• |
Net sales of $478.9 million increased 4 percent from the prior year
|
• |
Operating income of $10.5 million decreased $18.0 million
|
• |
Adjusted EBITDA of $29.5 million decreased $25.9 million
|
• |
Earnings per share of $0.01 and adjusted earnings per share of $0.15
|
• |
Announced several leadership changes and new strategy for Automotive business
|
• |
BHVAC segment sales were $77.5 million, compared with $68.5 million one year ago, an increase of 13 percent. This increase was driven primarily by higher sales to commercial HVAC
and data center customers. The higher commercial HVAC sales were driven by higher sales of heating and ventilation products. The segment reported gross margin of 27.8 percent, which was 630 basis points lower than the prior year, primarily
due to higher material prices and labor costs, including the impact of cost-saving initiatives taken in the prior year in response to the COVID-19 pandemic. The segment reported operating income of $10.0 million, a $3.5 million decrease
from the prior year, due to lower gross profit and higher SG&A expenses. Adjusted EBITDA for the BHVAC segment was $11.5 million, a decrease of $3.4 million from the prior year.
|
• |
CIS segment sales were $153.5 million, compared with $128.2 million one year ago, an increase of 20 percent. This increase was driven by higher sales to commercial HVAC and
refrigeration customers and favorable pricing adjustments in response to raw material price increases. The segment reported gross margin of 11.9 percent, down 190 basis points compared with the prior year, primarily due to the negative
impact of higher material prices. The segment reported operating income of $5.8 million, a $0.6 million increase from the prior year, primarily due to lower restructuring expenses. Adjusted EBITDA for the CIS segment was $11.1 million, a
decrease of $1.4 million from the prior year.
|
• |
HDE segment sales were $195.8 million, compared with $165.6 million one year ago, an increase of 18 percent. This increase was driven by higher sales to off-highway and commercial
vehicle customers. The segment reported gross margin of 9.4 percent, down 480 basis points from the prior year. This decrease was primarily driven by higher material prices. The segment reported operating income of $5.8 million, a $7.5
million decrease compared to operating income of $13.3 million in the prior year. This decrease was primarily due to lower gross profit and higher SG&A expenses. Adjusted EBITDA for the HDE segment was $12.1 million, a decrease of $7.7
million from the prior year.
|
• |
Automotive segment sales were $65.4 million, compared with $109.9 million one year ago, a decrease of 40 percent. This decrease was driven in part by the sale of the air-cooled
automotive business earlier this fiscal year and by the impact of the ongoing semiconductor shortage on automotive production volumes. The segment reported gross margin of 11.0 percent, down 420 basis points compared with the prior year,
primarily due to lower sales volume, as lower depreciation expenses in the current year were largely offset by higher material prices. The segment reported an operating loss of $5.6 million, a decline of $13.6 million compared with the
operating income in the prior year, primarily due to lower gross profit and $3.3 million of impairment charges related to assets held for sale during the quarter. Adjusted EBITDA for the Automotive segment was a loss of $1.9 million, a
decline of $15.1 million from the prior year.
|
• |
Full fiscal year-over-year sales up 10 to 16 percent;
|
• |
Adjusted EBITDA of $145 million to $160 million.
|
Modine Manufacturing Company
Consolidated statements of operations (unaudited)
(In millions, except per share amounts)
|
Three months ended September 30,
|
Six months ended September 30,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Net sales
|
$
|
478.9
|
$
|
461.4
|
$
|
973.5
|
$
|
809.2
|
||||||||
Cost of sales
|
412.6
|
380.6
|
834.0
|
682.3
|
||||||||||||
Gross profit
|
66.3
|
80.8
|
139.5
|
126.9
|
||||||||||||
Selling, general & administrative expenses
|
51.9
|
50.8
|
111.3
|
95.5
|
||||||||||||
Restructuring expenses
|
0.6
|
1.5
|
0.9
|
6.1
|
||||||||||||
Impairment charges – net
|
3.3
|
-
|
1.5
|
-
|
||||||||||||
Loss on sale of assets
|
-
|
-
|
6.6
|
-
|
||||||||||||
Operating income
|
10.5
|
28.5
|
19.2
|
25.3
|
||||||||||||
Interest expense
|
(3.8
|
)
|
(5.2
|
)
|
(8.0
|
)
|
(10.6
|
)
|
||||||||
Other expense – net
|
(0.7
|
)
|
(0.5
|
)
|
(0.5
|
)
|
(0.5
|
)
|
||||||||
Earnings before income taxes
|
6.0
|
22.8
|
10.7
|
14.2
|
||||||||||||
Provision for income taxes
|
(5.4
|
)
|
(13.9
|
)
|
(7.3
|
)
|
(13.7
|
)
|
||||||||
Net earnings
|
0.6
|
8.9
|
3.4
|
0.5
|
||||||||||||
Net earnings attributable to noncontrolling interest
|
(0.2
|
)
|
(0.3
|
)
|
(0.7
|
)
|
(0.5
|
)
|
||||||||
Net earnings attributable to Modine
|
$
|
0.4
|
$
|
8.6
|
$
|
2.7
|
$
|
-
|
||||||||
Net earnings per share attributable to Modine shareholders – diluted
|
$
|
0.01
|
$
|
0.17
|
$
|
0.05
|
$
|
-
|
||||||||
Weighted-average shares outstanding – diluted
|
52.6
|
51.3
|
52.5
|
51.1
|
Condensed consolidated balance sheets (unaudited)
(In millions)
|
September 30, 2021
|
March 31, 2021
|
|||||||
Assets
|
||||||||
Cash and cash equivalents
|
$
|
56.0
|
$
|
37.8
|
||||
Trade receivables
|
276.8
|
267.9
|
||||||
Inventories
|
248.9
|
195.6
|
||||||
Assets held for sale
|
70.5
|
107.6
|
||||||
Other current assets
|
44.5
|
35.9
|
||||||
Total current assets
|
696.7
|
644.8
|
||||||
Property, plant and equipment – net
|
265.9
|
269.9
|
||||||
Intangible assets – net
|
96.0
|
100.6
|
||||||
Goodwill
|
170.1
|
170.7
|
||||||
Deferred income taxes
|
26.0
|
24.5
|
||||||
Other noncurrent assets
|
67.3
|
66.2
|
||||||
Total assets
|
$
|
1,322.0
|
$
|
1,276.7
|
||||
Liabilities and shareholders' equity
|
||||||||
Debt due within one year
|
$
|
22.0
|
$
|
23.3
|
||||
Accounts payable
|
252.5
|
233.9
|
||||||
Liabilities held for sale
|
65.5
|
103.3
|
||||||
Other current liabilities
|
114.0
|
108.7
|
||||||
Total current liabilities
|
454.0
|
469.2
|
||||||
Long-term debt
|
366.9
|
311.2
|
||||||
Other noncurrent liabilities
|
137.1
|
140.2
|
||||||
Total liabilities
|
958.0
|
920.6
|
||||||
Total equity
|
364.0
|
356.1
|
||||||
Total liabilities & equity
|
$
|
1,322.0
|
$
|
1,276.7
|
Modine Manufacturing Company
Condensed consolidated statements of cash flows (unaudited)
(In millions)
|
|
Six months ended September 30,
|
|||||||
2021
|
2020
|
|||||||
Cash flows from operating activities:
|
||||||||
Net earnings
|
$
|
3.4
|
$
|
0.5
|
||||
Adjustments to reconcile net earnings to net cash (used for) provided by
|
||||||||
operating activities:
|
||||||||
Depreciation and amortization
|
26.6
|
37.9
|
||||||
Impairment charges – net
|
1.5
|
-
|
||||||
Loss on sale of assets
|
6.6
|
-
|
||||||
Stock-based compensation expense
|
3.6
|
2.1
|
||||||
Deferred income taxes
|
(1.7
|
)
|
1.0
|
|||||
Other – net
|
1.2
|
2.5
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Trade accounts receivable
|
12.5
|
4.4
|
||||||
Inventories
|
(54.8
|
)
|
11.0
|
|||||
Accounts payable
|
4.1
|
(5.7
|
)
|
|||||
Other assets and liabilities
|
(22.0
|
)
|
33.6
|
|||||
Net cash (used for) provided by operating activities
|
(19.0
|
)
|
87.3
|
|||||
Cash flows from investing activities:
|
||||||||
Expenditures for property, plant and equipment
|
(20.4
|
)
|
(14.6
|
)
|
||||
Proceeds from (payments for) disposition of assets
|
(5.2
|
)
|
0.6
|
|||||
Other – net
|
(3.4
|
)
|
0.7
|
|||||
Net cash used for investing activities
|
(29.0
|
)
|
(13.3
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Net increase (decrease) in debt
|
64.8
|
(82.3
|
)
|
|||||
Other – net
|
(1.1
|
)
|
(1.6
|
)
|
||||
Net cash provided by (used for) financing activities
|
63.7
|
(83.9
|
)
|
|||||
Effect of exchange rate changes on cash
|
(0.3
|
)
|
1.3
|
|||||
Net increase (decrease) in cash, cash equivalents, restricted cash and cash held for sale
|
15.4
|
(8.6
|
)
|
|||||
Cash, cash equivalents, restricted cash and cash held for sale - beginning of period
|
46.1
|
71.3
|
||||||
Cash, cash equivalents, restricted cash and cash held for sale - end of period
|
$
|
61.5
|
$
|
62.7
|
Modine Manufacturing Company
Segment operating results (unaudited)
(In millions)
|
|
Three months ended September 30,
|
Six months ended September 30,
|
||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Net sales:
|
||||||||||||||||
Building HVAC Systems
|
$
|
77.5
|
$
|
68.5
|
$
|
144.1
|
$
|
122.6
|
||||||||
Commercial and Industrial Solutions
|
153.5
|
128.2
|
307.6
|
244.7
|
||||||||||||
Heavy Duty Equipment
|
195.8
|
165.6
|
397.6
|
289.1
|
||||||||||||
Automotive
|
65.4
|
109.9
|
151.6
|
172.0
|
||||||||||||
Segment total
|
492.2
|
472.2
|
1,000.9
|
828.4
|
||||||||||||
Corporate and eliminations
|
(13.3
|
)
|
(10.8
|
)
|
(27.4
|
)
|
(19.2
|
)
|
||||||||
Net sales
|
$
|
478.9
|
$
|
461.4
|
$
|
973.5
|
$
|
809.2
|
Three months ended September 30,
|
Six months ended September 30,
|
|||||||||||||||||||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||||||||||||||||||
Gross profit:
|
$'s
|
% of sales
|
$'s
|
% of sales
|
$'s
|
% of sales
|
$'s
|
% of sales
|
||||||||||||||||||||||||
Building HVAC Systems
|
$
|
21.6
|
27.8
|
%
|
$
|
23.3
|
34.1
|
%
|
$
|
37.8
|
26.2
|
%
|
$
|
39.1
|
31.9
|
%
|
||||||||||||||||
Commercial and Industrial Solutions
|
18.3
|
11.9
|
%
|
17.7
|
13.8
|
%
|
39.1
|
12.7
|
%
|
31.9
|
13.0
|
%
|
||||||||||||||||||||
Heavy Duty Equipment
|
18.3
|
9.4
|
%
|
23.6
|
14.2
|
%
|
40.9
|
10.3
|
%
|
34.9
|
12.1
|
%
|
||||||||||||||||||||
Automotive
|
7.2
|
11.0
|
%
|
16.6
|
15.2
|
%
|
20.4
|
13.4
|
%
|
21.4
|
12.5
|
%
|
||||||||||||||||||||
Segment total
|
65.4
|
13.3
|
%
|
81.2
|
17.2
|
%
|
138.2
|
13.8
|
%
|
127.3
|
15.4
|
%
|
||||||||||||||||||||
Corporate and eliminations
|
0.9
|
-
|
(0.4
|
)
|
-
|
1.3
|
-
|
(0.4
|
)
|
-
|
||||||||||||||||||||||
Gross profit
|
$
|
66.3
|
13.8
|
%
|
$
|
80.8
|
17.5
|
%
|
$
|
139.5
|
14.3
|
%
|
$
|
126.9
|
15.7
|
%
|
Three months ended September 30,
|
Six months ended September 30,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Operating income:
|
||||||||||||||||
Building HVAC Systems
|
$
|
10.0
|
$
|
13.5
|
$
|
15.7
|
$
|
20.7
|
||||||||
Commercial and Industrial Solutions
|
5.8
|
5.2
|
13.3
|
5.1
|
||||||||||||
Heavy Duty Equipment
|
5.8
|
13.3
|
14.7
|
10.8
|
||||||||||||
Automotive
|
(5.6
|
)
|
8.0
|
(1.4
|
)
|
4.2
|
||||||||||
Segment total
|
16.0
|
40.0
|
42.3
|
40.8
|
||||||||||||
Corporate and eliminations
|
(5.5
|
)
|
(11.5
|
)
|
(23.1
|
)
|
(15.5
|
)
|
||||||||
Operating income
|
$
|
10.5
|
$
|
28.5
|
$
|
19.2
|
$
|
25.3
|
Modine Manufacturing Company
Adjusted financial results (unaudited)
(In millions, except per share amounts)
|
|
Three months ended September 30,
|
Six months ended September 30,
|
||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Net earnings
|
$
|
0.6
|
$
|
8.9
|
$
|
3.4
|
$
|
0.5
|
||||||||
Interest expense
|
3.8
|
5.2
|
8.0
|
10.6
|
||||||||||||
Provision for income taxes
|
5.4
|
13.9
|
7.3
|
13.7
|
||||||||||||
Depreciation and amortization expense
|
13.1
|
19.3
|
26.6
|
37.9
|
||||||||||||
Other expense – net
|
0.7
|
0.5
|
0.5
|
0.5
|
||||||||||||
Restructuring expenses (a)
|
0.6
|
1.5
|
0.9
|
6.1
|
||||||||||||
Impairment charges – net (b)
|
3.3
|
-
|
1.5
|
-
|
||||||||||||
Loss on sale of assets (c)
|
-
|
-
|
6.6
|
-
|
||||||||||||
Automotive separation and exit strategy costs (d)
|
0.3
|
0.6
|
2.2
|
1.1
|
||||||||||||
Strategic reorganization costs (e)
|
1.6
|
5.5
|
2.2
|
5.5
|
||||||||||||
Environmental charges (f)
|
0.1
|
-
|
3.6
|
-
|
||||||||||||
Adjusted EBITDA
|
$
|
29.5
|
$
|
55.4
|
$
|
62.8
|
$
|
75.9
|
||||||||
Net earnings per share attributable to Modine shareholders - diluted
|
$
|
0.01
|
$
|
0.17
|
$
|
0.05
|
$
|
-
|
||||||||
Restructuring expenses (a)
|
0.01
|
0.03
|
0.02
|
0.10
|
||||||||||||
Impairment charges – net (b)
|
0.06
|
-
|
0.06
|
-
|
||||||||||||
Loss on sale of assets (c)
|
-
|
-
|
0.13
|
-
|
||||||||||||
Automotive separation and exit strategy costs (d)
|
0.01
|
0.01
|
0.04
|
0.02
|
||||||||||||
Strategic reorganization costs (e)
|
0.03
|
0.09
|
0.04
|
0.09
|
||||||||||||
Environmental charges (f)
|
-
|
-
|
0.07
|
-
|
||||||||||||
Tax valuation allowances (g)
|
0.03
|
0.13
|
(0.06
|
)
|
0.13
|
|||||||||||
Adjusted earnings per share
|
$
|
0.15
|
$
|
0.43
|
$
|
0.35
|
$
|
0.34
|
(a)
|
Restructuring expenses primarily consist of employee severance expenses related to targeted headcount reductions and plant consolidation activities and
equipment transfer costs. The tax benefit related to restructuring expenses during both the second quarter of fiscal 2022 and fiscal 2021 was $0.1 million. The tax benefit related to restructuring expenses during the first six months
of fiscal 2022 and fiscal 2021 was $0.1 million and $0.9 million, respectively.
|
(b)
|
The net impairment charges in fiscal 2022 primarily relate to the Company's liquid-cooled automotive business within the Automotive segment. The Company
recorded $3.3 million and $8.9 million of impairment charges during the first three and six months of fiscal 2022 related to assets held for sale. The year-to-date impairment charges were partially offset by a $7.4 million reversal of
previously-recorded impairment charges during the first quarter of fiscal 2022, which adjusted long-lived assets that were no longer expected to convey as part of the sale transaction to their estimated fair value. The tax charge
related to the net impairment reversal during the first quarter of fiscal 2022 was $1.8 million. There was no tax benefit associated with the impairment charges recorded during the second quarter of fiscal 2022.
|
(c) |
The Company's sale of its air-cooled automotive business closed on April 30, 2021. As a result of the sale, the Company recorded a $6.6 million loss on sale at Corporate during
the first quarter of fiscal 2022. There was no tax impact associated with this transaction.
|
(d) |
Automotive separation and exit strategy costs consist of costs directly associated with the Company's review of strategic alternatives for the liquid-cooled and air-cooled
automotive businesses, including costs to separate and prepare the underlying businesses for sale. With the exception of $0.2 million and $0.4 million of costs in the first six months of fiscal 2022 and fiscal 2021, respectively,
associated with program and equipment transfers recorded as costs of sales, these costs were recorded as SG&A expenses at Corporate and primarily related to accounting, legal, and IT professional services. The tax benefit related
to these costs during the first six months of fiscal 2022 and fiscal 2021 was $0 and $0.2 million, respectively.
|
(e) |
Strategic reorganization costs, recorded as SG&A expenses at Corporate, primarily consist of severance-related expenses and professional service fees for recruiting key
senior management positions and the Company’s implementation of its 80/20 strategy. The fiscal 2022 costs include recruiting fees for new segment vice presidents and business unit general managers and severance-related expenses for the
outgoing executives as part of the transition. The fiscal 2021 costs include severance and benefit-related expenses associated with Thomas A. Burke’s separation agreement and costs directly associated with the search for his successor.
There was no tax benefit related to the fiscal 2022 costs. The tax benefit related to these costs in fiscal 2021 was $0.8 million.
|
(f) |
Environmental charges, including related legal costs, are recorded as SG&A expenses at Corporate and relate to a previously-owned U.S. manufacturing facility.
|
(g) |
During the first quarter of fiscal 2022, the Company reversed a valuation allowance on its deferred tax assets in Italy and, as a result, recorded an income tax benefit of $4.8
million. During the second quarter of fiscal 2022, the Company established a valuation allowance on deferred tax assets in China and, as a result, recorded an income tax charge of $1.6 million. During the second quarter of fiscal 2021,
the Company increased its valuation allowance on deferred tax assets in the U.S. As a result, the Company recorded an income tax charge of $6.6 million.
|
Modine Manufacturing Company
Segment adjusted financial results (unaudited)
(In millions)
|
Three months ended September 30, 2021
|
Three months ended September 30, 2020
|
|||||||||||||||||||||||||||||||||||||||||||||||
Building
HVAC
Systems
|
Commercial
and Industrial
Solutions
|
Heavy
Duty
Equipment
|
Automotive
|
Corporate
and
eliminations
|
Total
|
Building
HVAC
Systems
|
Commercial
and Industrial
Solutions
|
Heavy
Duty
Equipment
|
Automotive
|
Corporate
and
eliminations
|
Total
|
|||||||||||||||||||||||||||||||||||||
Operating income (loss)
|
$
|
10.0
|
$
|
5.8
|
$
|
5.8
|
$
|
(5.6
|
)
|
$
|
(5.5
|
)
|
$
|
10.5
|
$
|
13.5
|
$
|
5.2
|
$
|
13.3
|
$
|
8.0
|
$
|
(11.5
|
)
|
$
|
28.5
|
|||||||||||||||||||||
Depreciation and amortization expense
|
1.5
|
5.1
|
6.0
|
0.3
|
0.2
|
13.1
|
1.4
|
5.8
|
6.5
|
5.2
|
0.4
|
19.3
|
||||||||||||||||||||||||||||||||||||
Restructuring expenses (a)
|
-
|
0.2
|
0.3
|
0.1
|
-
|
0.6
|
-
|
1.5
|
-
|
-
|
-
|
1.5
|
||||||||||||||||||||||||||||||||||||
Impairment charges (a)
|
-
|
-
|
-
|
3.3
|
-
|
3.3
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||||||||
Automotive separation and exit strategy costs (a)
|
-
|
-
|
-
|
-
|
0.3
|
0.3
|
-
|
-
|
-
|
-
|
0.6
|
0.6
|
||||||||||||||||||||||||||||||||||||
Strategic reorganization costs (a)
|
-
|
-
|
-
|
-
|
1.6
|
1.6
|
-
|
-
|
-
|
-
|
5.5
|
5.5
|
||||||||||||||||||||||||||||||||||||
Environmental charges (a)
|
-
|
-
|
-
|
-
|
0.1
|
0.1
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||||||||
Adjusted EBITDA
|
$
|
11.5
|
$
|
11.1
|
$
|
12.1
|
$
|
(1.9
|
)
|
$
|
(3.3
|
)
|
$
|
29.5
|
$
|
14.9
|
$
|
12.5
|
$
|
19.8
|
$
|
13.2
|
$
|
(5.0
|
)
|
$
|
55.4
|
Six months ended September 30, 2021
|
Six months ended September 30, 2020
|
|||||||||||||||||||||||||||||||||||||||||||||||
Building
HVAC
Systems
|
Commercial
and Industrial
Solutions
|
Heavy
Duty
Equipment
|
Automotive
|
Corporate
and
eliminations
|
Total
|
Building
HVAC
Systems
|
Commercial
and Industrial
Solutions
|
Heavy
Duty
Equipment
|
Automotive
|
Corporate
and
eliminations
|
Total
|
|||||||||||||||||||||||||||||||||||||
Operating income (loss)
|
$
|
15.7
|
$
|
13.3
|
$
|
14.7
|
$
|
(1.4
|
)
|
$
|
(23.1
|
)
|
$
|
19.2
|
$
|
20.7
|
$
|
5.1
|
$
|
10.8
|
$
|
4.2
|
$
|
(15.5
|
)
|
$
|
25.3
|
|||||||||||||||||||||
Depreciation and amortization expense
|
2.9
|
10.4
|
12.3
|
0.4
|
0.6
|
26.6
|
2.8
|
11.4
|
12.6
|
10.2
|
0.9
|
37.9
|
||||||||||||||||||||||||||||||||||||
Restructuring expenses (a)
|
-
|
0.2
|
0.5
|
0.2
|
-
|
0.9
|
-
|
3.9
|
1.9
|
0.2
|
0.1
|
6.1
|
||||||||||||||||||||||||||||||||||||
Impairment charges – net (a)
|
-
|
0.3
|
-
|
1.2
|
-
|
1.5
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||||||||
Loss on sale of assets (a)
|
-
|
-
|
-
|
-
|
6.6
|
6.6
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||||||||
Automotive separation and exit strategy costs (a)
|
-
|
-
|
-
|
-
|
2.2
|
2.2
|
-
|
-
|
-
|
-
|
1.1
|
1.1
|
||||||||||||||||||||||||||||||||||||
Strategic reorganization costs (a)
|
-
|
-
|
-
|
-
|
2.2
|
2.2
|
-
|
-
|
-
|
-
|
5.5
|
5.5
|
||||||||||||||||||||||||||||||||||||
Environmental charges (a)
|
-
|
-
|
-
|
-
|
3.6
|
3.6
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||||||||
Adjusted EBITDA
|
$
|
18.6
|
$
|
24.2
|
$
|
27.5
|
$
|
0.4
|
$
|
(7.9
|
)
|
$
|
62.8
|
$
|
23.5
|
$
|
20.4
|
$
|
25.3
|
$
|
14.6
|
$
|
(7.9
|
)
|
$
|
75.9
|
(a)
|
See the Adjusted EBITDA reconciliation on the previous page for information on restructuring expenses and other adjustments.
|
Net debt (unaudited)
(In millions)
|
September 30, 2021
|
March 31, 2021
|
|||||||
Debt due within one year
|
$
|
22.0
|
$
|
23.3
|
||||
Long-term debt
|
366.9
|
311.2
|
||||||
Total debt
|
388.9
|
334.5
|
||||||
Less: cash and cash equivalents
|
56.0
|
37.8
|
||||||
Net debt
|
$
|
332.9
|
$
|
296.7
|
Free cash flow (unaudited)
(In millions)
|
Three months ended September 30,
|
Six months ended September 30,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Net cash (used for) provided by operating activities
|
$
|
(8.9
|
)
|
$
|
75.0
|
$
|
(19.0
|
)
|
$
|
87.3
|
||||||
Expenditures for property, plant and equipment
|
(9.0
|
)
|
(5.5
|
)
|
(20.4
|
)
|
(14.6
|
)
|
||||||||
Free cash flow
|
$
|
(17.9
|
)
|
$
|
69.5
|
$
|
(39.4
|
)
|
$
|
72.7
|