Modine Manufacturing Company reported unaudited consolidated earnings results for the first quarter ended June 30, 2017. For the quarter, the company reported adjusted operating income of $31.6 million compared to $19.5 million a year ago. Adjusted earnings per share were $0.39 compared to $0.23 a year ago. Adjusted EBITDA was $48.8 million compared to $30.6 million a year ago. Net debt was $489.1 million compared to $476.7 million a year ago. Net sales were $515.5 million compared to $347.2 million a year ago. Operating income was $27.6 million compared to $15.8 million a year ago. Earnings before income taxes were $20.1 million compared to $11.9 million a year ago. Net earnings attributable to the company were $17.0 million or $0.34 per diluted share compared to $8.6 million or $0.18 per diluted share a year ago. Net cash provided by operating activities was $18.7 million compared to $1.6 million a year ago. Expenditures for property, plant and equipment were $21.6 million compared to $14.5 million a year ago. Negative free cash flow was $2.9 million against $12.9 million a year ago. Adjusted free cash flow was $9.0 million against negative adjusted free cash flow of $6.6 million a year ago.

The company provided earnings guidance for the fiscal year 2018. For the year, the company expects full fiscal year-over-year sales up 25% to 30%, adjusted EBITDA of $175 million to $185 million, adjusted operating income of $100 million to $110 million, and adjusted earnings per share of $1.20 to $1.35. The company expects capex spending for the full year to be in line with fiscal 2017. The company assumes interest expense of approximately $26 million. This tax benefit is expected to lower its adjusted tax expense significantly to the 15% range in 2018.

The company expects its effective tax rate to return to 28% to 30% in fiscal 2019.