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 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.
Modine Manufacturing Company (NYSE: MOD) announced its EVantage Battery Thermal Management System (BTMS) has been selected by New Flyer for their Xcelsior CHARGE NG electric transit bus. This collaboration aims to enhance zero-emission technologies, with over 300 units already in use. The BTMS integrates with New Flyer's high-energy Lithium Nickel Manganese Cobalt (NMC) batteries, ensuring optimal performance and reliability in extreme conditions. Both companies aim to support the transition from internal combustion to electric vehicles, leveraging Modine's expertise in thermal management.
Modine Coatings, a division of Modine Manufacturing Company (NYSE: MOD), announces a partnership with Air Solutions Partners to enhance the availability of its GulfCoat® Contractor Series and Insitu® Spray Applied Coating Services in Texas and Oklahoma. This collaboration aims to provide HVAC/R contractors with superior coating solutions to protect their investments, as corrosion poses a significant risk to equipment longevity. The initiative underscores Modine's commitment to delivering quality products and maximizing service value for contractors in these regions.
Modine Coatings, a division of Modine Manufacturing Company (NYSE: MOD), has partnered with Wright Sales to enhance the availability of its GulfCoat® Contractor Series and Insitu® Spray Applied Coating Services across California, Arizona, Nevada, New Mexico, Texas, and Hawaii. The collaboration aims to empower HVAC/R contractors with superior coatings to extend the lifespan of equipment in corrosive environments. This strategic move reinforces Modine's commitment to providing innovative solutions tailored to customer needs.
Modine Coatings has announced a partnership with Target Sales to enhance the reach of its GulfCoat® Contractor Series product line and Insitu® Spray Applied Coating Services across Florida and the Caribbean. This agreement aims to provide HVACR contractors with superior corrosion-resistant coating solutions in regions exposed to high levels of corrosive agents. According to Sales Director Daniel Fisher, this initiative prioritizes customer needs and extends product availability, ensuring efficient solutions for HVAC units and refrigeration equipment.
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