Welcome to our dedicated page for Modine Manf news (Ticker: MOD), a resource for investors and traders seeking the latest updates and insights on Modine Manf 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), 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.
Airedale by Modine™, a brand of Modine (NYSE: MOD), has launched a 1MW Cooling Distribution Unit (CDU) to meet the growing demand for high-performance cooling solutions in the global data center industry. This technology is important for liquid and hybrid cooling systems managing next-generation IT applications. The CDU is designed to support high-density computing applications like generative artificial intelligence and machine learning.
The CDU can deliver up to 1MW of cooling capacity and operates at supply temperatures of up to 30°C (86°F) in secondary water loop systems and 26°C (79°F) in primary loop structures. It's suitable for both colocation and hyperscale data center providers dealing with higher density IT heat loads. This launch aligns with Modine's strategy to expand its global data center product offering and capture market opportunities in the rapidly growing data center liquid cooling market.
Modine (NYSE: MOD), a global thermal management technology leader, updated its multi-year strategy at an Investor Day event. The company increased its fiscal 2027 targets, aiming for a 16-18% adjusted EBITDA margin and a 10-13% three-year compound average growth rate (CAGR) in revenue. Modine's strategy focuses on evolving its portfolio towards high-growth, high-margin businesses for sustainable growth and returns.
The company plans to leverage its thermal management expertise and mission-critical products to drive growth powered by strong secular mega-trends. Modine is re-segmenting its business to improve product and market focus, aligning with its 80/20 principles. Key areas of focus include high-performance computing, electrification, and clean indoor air quality.
Modine (NYSE: MOD), a global leader in thermal management technology, has joined the United Nations Global Compact, the world's largest voluntary corporate sustainability initiative. This commitment aligns with Modine's focus on sustainable growth and its purpose of Engineering a Cleaner, Healthier World™.
The company has prioritized seven UN Sustainable Development Goals (SDGs) that address key opportunities for the organization, stakeholders, and planet. These include Good Health and Well-Being, Clean Water and Sanitation, Affordable and Clean Energy, Decent Work and Economic Growth, Responsible Consumption and Production, Climate Action, and Peace, Justice and Strong Institutions.
Modine will develop commitments and targets in these areas and report yearly on their actions in support of these goals. The company's mission focuses on advancing global sustainability priorities through its portfolio of engineered thermal solutions.
Modine (NYSE: MOD), a global leader in thermal management technology, will host an Investor Day on September 11, 2024, at its global headquarters in Racine, Wisconsin. The event will feature presentations from key executive leaders, including CEO Neil Brinker and CFO Mick Lucareli.
The company plans to update its multi-year strategy and provide new financial targets during the event. Presentations will begin at 10:30 am ET and will be available via a live webcast on Modine's Investor Relations website. A replay of the webcast will be accessible shortly after the event concludes.
This Investor Day presents an opportunity for stakeholders to gain insights into Modine's future plans and financial outlook, potentially impacting investor sentiment and stock performance.
Modine (NYSE: MOD) has launched its new EVantage™ Electric Compressor and Valve Product Lines for heavy-duty electric vehicles (EVs). These components are designed to optimize thermal management for battery cooling, power electronics, and cabin air conditioning in harsh, high-vibration environments. The product line includes:
1. EVantage High Voltage (HV) Electric Compressor: A lightweight, robust design for consistent performance and electrical integrity.
2. EVantage 3-Way Coolant Valve: A compact solution for efficient coolant flow to vital EV components.
Both products are IP67-rated, adaptable to 12V and 24V systems, and have undergone rigorous testing to ensure durability and reliability in extreme conditions. These components aim to keep commercial EVs operational through long days and challenging environments, potentially reducing downtime and maintenance costs.
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