Modine Manufacturing Company (NYSE:MOD) Q1 2023 Results Conference Call August 4, 2022 12:00 PM ET

Company Participants

Neil Brinker - President & CEO

Mick Lucareli - EVP & CFO

Kathy Powers - VP, Treasurer, Corporate Communication & IR

Conference Call Participants

Matt Summerville - D.A. Davidson

Steve Ferazani - Sidoti & Company

Brian Sponheimer - Gamco Investors

Operator

Good morning, ladies and gentlemen, and welcome to the Modine Manufacturing Company's First Quarter Fiscal 2023 Earnings Conference Call. [Operator Instructions] As a reminder, this call is being recorded.

I would now like to turn the conference over to your host, Ms. Kathy Powers, Vice President, Treasurer and Investor Relations.

Kathy Powers

Good morning, and thank you for joining our conference call to discuss Modine's first quarter fiscal 2023 results. I'm joined on this call by Neil Brinker, our President and Chief Executive Officer; and Mick Lucareli, our Executive Vice President and Chief Financial Officer. We'll be using slides for today's presentation, which can be accessed either through the webcast link or by accessing the PDF file posted on the Investor Relations section of our website modine.com. On Slide 3 is our notice regarding forward-looking statements. This call will contain forward-looking statements as outlined in our earnings release as well as in our company's filings with the Securities and Exchange Commission.

With that, it's my pleasure to turn the call over to Neil.

Neil Brinker

Thank you, Kathy, and good morning, everyone. As most of you are aware, we held our first Investor and Analyst Day in June, and hopefully, you had a chance to review those materials. Before launching into our quarterly results, I'd like to spend a couple of minutes highlighting the key themes and messages from the event. During our Investor Day presentation, we outlined our strategy for unlocking value in Modine, demonstrating our plan to transform our company for a sustainable future.

The actions we are taking largely fall into 3 main categories. The first of these is focusing the organization. Many of these actions are well underway and are forming the basis for our transformation. This includes making 80/20 a core part of our DNA, building a high-performance organization and simplifying and segmenting the business. We are clearly seeing the results of these actions in our results this quarter.

Next, we are moving on to the perform and deliver and accelerate profitable growth phases of our strategy. By moving to a more decentralized organization, we introduced a high level of accountability and empowerment. But in order to drive results, we will have a disciplined cadence and a review model with 80/20 at its core. This will allow us to maximize our share of target markets while simultaneously simplifying our product offerings and improving our operating margins. All of this, along with growth through product development, geographic expansion and targeted M&A will help us achieve our financial targets. Based on what we are delivering this quarter, particularly within our Climate Solutions segment, we are well on our way.