30,
|
|
2023
|
|
2022
|
Net sales
|
$
622.4
|
|
$
541.0
|
Cost of
sales
|
494.5
|
|
457.6
|
Gross profit
|
127.9
|
|
83.4
|
Selling, general &
administrative expenses
|
61.4
|
|
56.3
|
Restructuring
expenses
|
-
|
|
1.5
|
Operating income
|
66.5
|
|
25.6
|
Interest
expense
|
(5.9)
|
|
(4.1)
|
Other expense –
net
|
(0.6)
|
|
(2.3)
|
Earnings before income taxes
|
60.0
|
|
19.2
|
Provision for income
taxes
|
(14.7)
|
|
(4.9)
|
Net earnings
|
45.3
|
|
14.3
|
Net earnings
attributable to noncontrolling interest
|
(0.5)
|
|
-
|
Net earnings attributable to
Modine
|
$
44.8
|
|
$
14.3
|
|
|
|
|
|
|
|
|
Net earnings per share
attributable to Modine shareholders – diluted
|
$
0.85
|
|
$
0.27
|
|
|
|
|
Weighted-average shares
outstanding – diluted
|
53.0
|
|
52.4
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed consolidated balance sheets
(unaudited)
|
(In
millions)
|
|
|
|
|
June 30, 2023
|
|
March 31,
2023
|
Assets
|
|
|
|
Cash and cash
equivalents
|
$
92.5
|
|
$
67.1
|
Trade
receivables
|
399.8
|
|
398.0
|
Inventories
|
333.5
|
|
324.9
|
Other current
assets
|
68.3
|
|
56.4
|
Total current assets
|
894.1
|
|
846.4
|
Property, plant and
equipment – net
|
310.3
|
|
314.5
|
Intangible assets –
net
|
79.1
|
|
81.1
|
Goodwill
|
165.6
|
|
165.6
|
Deferred income
taxes
|
81.2
|
|
83.7
|
Other noncurrent
assets
|
77.6
|
|
74.6
|
Total assets
|
$
1,607.9
|
|
$
1,565.9
|
|
|
|
|
Liabilities and shareholders'
equity
|
|
|
|
Debt due within one
year
|
$
27.7
|
|
$
23.4
|
Accounts
payable
|
317.5
|
|
332.8
|
Other current
liabilities
|
161.5
|
|
150.9
|
Total current liabilities
|
506.7
|
|
507.1
|
Long-term
debt
|
330.0
|
|
329.3
|
Other noncurrent
liabilities
|
126.7
|
|
129.9
|
Total liabilities
|
963.4
|
|
966.3
|
Total equity
|
644.5
|
|
599.6
|
Total liabilities & equity
|
$
1,607.9
|
|
$
1,565.9
|
|
|
|
|
|
|
|
|
Modine Manufacturing Company
|
|
|
|
Condensed consolidated statements of cash flows
(unaudited)
|
|
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
Three months ended
June 30,
|
|
2023
|
|
2022
|
Cash flows from operating
activities:
|
|
|
|
Net earnings
|
$
45.3
|
|
$
14.3
|
Adjustments to
reconcile net earnings to net cash provided by
|
|
|
|
operating
activities:
|
|
|
|
Depreciation and
amortization
|
13.7
|
|
13.9
|
Stock-based
compensation expense
|
1.5
|
|
1.1
|
Deferred income
taxes
|
3.1
|
|
(0.9)
|
Other – net
|
1.4
|
|
0.8
|
Changes in operating
assets and liabilities:
|
|
|
|
Trade accounts
receivable
|
(2.7)
|
|
0.7
|
Inventories
|
(7.9)
|
|
(38.5)
|
Accounts
payable
|
(9.5)
|
|
6.8
|
Other assets and
liabilities
|
(3.2)
|
|
16.3
|
Net cash provided by operating
activities
|
41.7
|
|
14.5
|
|
|
|
|
Cash flows from investing
activities:
|
|
|
|
Expenditures for
property, plant and equipment
|
(15.1)
|
|
(10.4)
|
Other – net
|
(3.3)
|
|
-
|
Net cash used for investing
activities
|
(18.4)
|
|
(10.4)
|
|
|
|
|
Cash flows from financing
activities:
|
|
|
|
Net increase in
debt
|
4.5
|
|
14.2
|
Other – net
|
(0.8)
|
|
(2.2)
|
Net cash provided by financing
activities
|
3.7
|
|
12.0
|
|
|
|
|
Effect of exchange rate
changes on cash
|
(0.2)
|
|
(2.6)
|
|
|
|
|
Net increase in cash, cash equivalents and restricted
cash
|
26.8
|
|
13.5
|
|
|
|
|
Cash, cash equivalents
and restricted cash - beginning of period
|
67.2
|
|
45.4
|
|
|
|
|
Cash, cash equivalents and restricted cash - end of
period
|
$
94.0
|
|
$
58.9
|
|
|
|
|
Modine Manufacturing Company
|
|
|
|
Segment operating results
(unaudited)
|
|
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
Three months ended
June 30,
|
|
2023
|
|
2022
|
Net sales:
|
|
|
|
Climate
Solutions
|
$
271.8
|
|
$ 244.4
|
Performance
Technologies
|
358.9
|
|
304.3
|
Segment total
|
630.7
|
|
548.7
|
Corporate and
eliminations
|
(8.3)
|
|
(7.7)
|
Net sales
|
$
622.4
|
|
$ 541.0
|
|
|
Three months ended June
30,
|
|
|
2023
|
|
2022
|
Gross
profit:
|
|
$'s
|
% of
sales
|
|
$'s
|
% of
sales
|
Climate
Solutions
|
|
$
69.0
|
25.4 %
|
|
$ 50.4
|
20.6 %
|
Performance
Technologies
|
|
58.6
|
16.3 %
|
|
33.0
|
10.8 %
|
Segment total
|
|
127.6
|
20.2 %
|
|
83.4
|
15.2 %
|
Corporate and
eliminations
|
|
0.3
|
-
|
|
-
|
-
|
Gross profit
|
|
$
127.9
|
20.6 %
|
|
$ 83.4
|
15.4 %
|
|
|
Three months ended
June 30,
|
|
|
2023
|
|
2022
|
Operating
income:
|
|
|
|
|
Climate
Solutions
|
|
$44.3
|
|
$27.0
|
Performance
Technologies
|
|
32.0
|
|
7.4
|
Segment total
|
|
76.3
|
|
34.4
|
Corporate and
eliminations
|
|
(9.8)
|
|
(8.8)
|
Operating income
|
|
$66.5
|
|
$25.6
|
|
Modine Manufacturing Company
|
|
|
|
Adjusted financial results
(unaudited)
|
|
|
|
(In millions, except
per share amounts)
|
|
|
|
|
|
|
|
|
Three months ended
June 30,
|
|
2023
|
|
2022
|
Net earnings
|
$
45.3
|
|
$ 14.3
|
Interest
expense
|
5.9
|
|
4.1
|
Provision for income
taxes
|
14.7
|
|
4.9
|
Depreciation and
amortization expense
|
13.7
|
|
13.9
|
Other expense –
net
|
0.6
|
|
2.3
|
Restructuring expenses
(a)
|
-
|
|
1.5
|
Environmental charges
(b)
|
0.2
|
|
1.2
|
Adjusted EBITDA
|
$
80.4
|
|
$ 42.2
|
|
|
|
|
Net earnings per share
attributable to Modine shareholders - diluted
|
$
0.85
|
|
$ 0.27
|
Restructuring expenses
(a)
|
-
|
|
0.03
|
Environmental charges
(b)
|
-
|
|
0.02
|
Adjusted earnings per share
|
$
0.85
|
|
$ 0.32
|
|
|
(a)
|
The fiscal 2023
restructuring expenses primarily consist of employee severance
expenses related to targeted headcount reductions. There was
no tax benefit associated with the restructuring
expenses.
|
(b)
|
Environmental charges,
including related legal costs, are recorded as SG&A
expenses at Corporate and relate to a previously-owned U.S.
manufacturing facility.
|
Segment adjusted financial results
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
June 30, 2023
|
|
Three months ended
June 30, 2022
|
|
Climate
Solutions
|
|
Performance
Technologies
|
|
Corporate and
eliminations
|
|
Total
|
|
Climate
Solutions
|
|
Performance
Technologies
|
|
Corporate and
eliminations
|
|
Total
|
Operating
income
|
$
44.3
|
|
$
32.0
|
|
$
(9.8)
|
|
$ 66.5
|
|
$
27.0
|
|
$
7.4
|
|
$
(8.8)
|
|
$ 25.6
|
Depreciation and
amortization expense
|
5.4
|
|
8.1
|
|
0.2
|
|
13.7
|
|
5.4
|
|
8.2
|
|
0.3
|
|
13.9
|
Restructuring expenses
(a)
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1.5
|
|
-
|
|
1.5
|
Environmental charges
(a)
|
-
|
|
-
|
|
0.2
|
|
0.2
|
|
-
|
|
-
|
|
1.2
|
|
1.2
|
Adjusted EBITDA
|
$
49.7
|
|
$
40.1
|
|
$
(9.4)
|
|
$ 80.4
|
|
$
32.4
|
|
$
17.1
|
|
$
(7.3)
|
|
$ 42.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
$
271.8
|
|
$
358.9
|
|
$
(8.3)
|
|
$ 622.4
|
|
$
244.4
|
|
$
304.3
|
|
$
(7.7)
|
|
$ 541.0
|
Adjusted EBITDA margin
|
18.3 %
|
|
11.2 %
|
|
|
|
12.9 %
|
|
13.3 %
|
|
5.6 %
|
|
|
|
7.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) See the Adjusted EBITDA
reconciliation above for information on restructuring expenses and
other adjustments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Modine Manufacturing Company
|
|
|
|
|
Net debt (unaudited)
|
|
|
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
June 30, 2023
|
|
March 31,
2023
|
|
Debt due within one
year
|
$
27.7
|
|
$
23.4
|
|
Long-term
debt
|
330.0
|
|
329.3
|
|
Total debt
|
357.7
|
|
352.7
|
|
|
|
|
|
|
Less: cash and cash
equivalents
|
92.5
|
|
67.1
|
|
Net debt
|
$
265.2
|
|
$
285.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flow (unaudited)
|
|
|
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
Three months ended
June 30,
|
|
|
2023
|
|
2022
|
|
Net cash provided by
operating activities
|
$
41.7
|
|
$
14.5
|
|
Expenditures for
property, plant and equipment
|
(15.1)
|
|
(10.4)
|
|
Free cash flow
|
$
26.6
|
|
$
4.1
|
|
|
|
|
|
|
Kathleen Powers
(262) 636-1687
kathleen.t.powers@modine.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/modine-reports-another-record-quarter-raises-full-year-earnings-guidance-301891832.html
SOURCE Modine