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MOD Stock Price Correlated With Modine Manufacturing Co Financials
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Income Statement
Cash Flow
Balance Sheet
MOD Income Statement
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Revenue, Net:
Cost of Goods & Services Sold:
Gross Profit:
Selling, General & Admin Expense:
Research & Development Expense:
Total Operating Expenses:
Operating Income:
Income Taxes:
Net Income:
MOD Cash Flow
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Operating Activities Net Income:
Depreciation, Depletion & Amortization:
Change in Accounts Receiveable:
Net Cash from Operations:
Repurchases/Buybacks Common Stock:
Issuance of Long-term Debt:
Cash Dividends Paid:
Net Cash from Financing Activities:
Property, Plant & Equipment Purchases:
Purchases of Businesses, Net of Cash:
Net Cash from Investing Activities:
Net Change in Cash & Equivalents:
MOD Balance Sheet
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Cash and Cash Equivalents:
Short-Term Investments:
Accounts Receivable, Net:
Inventories:
Total Current Assets:
Property, Plant & Equipment, Net:
Total Assets:
Accounts Payable:
Current Portion of Long-Term Debt:
Total Short-Term Liabilities:
Long Term Debt, Non-Current Portion:
Total Long-Term Liabilities:
Total Liabilities:
COMPANY PROFILE
Note 1: General
The accompanying unaudited condensed consolidated financial statements of Modine Manufacturing Company
(“Modine” or the “Company”) were prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10 -Q and Rule 10 - 01 of Regulation S-X. Accordingly, they do not include all
of the information and footnotes necessary for a comprehensive presentation of financial position, results of operations and cash flows required by GAAP for complete financial statements. The financial statements include all normal recurring
adjustments that are, in the opinion of management, necessary for a fair statement of results for the interim periods. Results for the first three months of fiscal 2023 are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the consolidated financial statements and
related notes in Modine’s Annual Report on Form 10 -K for the year ended March 31, 202 2.
Disposition of Austrian Air-cooled Automotive Business in Fiscal 2022
On April 30, 2021, the Company sold
its air-cooled automotive business in Austria to Schmid Metall GmbH. As a result of this transaction, the Company recorded a loss of $6.6
million during the first quarter of fiscal 2022, which included the write-off of $1.7 million of net
actuarial losses related to its pension plan. The Company reported this loss within the loss on sale of assets line on the consolidated statement of operations. Upon transaction closing, $5.9 million of cash within the business transferred to the buyer.
In connection with the sale of this business, the Company provided the buyer with a 5-year, €4.0 million loan facility. The buyer began borrowing
under this facility during the second quarter of fiscal 2022. At both June 30,2022 and March 31, 2022, the Company recorded a €4.0
million loan receivable within other noncurrent assets on its consolidated balance sheet because the Company expects to receive the principal repayment more than twelve months from the balance sheet date. Borrowings under the agreement currently
bear interest at 2.6 percent.
Liquid-Cooled
Automotive Business Held for Sale in Fiscal 2022
The Company previously
agreed to sell its liquid-cooled automotive business. During the first quarter of fiscal 2022, the Company and the prospective buyer modified the transaction perimeter to remove certain manufacturing operations. U.S. GAAP requires companies
to measure asset groups that revert back to held and used classification at the lower of their (i) carrying value, as if held for sale classification had not been met; or (ii) fair value at the date of the decision not to sell. As a result,
the Company evaluated the long-lived assets of these businesses that no longer met the requirements to be classified as held for sale and reversed $7.4
million of previously-recorded impairment charges during the first quarter of fiscal 2022 to adjust the long-lived assets to their estimated fair value. This impairment reversal was partially offset by $5.3 million of impairment charges recorded during the first quarter of fiscal 2022 related to other automotive assets held for sale. The Company reported the net $2.1 million impairment reversal during the first quarter of fiscal 2022 within the impairment charges (reversals) line on the consolidated statement
of operations.
The Company and the
prospective buyer subsequently terminated the sale agreement during the third quarter of fiscal 2022. As a result, the liquid-cooled automotive business reverted back to held and used classification and the Company remeasured its long-lived
assets during the third quarter of fiscal 2022.
Dispositi
The accompanying unaudited condensed consolidated financial statements of Modine Manufacturing Company
(“Modine” or the “Company”) were prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10 -Q and Rule 10 - 01 of Regulation S-X. Accordingly, they do not include all
of the information and footnotes necessary for a comprehensive presentation of financial position, results of operations and cash flows required by GAAP for complete financial statements. The financial statements include all normal recurring
adjustments that are, in the opinion of management, necessary for a fair statement of results for the interim periods. Results for the first three months of fiscal 2023 are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the consolidated financial statements and
related notes in Modine’s Annual Report on Form 10 -K for the year ended March 31, 202 2.
Disposition of Austrian Air-cooled Automotive Business in Fiscal 2022
On April 30, 2021, the Company sold
its air-cooled automotive business in Austria to Schmid Metall GmbH. As a result of this transaction, the Company recorded a loss of $6.6
million during the first quarter of fiscal 2022, which included the write-off of $1.7 million of net
actuarial losses related to its pension plan. The Company reported this loss within the loss on sale of assets line on the consolidated statement of operations. Upon transaction closing, $5.9 million of cash within the business transferred to the buyer.
In connection with the sale of this business, the Company provided the buyer with a 5-year, €4.0 million loan facility. The buyer began borrowing
under this facility during the second quarter of fiscal 2022. At both June 30,2022 and March 31, 2022, the Company recorded a €4.0
million loan receivable within other noncurrent assets on its consolidated balance sheet because the Company expects to receive the principal repayment more than twelve months from the balance sheet date. Borrowings under the agreement currently
bear interest at 2.6 percent.
Liquid-Cooled
Automotive Business Held for Sale in Fiscal 2022
The Company previously
agreed to sell its liquid-cooled automotive business. During the first quarter of fiscal 2022, the Company and the prospective buyer modified the transaction perimeter to remove certain manufacturing operations. U.S. GAAP requires companies
to measure asset groups that revert back to held and used classification at the lower of their (i) carrying value, as if held for sale classification had not been met; or (ii) fair value at the date of the decision not to sell. As a result,
the Company evaluated the long-lived assets of these businesses that no longer met the requirements to be classified as held for sale and reversed $7.4
million of previously-recorded impairment charges during the first quarter of fiscal 2022 to adjust the long-lived assets to their estimated fair value. This impairment reversal was partially offset by $5.3 million of impairment charges recorded during the first quarter of fiscal 2022 related to other automotive assets held for sale. The Company reported the net $2.1 million impairment reversal during the first quarter of fiscal 2022 within the impairment charges (reversals) line on the consolidated statement
of operations.
The Company and the
prospective buyer subsequently terminated the sale agreement during the third quarter of fiscal 2022. As a result, the liquid-cooled automotive business reverted back to held and used classification and the Company remeasured its long-lived
assets during the third quarter of fiscal 2022.
Dispositi
Free historical financial statements for Modine Manufacturing Co.. See how revenue, income, cash flow, and balance sheet financials have changed over 54 quarters since 2011. Compare with MOD stock chart to see long term trends.
Data imported from Modine Manufacturing Co. SEC filings. Check original filings before making any investment decision.