Modine Manufacturing (NYSE: MOD) reported Q2 EPS of $0.15, $0.19 worse than the analyst estimate of $0.34. Revenue for the quarter came in at $478.9 million versus the consensus estimate of $524.4 million.

Outlook:

"Material costs have increased further over the past several months and it will take us longer to fully offset these increases with commercial actions and contractual metals pass through pricing adjustments," said Brinker. "In addition, we have reduced our revenue outlook for the Automotive business given the ongoing impact of the semiconductor shortage and other supply chain disruptions on production volumes. Although our BHVAC, CIS and HDE segments continue to have strong order intake, we are lowering our full-year guidance due to the weaker outlook for our Automotive segment and due to ongoing material cost inflation and supply chain issues."

Based on current exchange rates and market outlook, Modine provides the following guidance ranges for fiscal 2022:

• Full fiscal year-over-year sales up 10 to 16 percent;
• Adjusted EBITDA of $145 million to $160 million.

Brinker concluded, "We are working to mitigate the impact of supply chain and inflationary pressures in order to improve operating margins and cash flows, while also continuing to build momentum around the longer-term repositioning and transformation of our business. There are numerous disruptive technologies across our markets that require new and creative ways to manage heat transfer where we can build upon areas where we are already positioned to provide a complete systems solution. We have the right leadership team in place to drive this transformation and become a stronger Modine, and are developing the strategies to promote long-term growth and drive shareholder value."

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