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.
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.
Modine (NYSE: MOD) reported strong Q1 fiscal 2025 results, with net sales up 6% to $661.5 million and organic sales growth of 4%. The company saw significant improvements in profitability, with operating income increasing 12% to $74.4 million and adjusted EBITDA rising 25% to $100.9 million. Earnings per share grew 4% to $0.88, while adjusted EPS jumped 22% to $1.04.
Modine's success was driven by strong growth in data centers and continued margin improvement. The company has revised its fiscal 2025 outlook upward, now projecting net sales growth of 6-11% and adjusted EBITDA of $375-395 million, representing a 19-26% increase over the prior year.
Modine (NYSE: MOD), a global leader in thermal management technology, has announced its upcoming first quarter fiscal 2025 earnings conference call. The call is scheduled for July 31, 2024, at 10:00 a.m. Central Time. Financial results for the period ended June 30, 2024, will be released after market close on July 30, 2024.
CEO Neil D. Brinker and CFO Michael B. Lucareli will review the company's Q1 financial performance during the call. Investors can access the live webcast and presentation slides through Modine's investor relations website. An audio replay will be available until August 7, 2024, and a transcript will be posted by August 2, 2024.
Modine (NYSE: MOD) has expanded its EVantage™ portfolio with the Cabin Climate System (CCS), a thermal management solution tailored for commercial, off-highway, and specialty electric vehicles (EVs). The CCS offers 12kW of cooling and 10kW of heating capacity, ensuring optimal passenger comfort. Its lightweight, modular design facilitates easy integration into EV chassis, reducing design complexity. The system includes a high-voltage electric compressor, coolant heater, and pump, along with Modine's proprietary heat exchangers. This expansion emphasizes Modine's commitment to innovation and streamlining HVAC integration in EVs, ensuring long-term value for customers.
Modine (NYSE: MOD), a leader in thermal management technology, announced an Investor Day at its Racine, Wisconsin headquarters on September 11, 2024. The event will feature Modine's President and CEO, Neil D. Brinker, and CFO, Michael B. Lucareli, along with other executives. They will present the company's multi-year strategy, growth opportunities, and financial targets.
Attendance is by invitation only due to space constraints, and prior registration is required. A live webcast will be available on Modine's investor relations website, with an archived version accessible afterward for those unable to attend live.
Modine (NYSE: MOD) has announced a collaboration with RYDE Racine to enhance the zero-emission bus fleet in Wisconsin. The initiative involves equipping Racine's nine all-electric buses with Modine's EVantage™ Thermal Management Systems, with plans to add up to four more. This technology aims to improve the range, longevity, and reliability of the buses, which serve nearly 700 stops. The project is funded by the FTA's Low or No Emission Vehicle Program, enabling Racine to expand its fleet to 13 buses. This partnership aligns with Racine's goal to reduce its carbon footprint and supports Modine's strategy to grow in the EV market.
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