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Modine Manufacturing Co, established in 1916 and headquartered in Racine, Wisconsin, is a leading global innovator in thermal management technologies. The company provides advanced heating and cooling solutions that cater to the automotive, truck, off-highway, and HVAC&R markets. With over a century of experience, Modine's engineered heat transfer systems and components are integral to both on- and off-highway vehicular applications in the U.S.
Modine's product lineup includes powertrain cooling products such as engine cooling assemblies, radiators, condensers, and charge air coolers, along with auxiliary cooling products like power steering and transmission oil coolers. Their solutions are critical in enhancing vehicle performance and efficiency, making them a preferred choice among original equipment manufacturers (OEMs).
The company operates through two primary segments: Climate Solutions and Performance Technologies. These segments aim to improve air quality, reduce energy and water consumption, lower emissions, and support the use of environmentally friendly refrigerants. Modine's global presence spans North America, South America, Europe, and Asia, with a workforce of over 11,000 employees dedicated to delivering excellence in thermal management.
Recent achievements highlight Modine's ongoing growth and innovation. The company posted strong financial results for the third quarter ending December 31, 2023, with net sales of $561.4 million and a gross profit increase of 30%. Key factors driving this performance include a robust demand for data center cooling solutions and significant progress in their 80/20 business improvement initiatives.
Modine continues to expand its product offerings and market reach. In February 2024, they introduced new infrared heating solutions to their HVAC portfolio, addressing both commercial and residential needs. Additionally, the acquisition of Scott Springfield Manufacturing in early 2024 has bolstered their capabilities in air handling units (AHUs), particularly for data centers, healthcare, and aerospace sectors.
Financially, Modine remains strong with total debt reduced to $333.2 million by the end of 2023, and significant improvements in free cash flow and adjusted EBITDA margins. The company’s focus on sustainable growth is evident in their investments in new manufacturing facilities, such as the one in Sremska, Serbia, dedicated to producing coils for heat pumps, and the expansion in the UK to support the growing data center market.
Modine's commitment to sustainability is further demonstrated through their collaboration with the City of Racine's RYDE transit system, integrating EVantage Thermal Management Systems in electric buses to enhance efficiency and reduce emissions.
For more information about Modine and their innovative solutions, visit their website at www.modine.com.
Modine (NYSE: MOD) has secured $180 million in orders for Airedale by Modine™ data center cooling systems from a new customer in AI infrastructure development. The high-capacity equipment will be manufactured at facilities in Rockbridge, Virginia, and Grenada, Mississippi, with delivery scheduled throughout 2025 and first half of 2026.
The cooling systems are designed to lower total ownership costs through superior Power Usage Effectiveness (PUE), featuring free-cooling technology and advanced control systems. These solutions will support the customer's objectives of building large-scale, optimized data centers for AI applications.
The company expects this to be a long-term partnership and projects organic growth exceeding 30% in their next fiscal year, supported by current order intake and development pipeline.
Modine (NYSE: MOD) announced a leadership change in its Performance Technologies segment, with President Adrian I. Peace departing effective September 30, 2025. CEO Neil D. Brinker will temporarily lead the segment while the company conducts a comprehensive search for Peace's successor.
The company affirmed that its strategy to reposition the Performance Technologies segment remains intact, focusing on achieving a higher growth and higher margin business mix through 80/20 discipline. The segment maintains its financial targets, aiming for 15% to 18% adjusted EBITDA margins over the next two years.
Modine (NYSE: MOD) reported Q3 fiscal 2025 results with net sales of $616.8 million, up 10% year-over-year, driven by strong data center sales and the Scott Springfield acquisition. Net earnings decreased 9% to $41.2 million, while adjusted EBITDA increased 18% to $87.3 million.
The Climate Solutions segment saw a 42% sales increase to $360.8 million, with improved gross margin of 28.6%. However, the Performance Technologies segment experienced a 16% sales decline to $262.2 million due to market-related decreases in automotive, off-highway, and commercial vehicle customers.
The company's free cash flow for the nine months ended December 31, 2024, was $102.2 million. Net debt decreased by $84.5 million from fiscal 2024 end to $287.0 million. Management reaffirmed their fiscal 2025 guidance, anticipating their third consecutive year of record results.
Modine (NYSE: MOD), a global thermal management technology company, has scheduled its Q3 fiscal 2025 earnings conference call for February 5, 2025, at 10:00 a.m. Central Time. The financial results for the period ended December 31, 2024, will be released after market close on February 4, 2025.
CEO Neil D. Brinker and CFO Michael B. Lucareli will review the quarterly results during the call. The live webcast and presentation slides will be accessible through Modine's investor website. A replay will be available online, with an audio-only version accessible until February 12, 2025. A transcript will be posted by February 7, 2025.
Modine employs over 11,000 people globally, operating through Climate Solutions and Performance Technologies segments, focusing on air quality improvement, energy conservation, and emissions reduction.
Modine (NYSE: MOD) has announced plans to open a new manufacturing facility in Chennai, India by mid-2025, focusing on mission-critical cooling solutions for data centers. The facility will produce data center cooling equipment under the Airedale by Modine™ brand and cooling modules for stationary power generation equipment.
This expansion follows recent facility openings in Calgary, Canada, and Bradford, UK. The strategic move aims to capitalize on India's growing data center market, driven by economic growth, skilled labor availability, and enhanced connectivity to Africa, Asia, and the Middle East. This will be Modine's second facility in India, following Modine Thermal Systems India which opened in 2007.
Modine (NYSE: MOD) will showcase their updated Hot Dawg® Unit Heaters line at the 2024 HARDI Conference in Atlanta, December 7-10. The gas-fired units feature enhanced efficiency and reduced noise through a new dimpled heat exchanger tube design. The company will also highlight their Amp Dawg™ Electric Heater, launched a year ago, available in 5.7kW and 9.0kW variants for residential and larger space applications. The electric heater serves as an alternative to gas-powered units, demonstrating Modine's commitment to providing diverse heating solutions.
Modine (NYSE: MOD) announces revitalization of its Hot Dawg® Series heating solutions, introducing enhanced features across gas-fired, electric, and hydronic models. The gas-fired unit now features a dimpled heat exchanger tube for improved efficiency and reduced noise, along with relocated gas valve manometer connections for easier access. The H20 Low Profile Hot Water Unit includes a new three-row coil and copper water pipe stub-outs. The Amp Dawg™ electric heater, available in 5.7kW and 9.0kW models, complements the lineup with versatile heating options for various applications.
Modine (NYSE: MOD) reported strong Q2 fiscal 2025 results with net sales increasing 6% to $658.0 million. Operating income grew 15% to $75.3 million, while Adjusted EBITDA rose 23% to $99.8 million. The company's performance was driven by data center revenue growth and the Scott Springfield acquisition, despite lower volumes in vehicular markets. The Climate Solutions segment saw a 27% sales increase to $366.4 million, while Performance Technologies segment sales decreased 12% to $297.5 million. Earnings per share was $0.86, with adjusted EPS increasing 9% to $0.97.
Modine (NYSE: MOD) announced the opening of a new 23,200m² facility in Calgary, Canada, dedicated to manufacturing Airedale by Modine™ precision cooling equipment for data center customers, particularly in the hyperscale market. Following the acquisition of Scott Springfield Manufacturing in February and the recent opening of a facility in Bradford, UK, this expansion strengthens Modine's global manufacturing footprint, which includes facilities in Spain, the UK, and the U.S. The first units from the Calgary facility are expected to be delivered by the end of 2024.
Modine (NYSE: MOD) has officially opened its 14.6-acre Bradford, UK site for producing Airedale by Modine™ precision cooling products for data centers, launching production two months ahead of schedule. The facility manufactures computer room air handlers and fan walls, with plans to construct a state-of-the-art fan wall test center.
The company can now supply global customers with precision cooling equipment from facilities across Canada, Spain, the UK, and the U.S. Additionally, Art Laszlo has been appointed as Group Vice President, Data Centers, transitioning from his previous role leading the Liquid-Cooled Applications business.
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