NYSE$MOD
Modine Manufacturing Company · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Modine's second quarter fiscal 2024 results were reported, marked by revenue growth and increased profitability.
Modine reported a 7% increase in net sales, a 79% increase in operating income, and a significant rise in adjusted EBITDA, driven by data center growth and 80/20 initiatives, leading to an upward revision of the full-year earnings outlook.
- Net sales increased by 7% year-over-year to $620.5 million.
- Operating income rose by 79% year-over-year to $65.7 million.
- Earnings per share increased to $0.87, compared to $0.46 in the prior year.
- Data center sales more than doubled compared to the prior year.
Headline financials
Revenue & EPS history
Modine · Revenue · Quarterly
$621M
Revenue by segment
Modine · $628M total across 2 segments · Q2 2024
- Performance Technologies$352M+6.6%56.0%
- Climate Solutions$276M+7.8%44.0%
Forward guidance
Modine raised its full-year earnings guidance due to stronger than expected second quarter performance, but maintains a cautious outlook based on current economic conditions and trends in other end markets, confirming its second half top-line outlook.
Tailwinds
- Volumes in data center business have exceeded expectations.
- Confident in ability to achieve near-term profitability goals.
- Business transformation remains on track or ahead of schedule.
- Revised outlook for fiscal 2024 net sales is +6% to +11%.
- Revised outlook for fiscal 2024 Adjusted EBITDA is $285 to $300 million.
Headwinds
- Maintaining a cautious outlook based on current economic conditions.
- Maintaining a cautious outlook based on trends in other end markets.
- Estimates of expenses and gains for the remainder of fiscal 2024 are not available due to the low visibility and unpredictability of these items.
- Impact of potential adverse developments or disruptions in the global economy and financial markets.
- Impact of other economic, social and political conditions.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q2 2024
+2.8%
Avg return
Earnings day
+4.9%
Avg return
5 days after
+6.5%
Avg return
30 days after
63%
40 / 64 earnings
Positive
+41.1%
Q2 2021
Best reaction
-39.9%
Q2 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2026 | — | — | — | |
| Q3 2026 | +2.9% | +10.1% | -6.1% | |
| Q2 2026 | -4.3% | -5.6% | +0.1% | |
| Q1 2026 | +18.7% | +23.7% | +19.8% | |
| Q4 2025 | -11.4% | -14.9% | -8.4% | |
| Q3 2025 | +7.3% | +0.3% | -18.0% | |
| Q2 2025 | -7.8% | -14.8% | +1.8% | |
| Q1 2025 | +15.0% | -3.4% | +13.3% | |
| Q4 2024 | -5.5% | +1.3% | -8.3% | |
| Q3 2024 | +4.7% | +6.9% | +35.9% | |
| Q2 2024 | +2.2% | +3.1% | +31.1% | |
| Q1 2024 | +13.6% | +16.1% | +28.6% | |
| Q4 2023 | +18.3% | +32.9% | +53.0% | |
| Q3 2023 | -5.1% | -1.0% | +11.1% | |
| Q2 2023 | +3.7% | +14.0% | +16.7% | |
| Q1 2023 | +9.8% | +18.3% | +11.8% | |
| Q4 2022 | +26.6% | +31.4% | +29.6% | |
| Q3 2022 | +14.2% | +8.2% | -0.3% | |
| Q2 2022 | -0.7% | -0.2% | -4.8% | |
| Q1 2022 | -17.2% | -15.5% | -26.9% | |
| Q4 2021 | +0.9% | +8.4% | +1.0% | |
| Q3 2021 | +2.7% | +7.4% | +11.5% | |
| Q2 2021 | +41.1% | +51.8% | +77.7% | |
| Q1 2021 | +19.6% | +20.7% | +18.7% | |
| Q4 2020 | -1.7% | +0.6% | -9.0% | |
| Q3 2020 | +23.8% | +9.8% | -14.0% | |
| Q2 2020 | -39.9% | -34.5% | -39.3% | |
| Q1 2020 | -26.4% | -21.4% | -26.9% | |
| Q4 2019 | +3.5% | +8.0% | +5.0% | |
| Q3 2019 | +9.0% | +6.7% | +7.4% | |
| Q2 2019 | +11.2% | +17.5% | +12.9% | |
| Q1 2019 | +0.3% | +1.4% | -3.4% | |
| Q4 2018 | +4.9% | -2.2% | +3.3% | |
| Q3 2018 | +0.4% | +4.7% | -4.1% | |
| Q2 2018 | +10.4% | +13.8% | +10.9% | |
| Q1 2018 | +3.1% | +5.8% | -0.6% | |
| Q4 2017 | +20.9% | +19.7% | +27.6% | |
| Q3 2017 | -10.0% | -13.0% | -14.5% | |
| Q2 2017 | -12.3% | -15.1% | +21.0% | |
| Q1 2017 | -0.7% | +2.7% | +14.6% | |
| Q4 2016 | -2.6% | -6.8% | -18.5% | |
| Q3 2016 | +16.3% | — | — | |
| Q2 2016 | +1.7% | — | — | |
| Q1 2016 | -2.2% | — | — | |
| Q4 2015 | -6.5% | — | — | |
| Q3 2015 | -0.4% | — | — | |
| Q2 2015 | +3.1% | — | — | |
| Q1 2015 | -2.6% | — | — | |
| Q4 2014 | -3.4% | — | — | |
| Q3 2014 | +11.1% | — | — | |
| Q2 2014 | +1.9% | — | — | |
| Q1 2014 | +25.6% | — | — | |
| Q4 2013 | +8.5% | — | — | |
| Q3 2013 | +2.0% | — | — | |
| Q2 2013 | +0.1% | — | — | |
| Q1 2013 | +0.3% | — | — | |
| Q4 2010 | +6.4% | — | — | |
| Q4 2012 | -11.6% | — | — | |
| Q3 2012 | +1.1% | — | — | |
| Q3 2011 | +1.1% | — | — | |
| Q2 2012 | +5.1% | — | — | |
| Q4 2011 | -5.7% | — | — | |
| Q1 2011 | -5.7% | — | — | |
| Q1 2012 | -5.7% | — | — | |
| Q2 2011 | -5.7% | — | — |
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