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MODINE Always Innovating . Always Improving . FOR IMMEDIATE RELEASE Modine Reports First Quarter Fiscal 2022 Results First quarter performance reflects strong top - line performance driven by continued market improvement and focused execution NEWS RELEASE Racine , WI - August 4 , 2021- Modine Manufacturing Company ( NYSE : MOD ) , a diversified global leader in thermal management technology and solutions , today reported financial results for the quarter ended June 30 , 2021 . First Quarter Highlights : Net sales of $ 494.6 million increased 42 percent from the prior year Operating income of $ 8.7 million increased $ 11.9 million Adjusted EBITDA of $ 33.3 million increased $ 12.8 million or 62 percent Earnings per share of $ 0.04 and adjusted earnings per share of $ 0.20 " Our top - line performance in the fiscal first quarter reflects solid gains in all segments , " said Modine President and Chief Executive Officer , Neil D. Brinker . " In addition , our CIS segment delivered a second consecutive quarter of strong revenue growth and improved profitability . Our earnings conversion was somewhat impacted by cost inflation and supply chain disruptions , as we work to offset these pressures through commercial and operational actions . We expect these actions , along with the positive impact of material pass - through pricing adjustments , to have a positive impact for the balance of the year . " Financial Results Net sales increased 42 percent in the first quarter to $ 494.6 million , compared with $ 347.8 million in the prior year . The increase was primarily driven by market - related volume improvements in all segments as compared to the prior year , which included the significant impact of COVID - 19 related plant closures around the world . This increase also included approximately $ 24 million of favorable currency impacts . Gross profit increased 59 percent in the first quarter to $ 73.2 million , and gross margin improved 150 basis points to 14.8 percent , primarily driven by volume improvements in all segments and lower depreciation in the Automotive segment , partially offset by higher material and overhead costs . Selling , general and administrative ( “ SG & A ” ) expenses were $ 59.4 million in the first quarter , which was $ 14.7 million or 33 percent higher than the prior year . This increase was primarily driven by higher compensation related expenses , as the prior year was favorably impacted by cost - saving actions , including furloughs , shortened work weeks and temporary salary reductions , in response to the COVID - 19 pandemic . In addition , we recorded $ 3.5 million of environmental charges during the first quarter of fiscal 2022 . 1