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MODINE Always Innovating . Always Improving . FOR IMMEDIATE RELEASE Exhibit 99.1 NEWS RELEASE Modine Reports Second Quarter Fiscal 2022 Results Strong revenue growth in Heavy Duty Equipment ( " HDE " ) , Commercial and Industrial Solutions ( " CIS " ) and Building HVAC ( " BHVAC ” ) ; earnings negatively impacted by lower Automotive revenue and higher raw material prices Racine , WI - November 2 , 2021 - Modine Manufacturing Company ( NYSE : MOD ) , a diversified global leader in thermal management technology and solutions , today reported financial results for the quarter ended September 30 , 2021 . Second Quarter Highlights : • 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 " Our top - line growth in the fiscal second quarter reflects double digit gains in our BHVAC , CIS and HDE segments , which together were up $ 65 million , or 18 percent , " said Modine President and Chief Executive Officer , Neil D. Brinker . " This growth was partially offset by a $ 45 million decrease in sales in our automotive segment , of which approximately $ 18 million related to the sale of the air - cooled automotive business earlier this fiscal year along with the negative impacts the semiconductor shortage and other supply chain issues . Our operating margins continue to be negatively pressured by rising raw material prices and supply chain disruptions . These significant cost increases , along with the absence of over $ 10 million of COVID - related savings in the second quarter of fiscal 2021 , make year- over - year comparisons exceedingly difficult . In response , we are raising prices wherever possible to mitigate these headwinds and to improve operating margins . Our new leadership team is now firmly in place to take these commercial actions and to launch a restructuring program in our Automotive segment . These efforts , and further benefits from deploying 80/20 principles through our business , will quickly enable our transformation and lead to a stronger Modine . " Financial Results Net sales increased 4 percent in the second quarter to $ 478.9 million , compared with $ 461.4 million in the prior year . The increase was driven by market - related volume improvements in the BHVAC , CIS and HDE segments , but was partially offset by a $ 44.5 million decline in the automotive segment , which was impacted by the sale of the air - cooled business in the first quarter of fiscal 2022 and the semiconductor shortage . Gross profit decreased 18 percent in the second quarter to $ 66.3 million and gross margin decreased by 370 basis points to 13.8 percent , primarily driven by higher material prices , including underlying metal prices and related premiums , fabrication , freight , tariff and packaging costs , compared to the prior year . The prior year also benefited from the impact of cost - saving actions taken in response to the COVID - 19 pandemic . These factors were partially offset by lower depreciation expense in the Automotive segment . 1