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.
On September 28, 2021, Modine Manufacturing Company (NYSE: MOD) announced the appointment of Jonathan Schlemmer as General Manager of Heating. Schlemmer, with extensive experience from Regal Beloit and General Electric, will lead Modine's Heating division. This role emphasizes growth in the heating market, leveraging Modine’s significant install base and strong brand for both replacement and new installations. With 2021 revenues of $1.8 billion, Modine aims to enhance its presence in the hydronics market and pursue inorganic growth.
Modine Manufacturing Company (NYSE: MOD) announced the appointment of Gina Bonini as General Manager of its newly established Electric Vehicle business unit. This unit aims to develop thermal management systems for electric vehicles, focusing on optimal powertrain temperature regulation. Modine is currently in discussions with over 30 customers, in production on three programs, and has secured five additional programs set to launch in the next year. CEO Neil D. Brinker emphasized the importance of this growth market, aiming to enhance battery range and longevity through innovative technology.
Modine Manufacturing Company (NYSE: MOD) announced the establishment of a dedicated business unit focusing on thermal management systems for electric vehicles (EVs). This strategic move aims to support customers in the transition to alternative powertrains. CEO Neil D. Brinker emphasized the company's commitment to the EV market, highlighting ongoing developments with over 30 customers and multiple program wins. Modine's existing technologies are crucial for maintaining optimal battery temperatures, thereby enhancing battery range and longevity. Fiscal 2021 revenues reached $1.8 billion.
Modine Manufacturing Company (NYSE: MOD) has appointed Michael S. Postma as General Manager of its Coils business unit, reporting to Adrian I. Peace. Postma, formerly President of LA Darling and other Marmon Holdings subsidiaries, brings extensive P&L leadership experience to this complex segment. Modine aims to enhance commercial execution and operational efficiency within its coils division, a critical component of its $1.8 billion revenue base. The company operates globally, manufacturing specialized thermal management solutions.
Modine Manufacturing Company (NYSE: MOD) announced a strategic partnership with Advancoat LLC to provide Insitu® coatings services in South Florida. As part of this agreement, Modine will close its Pompano Beach facility to enhance its coatings business through licensing partnerships. This strategy aims to expand coatings delivery and allow Modine to focus on product development. Modine has seen significant growth in its licensee network, now exceeding 90 licensed applicators in the Americas. Fiscal 2021 revenues for Modine were $1.8 billion.
Modine Manufacturing Company (NYSE: MOD) reported a strong financial performance for Q1 ended June 30, 2021. Net sales rose 42% to $494.6 million, driven by growth across all segments. Operating income improved to $8.7 million from a loss of $3.2 million, and adjusted EBITDA increased 62% to $33.3 million. EPS was $0.04, compared to a loss per share of $0.17 in the previous year. Despite supply chain disruptions and cost inflation, Modine maintains its full-year guidance, anticipating a 12-18% sales increase and adjusted EBITDA of $170 million to $185 million.
Modine Manufacturing Company (NYSE: MOD) announced the appointment of Eric S. McGinnis as Vice President of Building HVAC on August 4, 2021. McGinnis, with over 28 years of industrial leadership experience, formerly served as President of Industrial Systems at Regal Beloit Corporation. He will lead the Building HVAC segment, focusing on heating and indoor air quality solutions. The previous VP, Matthew J. McBurney, will remain at Modine to assist with the transition and special projects.
Modine reported fiscal 2021 revenues of $1.8 billion.
Modine Manufacturing Company (NYSE: MOD) announced the appointment of Adrian I. Peace as Vice President of Commercial and Industrial Solutions (CIS), effective immediately. Mr. Peace brings over 25 years of leadership experience in global industrial sectors, previously serving as a strategic advisor and in various roles at Republic Services and W.W. Grainger. He replaces Scott A. Miller, who is retiring. Modine reported fiscal 2021 revenues of $1.8 billion and operates in multiple international markets, focusing on thermal management solutions.
Modine Manufacturing Company (NYSE: MOD) will host a conference call on August 5, 2021, at 8:00 a.m. Central Time to discuss financial results for the first quarter ending June 30, 2021. The results will be released after market close on August 4, 2021. President and CEO Neil D. Brinker, along with CFO Michael B. Lucareli, will present the earnings during the call. Investors can access the live webcast via Modine's website. A replay will be available after the event.
Modine Manufacturing Company (NYSE: MOD) reported financial results for Q4 and FY ending March 31, 2021. Q4 net sales rose to $514.9 million, a 9% increase from last year. However, impairment charges of $32.4 million in the Automotive segment led to an operating loss of $14.3 million and a net loss per share of $0.29. For the full year, net sales decreased to $1.8 billion, down 8%, with a net loss per share of $4.11. Notably, adjusted earnings per share improved to $1.14 from $1.05 previously, reflecting operational resilience.
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