Welcome to our dedicated page for Modine Manufacturing Co news (Ticker: MOD), a resource for investors and traders seeking the latest updates and insights on Modine Manufacturing Co stock.
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) 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.
Modine (NYSE: MOD), a global leader in thermal management technology, has been selected as the thermal solutions supplier for GILLIG's hybrid-electric bus platform. Modine provides its EVantage Battery Thermal Management Systems (BTMS) and inverter cooling module for GILLIG Hybrid buses, powered by the Allison eGen Flex® system. These systems optimize thermal performance and system efficiency, ensuring longevity and consistent performance under various conditions.
Since 2023, GILLIG has delivered over 100 hybrid buses with Modine's technology integrated, proving its reliability in various communities. The partnership between Modine and GILLIG is built on a shared commitment to creating sustainable transportation solutions. GILLIG's Hybrid buses feature an integrated system with a Clean Diesel engine, electrical drive unit, and roof-mounted energy storage system, ideal for multiple daily route services.
Modine (NYSE: MOD), a global leader in thermal management technology, has announced it will host a conference call and webcast to discuss its second quarter fiscal 2025 financial results on October 30, 2024, at 10:00 a.m. Central Time. The results are scheduled for release after market close on October 29, 2024. Neil D. Brinker, President and CEO, and Michael B. Lucareli, EVP and CFO, will review the company's Q2 financial results during the call.
Investors can access the live webcast through Modine's website investor section. A replay of the presentation and audio will be available after the event, with an audio-only replay accessible until November 6, 2024. Modine, headquartered in Racine, Wisconsin, operates globally with over 11,000 employees, focusing on improving air quality and conserving natural resources through its Climate Solutions and Performance Technologies segments.
Modine (NYSE: MOD), a leader in innovative heating solutions, has introduced two new low-intensity tube heaters, the MRS and MRL, to its infrared heating lineup. These gas-fired units are designed to enhance comfort in outdoor spaces such as home patios, restaurant patios, and entertainment venues.
The MRS, with a 9ft length, can heat up to 180 square feet and offers fire rates of 50,000 btu/hr (high) and 35,000 btu/hr (low). The larger MRL, at 16ft 4in, covers up to 312 square feet and comes with multiple fire rate options ranging from 50,000 to 100,000 btu/hr.
Both models are available in natural gas or propane configurations, feature aluminum housing and stainless steel flexible gas connectors for durability, and are designed for easy installation. This expansion reflects Modine's response to strong market demand for outdoor heating solutions.
Modine (NYSE: MOD), a global leader in thermal management technology, has appointed Dan Hedstrom as its new Chief Information Officer (CIO) effective October 14, 2024. Hedstrom replaces Steve Langer, who is retiring at the end of the year. In his role, Hedstrom will lead Modine's global IT function and execute the company's digital strategy, focusing on business-aligned IT solutions to optimize performance, enhance productivity, and improve cyber security.
Hedstrom joins Modine from Cubic , where he served as Vice President and CIO since 2018. He brings experience in scaling IT systems to support growth and has a bachelor's degree in Computer Engineering from California Polytechnic State University. Mick Lucareli, Executive Vice President and CFO, expressed confidence in Hedstrom's ability to contribute to Modine's global business strategies.
Modine (NYSE: MOD), a global leader in thermal management technology, has announced the appointment of Mark Bendza to its Board of Directors, effective immediately. Bendza, currently the CFO of Telos , brings extensive experience in finance and international business from his roles at Honeywell International and Northrop Grumman
Bendza will serve on the Audit Committee and stand for election at Modine's 2025 annual meeting. Marsha Williams, Chairperson of Modine's Board, expressed confidence that Bendza's strategic financial leadership experience in technology and manufacturing sectors will be valuable as the company continues its transformation.
Bendza holds an MBA from Columbia Business School and a BA from Wesleyan University. He is also an executive member of the Latino Corporate Directors Association.
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