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 Manufacturing Company (NYSE: MOD) has partnered with Texas AirSystems to enhance the access to its Airedale product line in Texas. The collaboration aims to provide innovative HVAC solutions to contractors and clients, improving product availability and empowering selection for diverse projects. Modine's focus on energy-efficient systems aligns with Texas AirSystems' commitment to value-added solutions. This partnership is expected to strengthen both companies' market positions and improve service offerings in the region.
Luxfer Holdings PLC (NYSE: LXFR) has appointed Sylvia A. Stein to its Board of Directors, effective August 1, 2022. Stein, currently Vice President and General Counsel at Modine Manufacturing Company (NYSE: MOD), brings over 20 years of experience in business strategy, sustainability, and risk management. She will serve on both the Nominating and Governance Committee and the Audit Committee, helping to enhance Luxfer's strategic direction and shareholder value.
Modine Manufacturing Company (NYSE: MOD) hosted an Investor and Analyst Day on June 22, 2022, outlining its strategies for revenue growth and margin improvement. The company aims for an average annual revenue growth of 6-8% over the next two years, increasing to 8-10% in the following three. Adjusted EBITDA margin targets are set at 10-12% in two years, reaching 13-15% in five. The leadership team emphasized a focus on acquisitions and capital reallocation to under-resourced areas. Modine's transformation aims to enhance efficiency and capitalize on global megatrends.
Modine Manufacturing Company (NYSE: MOD) announced its upcoming Investor and Analyst Day set for June 22, 2022, at 8:30 AM ET in New York City. The event will provide insights into Modine's multi-year strategy, financial outlook, and business opportunities, featuring presentations from its executive leadership. The webcast will be accessible on the Company's website for live viewing and replay.
Modine reported $2.1 billion in fiscal 2022 revenues, specializing in thermal management systems globally from its headquarters in Racine, Wisconsin.
Modine Manufacturing Company (NYSE: MOD) reported strong financial results for the fourth quarter and fiscal year ended March 31, 2022. Net sales rose 12% to $574.4 million, with operating income turning positive at $20.6 million. Full-year net sales reached $2.1 billion, a 13% increase. Earnings per share improved significantly to $1.62 from a prior loss of $4.11. While challenges remain, including inflation and supply chain issues, Modine anticipates growth in fiscal 2023 with projected sales increases of 6-12% and adjusted EBITDA of $180-$195 million.
Modine Manufacturing Company (NYSE: MOD) has launched its EVantage line of thermal management systems aimed at enhancing commercial electric vehicle (EV) performance, safety, and battery longevity. The systems, including the EVantage Battery Thermal Management System (BTMS) and the EVantage Electronics Cooling Package (ECP), provide customizable solutions that regulate temperatures in various environments. With over 100 years of expertise, Modine's products are designed for zero-emission vehicles, supporting their clients' engineering needs while maximizing efficiency and minimizing power draw.
Modine Manufacturing Company (NYSE: MOD) announced the appointment of David J. Wilson to its Board of Directors, effective May 9, 2022. Wilson, currently CEO of Columbus McKinnon Corporation (Nasdaq: CMCO), brings substantial leadership experience from his previous roles at Flowserve Corporation and SPX Corporation. His expertise will aid Modine's strategic objectives aimed at enhancing operational excellence and driving profitable growth. Wilson will also participate in the Audit and Corporate Governance and Nominating Committees.
Modine Manufacturing Company (NYSE: MOD) will host a conference call on May 26, 2022, at 8:00 a.m. Central Time to discuss its fourth quarter financial results for the period ending March 31, 2022. The financial results will be released post-market on May 25, 2022. President and CEO Neil D. Brinker and CFO Michael B. (Mick) Lucareli will present during the call, accessible via their investor website. Modine reported revenues of $1.8 billion for fiscal 2021, specializing in thermal management solutions across various global markets.
Modine Manufacturing Company (NYSE: MOD) reported Q3 financial results for the period ended December 31, 2021, with net sales of $502.2 million, a 4% increase year-over-year. Operating income rose to $79.4 million compared to an operating loss of $108.7 million last year, primarily due to prior year impairment charges. Earnings per share improved to $1.41. However, adjusted EBITDA decreased by 16% to $39.3 million. The outlook for fiscal 2022 remains positive with expected sales growth of 10-16% and adjusted EBITDA of $145 million to $160 million.
Modine Coatings, part of Modine Manufacturing Company (NYSE: MOD), has appointed Ripley PR as its agency of record to enhance strategic communications and drive brand growth. This partnership builds on a successful relationship since 2016, where Ripley PR has significantly impacted Modine's HVAC division through effective media placement and content marketing. The collaboration aims to reinforce Modine’s position as a reliable provider of HVAC protection solutions. Modine delivers innovative products designed to improve HVAC performance while minimizing environmental impact.
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