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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 Manufacturing Company (NYSE: MOD) reported its second-quarter results for 2020, with net sales decreasing 8% to $461.4 million. However, operating income surged to $28.5 million, up from $6.0 million last year, and net earnings increased to $8.9 million. The adjusted EBITDA rose 40% to $55.4 million, driven by improved gross margins and reduced SG&A expenses. The company achieved a significant cash flow improvement, generating $75.0 million from operating activities. Modine also announced a strategic agreement to sell a majority of its automotive business to Dana Incorporated.
Modine Manufacturing Company (NYSE: MOD) has authorized a share repurchase of up to $50 million over the next two years, reflecting confidence in the company’s future and strategic objectives. The Board of Directors stated that purchases will depend on capital needs, share price, and market conditions. Modine, which reported $2.0 billion in revenues for fiscal 2020, operates globally in thermal management and aims to enhance shareholder value through disciplined capital allocation.
Modine Manufacturing Company (NYSE: MOD) announced the availability of advanced energy recovery technology from Airxchange integrated into its Atherion® Dedicated Outdoor Air System (DOAS). This innovative system enhances air quality and reduces energy costs across sectors like hotels and schools. The energy recovery wheels from Airxchange optimize energy efficiency by recycling exhaust air. Modine emphasizes the system's role in improving indoor air quality, particularly vital in recent times, while ensuring high performance and value through this collaboration.
Modine Manufacturing Company (NYSE: MOD) announced a definitive agreement to sell the liquid-cooled segment of its automotive business to Dana Incorporated, representing approximately 70% of its automotive revenue. This strategic move focuses on enhancing Modine's operations in higher returning sectors, reducing future capital spending, and allowing a significant cash flow increase. The transaction is anticipated to close in the first half of 2021, subject to regulatory approvals, and is part of Modine's broader strategy to exit the automotive industry.
Modine Manufacturing Company (NYSE: MOD) will host a conference call on November 6, 2020, at 8:00 a.m. CT to discuss its second quarter fiscal 2021 financial results. The results will be released after market close on November 5, 2020. Interim CEO Michael B. Lucareli will present the findings. Interested parties can access the webcast on Modine's investor website. A replay will be available after the call, and an audio-only option will be accessible until November 11, 2020.
In fiscal 2020, Modine reported revenues of $2.0 billion.
Modine Manufacturing Company (NYSE: MOD) announced a significant upgrade to its HVAC technology for educational facilities, focusing on enhancing indoor air quality (IAQ) as schools resume in-person classes post-pandemic.
The company partnered with Global Plasma Solutions to implement patented NPBI™ technology, designed to reduce airborne pathogens. This upgrade is compatible with existing Modine products, offering energy savings and improved air quality. Modine reported fiscal 2019 revenues of $2.2 billion, emphasizing its commitment to providing top-tier HVAC solutions for schools.
Modine Manufacturing Company (NYSE: MOD) has launched an Authorized Contractor Program aimed at connecting homeowners with qualified Modine contractors. The initiative addresses common homeowner concerns regarding contractor reliability and safety, simplifying the locating process through a user-friendly database. Customers can enter their ZIP codes on Modine's website to find nearby contractors. This program is expected to enhance customer experience and strengthen Modine's service network in the HVAC industry. Modine reported fiscal 2019 revenues of $2.2 billion.
Modine Manufacturing Company (NYSE: MOD) reported financial results for the quarter ended June 30, 2020, revealing a 34% decline in net sales to $347.8 million, primarily due to the COVID-19 pandemic. The company faced an operating loss of $3.2 million and a net loss of $8.4 million, with adjusted EBITDA falling to $20.5 million. Despite the challenges, significant cash flow improvements were evident, with $12.3 million from operating activities. The automotive business is being prepared for a potential sale as Modine expects gradual recovery in customer demand.
Modine Manufacturing Company (NYSE: MOD) announced the immediate resignation of CEO Thomas A. Burke, who has served for over 12 years. Mick Lucareli, the current CFO, has been appointed as Interim CEO. Burke will assist in the transition until August 28, 2020. Under Burke's leadership, Modine implemented a strategic transformation, including diversifying and acquiring Luvata HTS. The Board is now seeking a new leader to drive the company's future growth as it divests its legacy Automotive business.
Modine Manufacturing Company (NYSE: MOD) will host a conference call on August 5, 2020, to discuss its first quarter financial results for the period ending June 30, 2020. The financial results will be released after market close on August 4, 2020. During the call, President and CEO Thomas A. Burke and CFO Michael B. Lucareli will present the findings. Modine reported $2.0 billion in fiscal 2020 revenues, specializing in thermal management solutions across diverse global markets.
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