Modine Manufacturing reported $30 million net income for fiscal Q2 2027.
- Form
- 10-Q
- Filed
- Importance
- Notable
- Accession
- 0001104659-26-122523
- Revenue of $994.4 million for the three months ended Sep 30, 2026
- Net income of $30 million for the three months ended Sep 30, 2026
- Diluted EPS of $0.56 for the three months ended Sep 30, 2026
- Cash and equivalents of $150.6 million as of Sep 30, 2026
Written from the 10-Q on EDGAR. Check the filing before you rely on it.
The reading, claim by claim
From the filing's financial data, not stated in its text
From this 10-Q's financial data (XBRL) for the quarter ended September 30, 2026
- Modine Manufacturing Co. reported revenue of $994.4 million for the quarter ended September 30, 2026, according to its 10-Q filing.
- Gross margin was 20.7%, and operating margin was 9.8%.
- The company's net margin for the quarter was 3.0%.
- Revenue increased by 34.6% compared to the same period in the previous year.
From the filing
Item 1. Financial Statements.
Item 1. Financial Statements.
MODINE MANUFACTURING COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS
For the three and six months ended September 30, 2026 and 2025
(In millions, except per share amounts)
(Unaudited)
Three months ended September 30,
Six months ended September 30,
2026
2025
2026
2025
Net sales
$
994.4
$
738.9
$
1,868.5
$
1,421.7
Cost of sales
789.0
574.0
1,481.1
1,091.4
Gross profit
205.4
164.9
387.4
330.3
Selling, general and administrative expenses
104.6
84.2
207.9
169.1
Restructuring expenses
3.0
3.1
6.9
7.9
Impairment charge
—
4.1
—
4.1
Operating income
97.8
73.5
172.6
149.2
Interest expense
( 8.5 )
( 8.3 )
( 14.9 )
( 14.1 )
Other expense – net
( 1.3 )
( 1.5 )
( 1.1 )
( 5.7 )
Earnings before income taxes
88.0
63.7
156.6
129.4
Provision for income taxes
( 57.7 )
( 18.9 )
( 52.0 )
( 32.9 )
Net earnings
30.3
44.8
104.6
96.5
Net earnings attributable to noncontrolling interest
( 0.3 )
( 0.4 )
( 0.7 )
( 0.9 )
Net earnings attributable to Modine
$
30.0
$
44.4
$
103.9
$
95.6
Net earnings per share attributable to Modine shareholders:
Basic
$
0.56
$
0.84
$
1.95
$
1.81
Diluted
$
0.56
$
0.83
$
1.93
$
1.78
Weighted-average shares outstanding:
Basic
53.3
52.7
53.3
52.7
Diluted
53.9
53.8
53.9
53.7
The notes to condensed consolidated financial statements are an integral part of these statements.
1
Table of Contents
MODINE MANUFACTURING COMPANY CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the three and six months ended September 30, 2026 and 2025
(In millions)
(Unaudited)
Three months ended September 30,
Six months ended September 30,
2026
2025
2026
2025
Net earnings
$
30.3
$
44.8
$
104.6
$
96.5
Other comprehensive income (loss), net of income taxes:
Foreign currency translation
( 4.4 )
( 5.9 )
( 14.5 )
41.8
Defined benefit plans
( 0.1 )
0.8
( 0.2 )
1.6
Cash flow hedges
( 0.1 )
( 0.7 )
( 0.3 )
0.7
Total other comprehensive (loss) income
( 4.6 )
( 5.8 )
( 15.0 )
44.1
Comprehensive income
25.7
39.0
89.6
140.6
Comprehensive income attributable to noncontrolling interest
( 0.8 )
( 0.4 )
( 1.1 )
( 1.4 )
Comprehensive income attributable to Modine
$
24.9
$
38.6
$
88.5
$
139.2
The notes to condensed consolidated financial statements are an integral part of these statements.
2
Table of Contents
MODINE MANUFACTURING COMPANY CONSOLIDATED BALANCE SHEETS
September 30, 2026 and March 31, 2026
(In millions, except per share amounts)
(Unaudited)
ASSETS
Cash and cash equivalents
$
150.6
$
73.5
Trade accounts receivable – net
795.1
731.0
Inventories
697.5
506.1
Other current assets
173.7
105.5
Total current assets
1,816.9
1,416.1
Property, plant and equipment – net
559.6
520.9
Intangible assets – net
184.7
197.0
Goodwill
289.7
292.1
Deferred income taxes
93.0
85.3
Other noncurrent assets
161.8
163.2
Total assets
$
3,105.7
$
2,674.6
LIABILITIES AND SHAREHOLDERS' EQUITY
Short-term debt
$
3.0
$
7.5
Long-term debt – current portion
43.9
43.9
Accounts payable
563.9
464.8
Accrued compensation and employee benefits
95.2
95.1
Other current liabilities
129.6
117.6
Total current liabilities
835.6
728.9
Long-term debt
677.4
384.9
Deferred income taxes
24.3
25.6
Other noncurrent liabilities
329.8
332.4
Total liabilities
1,867.1
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 57.6 million and 57.0 million shares
36.0
35.6
Additional paid-in capital
349.2
336.1
Retained earnings
1,068.4
964.5
Accumulated other comprehensive loss
( 52.5 )
( 37.1 )
Treasury stock, at cost, 4.4 million and 4.2 million shares
( 170.3 )
( 104.6 )
Total Modine shareholders' equity
1,230.8
1,194.5
Noncontrolling interest
7.8
8.3
Total equity
1,238.6
1,202.8
Total liabilities and equity
$
3,105.7
$
2,674.6
The notes to condensed consolidated financial statements are an integral part of these statements.
3
Table of Contents
MODINE MANUFACTURING COMPANY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the six months ended September 30, 2026 and 2025
(In millions)
(Unaudited)
Six months ended September 30,
2026
2025
Cash flows from operating activities:
Net earnings
$
104.6
$
96.5
Adjustments to reconcile net earnings to net cash (used for) provided by operating activities:
Depreciation and amortization
42.0
38.7
Impairment charge
—
4.1
Stock-based compensation expense
12.7
7.4
Deferred income taxes
( 8.6 )
10.4
Other – net
2.0
4.8
Changes in operating assets and liabilities:
Trade accounts receivable
( 68.4 )
( 48.2 )
Inventories
( 194.5 )
( 147.1 )
Accounts payable
111.9
96.7
Other assets and liabilities
( 58.8 )
( 34.2 )
Net cash (used for) provided by operating activities
( 57.1 )
29.1
Cash flows from investing activities:
Expenditures for property, plant and equipment
( 88.5 )
( 59.4 )
Payments for business acquisitions, net of cash acquired
—
( 182.1 )
Other – net
2.5
3.2
Net cash used for investing activities
( 86.0 )
( 238.3 )
Cash flows from financing activities:
Borrowings of debt
887.6
499.6
Repayments of debt
( 595.0 )
( 277.2 )
(Repayments) borrowings on bank overdraft facilities – net
( 5.0 )
2.2
Purchases of treasury stock
( 65.7 )
( 5.7 )
Dividends paid to noncontrolling interest
( 1.6 )
( 1.8 )
Other – net
0.5
2.4
Net cash provided by financing activities
220.8
219.5
Effect of exchange rate changes on cash
( 0.5 )
1.8
Net increase in cash, cash equivalents and restricted cash
77.2
12.1
Cash, cash equivalents and restricted cash – beginning of period
73.7
71.9
Cash, cash equivalents and restricted cash – end of period
$
150.9
$
84.0
The notes to condensed consolidated financial statements are an integral part of these statements.
4
Table of Contents
MODINE MANUFACTURING COMPANY CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
For the three and six months ended September 30, 2026
(In millions)
(Unaudited)
Accumulated
Additional other
Treasury
Non-
Common stock paid-in
Retained comprehensive stock, at control
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