What happened Shares of Modine Manufacturing (NYSE: MOD), a manufacturer of thermal management solutions to a number of markets and customers, traded as much as 48% higher early Friday, before settling down to a 31% gain in the afternoon, after the company posted strong second-quarter results. So what Modine beat on both the top and bottom line, ending the week on a solid note for investors. Starting from the top, Modine's second-quarter revenue checked in at $461.4 million, easily topping analysts' estimates calling for just over $400.8 million. Adjusted earnings per share checked in at $0.43, also easily topping analysts estimates calling for a modest $0.04 adjusted earnings per share. Management also called out a significant year-over-year improvement in cash flow with roughly $75 million of cash flow from operating activities. The better-than-expected second-quarter results were driven by higher-than-anticipated sales in combination with stringent cost reductions that boosted margins. Management also noted a slow and steady recovery from most of its end markets and regions. Image source: Getty Images. Now what In addition to the strong second quarter, the company also recently announced an agreement to sell the majority of its automotive business to Dana. "This is a critical step in our strategic transformation and allows us to avoid significant liabilities and cash investments to complete necessary restructuring in our automotive business," Modine Interim CEO Michael B. Lucareli said in a press release. While Modine had a strong second quarter worthy of shareholder admiration, the company's sales and earnings outlook still remains uncertain with COVID-19 impacted market conditions. That said, investors should anticipate sequential revenue improvement in both the third and fourth quarters. 10 stocks we like better than Modine ManufacturingWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Modine Manufacturing wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of October 20, 2020 Daniel Miller has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source