$MOD

MODINE MANUFACTURING CO

CIK:0000067347|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 874.1	$ 682.8
Cost of sales	692.1	517.4
Gross profit	182.0	165.4
Selling, general and administrative expenses	103.3	84.9
Restructuring expenses	3.9	4.8
Operating income	74.8	75.7
Interest expense	(6.4)	(5.8)
Other income (expense) - net	0.2	(4.2)
Earnings before income taxes	68.6	65.7
Benefit (provision) for income taxes	5.7	(14.0)
Net earnings	74.3	51.7
Net earnings attributable to noncontrolling interest	(0.4)	(0.5)
Net earnings attributable to Modine	$ 73.9	$ 51.2
Net earnings per share attributable to Modine shareholders:
Basic (in dollars per share)	$ 1.39	$ 0.97
Diluted (in dollars per share)	$ 1.37	$ 0.95
Weighted-average shares outstanding:
Basic (in shares)	53.3	52.6
Diluted (in shares)	54.0	53.7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net earnings	$ 74.3	$ 51.7
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	20.7	19.0
Stock-based compensation expense	8.0	5.3
Deferred income taxes	(3.8)	0.7
Other - net	1.1	2.6
Changes in operating assets and liabilities:
Trade accounts receivable	68.3	(10.6)
Inventories	(105.4)	(61.6)
Accounts payable	58.0	46.7
Other assets and liabilities	(79.8)	(26.1)
Net cash provided by operating activities	41.4	27.7
Cash flows from investing activities:
Expenditures for property, plant and equipment	(46.4)	(27.5)
Payments for business acquisitions		(119.0)
Other - net		2.5
Net cash used for investing activities	(46.4)	(144.0)
Cash flows from financing activities:
Borrowings of debt	372.0	265.0
Repayments of debt	(283.4)	(83.2)
Borrowings (repayments) on bank overdraft facilities - net	3.3	(9.8)
Purchases of treasury stock	(64.6)	(5.1)
Dividend paid to noncontrolling interest		(0.7)
Other - net	(0.2)	0.7
Net cash provided by financing activities	27.1	166.9
Effect of exchange rate changes on cash	(0.3)	2.2
Net increase in cash, cash equivalents and restricted cash	21.8	52.8
Cash, cash equivalents and restricted cash - beginning of period	73.7	71.9
Cash, cash equivalents and restricted cash - end of period	$ 95.5	$ 124.7

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Mar. 31, 2026
ASSETS
Cash and cash equivalents	$ 95.3	$ 73.5
Trade accounts receivable - net	659.9	731.0
Inventories	609.0	506.1
Other current assets	162.7	105.5
Total current assets	1,526.9	1,416.1
Property, plant and equipment - net	536.1	520.9
Intangible assets - net	190.2	197.0
Goodwill	290.2	292.1
Deferred income taxes	88.7	85.3
Other noncurrent assets	163.3	163.2
Total assets	2,795.4	2,674.6
LIABILITIES AND SHAREHOLDERS' EQUITY
Short-term debt	8.1	7.5
Long-term debt - current portion	43.9	43.9
Accounts payable	508.9	464.8
Accrued compensation and employee benefits	84.1	95.1
Other current liabilities	104.8	117.6
Total current liabilities	749.8	728.9
Long-term debt	476.2	384.9
Deferred income taxes	24.8	25.6
Other noncurrent liabilities	334.8	332.4
Total liabilities	1,585.6	1,471.8
Commitments and contingencies (see Note 18)
Shareholders' equity:
Preferred stock, $0.025 par value, authorized 16.0 million shares, issued - none
Common stock, $0.625 par value, authorized 80.0 million shares, issued 57.5 million and 57.0 million shares	35.9	35.6
Additional paid-in capital	343.8	336.1
Retained earnings	1,038.4	964.5
Accumulated other comprehensive loss	(47.4)	(37.1)
Treasury stock, at cost, 4.4 million and 4.2 million shares	(169.2)	(104.6)
Total Modine shareholders' equity	1,201.5	1,194.5
Noncontrolling interest	8.3	8.3
Total equity	1,209.8	1,202.8
Total liabilities and equity	$ 2,795.4	$ 2,674.6