Modine Manufacturing Company (NYSE:MOD) Q1 2025 Earnings Conference Call July 31, 2024 11:00 AM ET
Corporate Participants
Kathy Powers - VP, IR and Treasurer
Neil Brinker - President and Chief Executive Officer
Mick Lucareli - EVP and Chief Financial Officer
Conference Call Participants
Noah Kaye - Oppenheimer & Company
Lee Jagoda - CJS Securities
Matt Summerville - D.A. Davidson
Jeff Van Sinderen - B. Riley Securities
Brian Drab - William Blair
Brian Sponheimer - Gabelli Funds
Operator
Good morning ladies and gentlemen and welcome to Modine's First Quarter Fiscal 2025 Earnings Conference Call. At this time all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions] As a reminder this conference 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. Please go ahead.
Kathy Powers
Hello and good morning. Welcome to our conference call to discuss Modine's first quarter fiscal 2025 results. I'm joined by Neil Brinker our President and Chief Executive Officer and Mick Lucareli, our Executive Vice President and Chief Financial Officer.
The slides that we will be using with today's presentation are available on the Investor Relations section of our website modine.com. On Slide three of that deck 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 I'll turn the call over to Neil.
Neil Brinker
Thank you, Kathy and good morning, everyone. I'm pleased to report a strong start to our new fiscal year. It's clear that the investments we've made in our business are contributing to our top-line growth this quarter including the strategic acquisitions made last year in our climate solutions segment.
In addition our performance technologies business reported a great quarter delivering a gross margin over 20% a 550 basis point increase from the prior year. Both segments are executing on their strategic objectives. Our financial results are ahead of our targets we outlined at our 2022 Investor Day and we are demonstrating that we can rapidly grow our margins and earnings.
This is a result of the successful deployment of 80/20 across our diversified portfolio creating a favorable shift in our business mix as we prioritize and invest in our best performing businesses. Mick will go over our first quarter financial results and provide an update to our full year outlook but first I'd like to provide some high-level updates on each segment.