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Platinum SpinCo earnings and revenue breakdown
Latest: Q1 FY27 · 10-Q filed Aug 26, 2026
Q1 FY27 Revenue down 3% year over year to $278M · 6¢ of every $1 of revenue kept as net profit · operating margin 7.0%
Platinum SpinCo made $278M in Q1 FY27 (-3% Y/Y): Heavy-Duty Equipment $133M, Commercial Vehicle $81.0M, Automotive $64.1M. Operating margin 7.0%, net earnings $15.6M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 26, 2026.
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What changed this quarter
Revenue was $277.8M in Q1 FY27, down 3% year over year. Heavy-Duty Equipment was the largest line at 48% of revenue. Commercial Vehicle lost $5.9M year over year (down 7%), 77% of the total change.
Gross margin was 17.5%, down 1.0 points from a year earlier. Operating profit was $19.4M, a 7.0% margin (down 0.2 points year over year). Operating expenses fell 10% while revenue fell 3%. Net earnings were $15.6M, up 32% year over year. The effective tax rate was 20.8%.
Operating cash flow was $6.5M (down 77% year over year), 41% of net income including minority interests. Non-cash charges added back $7.0M of depreciation and $500K of share-based compensation. Working capital and other items used $17.0M. Capital expenditures of $8.6M exceeded it, leaving free cash flow of −$2.1M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q1 FY27 | 10-Q | Aug 26, 2026 | $278M | -3% | 7.0% | $15.6M | $6.5M |
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About Platinum SpinCo
On January 29, 2026, Modine Manufacturing Company (“Modine” or “Parent”) entered into definitive agreements with Gentherm Incorporated (“Gentherm”) whereby Modine will spin-off and simultaneously combine its Performance Technologies business (referred to as “Performance Technologies”, the “Company”, or “SpinCo”), with Gentherm in a Reverse Morris Trust (“RMT”) transaction. The RMT transaction is structured to be generally tax-free for Modine and Modine shareholders for U.S. federal income tax purposes. Modine will retain its Data Centers and Commercial HVAC segment businesses (“RemainCo”). Modine anticipates this transaction will close by the end of calendar year 2026, subject to approval by Gentherm’s shareholders and other customary closing conditions.
In its own words, from its 10-Q, filed Aug 26, 2026.
Platinum SpinCo against its Motor Vehicle Parts & Accessories peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -3% against the peers' median +2%. Operating margin: 7.0% against the peers' median 7.0%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| Platinum SpinCo | Q1 FY27 | $278M | -3% | 7.0% |
| LEA Lear | Q3 2026 | $5.8B | +2% | 3.4% |
| ADNT Adient | Q4 FY26 | $3.7B | +1% | -0.1% |
| BWA Borgwarner | Q3 2026 | $3.5B | -3% | 8.7% |
| APTV Aptiv | Q3 2026 | $3.2B | +2% | 8.8% |
| DCH Dauch | Q3 2026 | $2.9B | +93% | 2.5% |
| ALV Autoliv | Q3 2026 | $2.7B | -0.5% | 9.4% |
| VGNT Versigent | Q3 2026 | $2.5B | +7% | 7.6% |
| DAN Dana | Q3 2026 | $2.0B | +6% | 4.5% |
Source: Platinum SpinCo 10-Q on SEC EDGAR · CIK 2134183 · Motor Vehicle Parts & Accessories