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 launched the EVantage Fuel Cell Stack Cooling Package (FC-SCP), designed specifically for commercial fuel cell applications amidst rising demand for zero-emission vehicles (ZEVs). This new cooling package enhances thermal management by maintaining optimal temperatures while reducing energy consumption. Key features include:
- Flux-free heat exchanger technology meeting stringent coolant conductivity requirements.
- A predictive cooling process that minimizes temperature fluctuations, boosting vehicle range and durability.
- A waste heat recovery system to optimize power draw.
As part of Modine's EVantage product line, the FC-SCP underscores the company's commitment to supporting ZEV performance and durability in a rapidly evolving market.
Modine Manufacturing Company (NYSE: MOD) has expanded its partnership with REV Group (NYSE: REVG) to provide advanced thermal management systems for the Vector, North America’s first all-electric fire truck. The EVantage suite includes a Battery Thermal Management System, Electronics Cooling Package, and cabin heating/cooling circuits. This collaboration aims to minimize environmental impacts in the firefighting industry by enhancing the use of alternative energy solutions. The Vector features 327 kWh of automotive-grade batteries, ensuring efficient operation and sustainability in emergency services.
Modine Manufacturing Company (NYSE: MOD) has launched its new ventilation solution, Sentinel® High Humidity, aimed at enhancing air quality in K-12 schools, particularly in humid regions like the Gulf Coast. This product features a dual coil/fan system to provide effective temperature and humidity control, capable of dehumidifying up to 500 cubic feet of outside air per minute. The innovation aligns with Modine's mission of creating healthier environments for students. With additional heating features for colder climates, this solution addresses specific needs for schools in high humidity areas, promoting improved learning conditions.
Modine Manufacturing Company (NYSE: MOD) reported strong financial results for the third quarter ended December 31, 2022, with net sales reaching $560.0 million, up 12% year-over-year. Adjusted EBITDA increased by 36% to $53.3 million, driven by improved sales volume and favorable pricing, despite operating income dropping to $39.5 million from $79.4 million due to last year's impairment reversal. Earnings per share were $0.46, a decrease from $1.41 the prior year, though adjusted EPS rose to $0.48. Modine maintains its fiscal 2023 outlook, projecting 6% to 12% growth in net sales and adjusted EBITDA between $190 and $200 million.
Modine Manufacturing Company (NYSE: MOD) has launched a new Battery Thermal Management System (BTMS), the L-CON BTMS, designed for off-highway electric vehicles and specialty commercial vehicles. The system offers plug-and-play integration, advanced thermal regulation, and adaptability to various chassis layouts, ensuring optimal battery temperature in challenging environments. Modine emphasizes its commitment to supporting the electrification of transportation by providing solutions that enhance battery performance and reliability. The L-CON BTMS meets the rigorous demands of heavy-duty applications, showcasing Modine's expertise in thermal management.
Modine Manufacturing Company (NYSE: MOD) is set to debut at the International Builders Show from Jan. 31 to Feb. 2, 2023, showcasing innovative HVAC heating solutions. The company will feature products such as the Hot Dawg® garage heater, Lodronic™ high-efficiency hydronic heater, and a high-intensity infrared patio heater. Modine aims to enhance residential living spaces with low-profile, efficient designs and will promote its Authorized Contractor Program to connect homeowners with trusted service providers. The initiative emphasizes Modine's commitment to efficiency and customer support.
Modine Manufacturing Company (NYSE: MOD) announced a conference call scheduled for February 2, 2023, at 10:00 a.m. Central Time to discuss its financial results for the third quarter ended December 31, 2022. The financial results will be released after markets close on February 1, 2023. The call will feature Modine's President and CEO Neil D. Brinker and CFO Michael B. Lucareli. Investors can access the live webcast on Modine's website and find a replay of the slides and audio post-event. Modine is committed to enhancing air quality and conserving resources through its Climate Solutions and Performance Technologies segments.
Modine Manufacturing Company (NYSE: MOD) announced the launch of its new EFINSM Pro Shield™ program at the AHR Expo taking place from Feb. 6-8, 2023 in Atlanta, Ga.. This extended warranty program offers three levels of coating protection for HVAC equipment, catering to various customer needs.
The options include 10, 7, and 5-year warranty protections with varying layers of corrosion-resistant coatings. Each option aims to enhance product durability while allowing customers to prominently brand their equipment.
Modine Manufacturing Company (NYSE: MOD) announced its management team's scheduled presentation at the CJS Securities 23rd Annual New Ideas for the New Year Conference on January 11, 2023, at 11:40 a.m. ET. The event will be accessible via a live webcast on the company's Investor Relations website, with a replay available post-event. Modine, headquartered in Racine, Wisconsin, specializes in thermal management solutions and aims to enhance air quality while conserving resources, employing over 11,000 individuals globally.
FAQ
What is the current stock price of Modine Manufacturing Co (MOD)?
What is the market cap of Modine Manufacturing Co (MOD)?
What markets does Modine Manufacturing Co serve?
What are Modine’s core products?
What recent financial performance highlights has Modine reported?
What are the key segments of Modine’s business?
What recent acquisitions has Modine made?
How is Modine contributing to sustainability?
Where is Modine headquartered?
What new products has Modine introduced recently?
How does Modine's financial outlook appear?
Where can I find more information about Modine?
