Modine Manufacturing Company Q4 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • The company navigated a difficult year marked by COVID-19 disruptions, supply chain constraints, and plant shutdowns, yet delivered strong results and advanced major strategic initiatives.
  • Completed the sale of the Austrian air‑cooled automotive plant in April; the liquid‑cooled automotive divestiture to Dana is delayed due to extended regulatory review in Germany.
  • Management emphasized organizational restructuring to reduce complexity, improve commercial decision‑making, and focus on high‑value verticals such as data centers, HVAC, and electric vehicle cooling.

Quarterly Performance Highlights (Q4 FY21 vs. Q4 FY20)

  • Total sales up almost 5% on a constant currency basis, aided by strong performance in Building HVAC and HPE.
  • Gross profit increased by $9 million, with margin expansion of 50 bps.
  • Adjusted EBITDA decreased by approximately $2 million, primarily due to lower CIS volume and higher material costs.
  • Adjusted EPS rose to $0.51, up $0.27 from the prior year, aided by tax benefits.

Segment-Level Performance

Building HVAC

  • Sales up 22% year-over-year; adjusted EBITDA up 23%.
  • UK data center sales rose 50% in Q4 and nearly 40% for FY21; similar 40% growth expected in FY22.

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Operator: Good morning, ladies and gentlemen and welcome to the Modine Manufacturing Company’s Fourth Quarter Fiscal 2021 Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to turn the call over to your host, Ms. Kathy Powers, Vice President, Treasury, Investor Relations and Tax. Please go ahead. Kathy Powers: Good morning and thank you for joining our conference call to discuss Modine’s fourth quarter and full year fiscal 2021 results. I am joined on this call by Neil Brinker, our President and Chief Executive Officer and Mick Lucareli, our Executive Vice President and Chief Financial Officer. We will be using slides for today’s presentation, which can be accessed either through the webcast link or by accessing the PDF file posted in the Investor Relations section of our website, modine.com. On Slide 2 is our notice regarding forward-looking statements. This call may contain forward-looking statements as outlined in our earnings release as well as in our company’s filings with the Securities and Exchange Commission. With that, it’s my pleasure to turn the call over to Neil. Neil Brinker: Thank you, Kathy and good morning everyone. Before discussing the quarter and full year results, I would like to reflect on some of our accomplishments this past year and give a quick update on some of our other strategic initiatives. This has been a challenging year for Modine to say the least, but I am very proud of the

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