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) highlights October as Indoor Air Quality Month, urging K-12 schools to prioritize clean air for students. Emily Wright emphasizes the need for adequate HVAC systems to combat seasonal allergies and viruses, particularly in light of ongoing COVID-19 concerns. Schools are encouraged to utilize federal ESSER funds for HVAC enhancements and to implement regular maintenance for optimal performance. Modine offers various products tailored for educational settings, promoting safe and efficient indoor environments as winter approaches.
Modine Manufacturing Company (NYSE: MOD) announced the appointment of Art Laszlo as Vice President, General Manager – Liquid-Cooled Applications, effective immediately. Laszlo, with over 20 years of experience, will lead the newly formed product group focused on manufacturing heat exchangers for various applications. Matt Powell will transition to Vice President, General Manager – Air-Cooled Applications. These changes aim to enhance focus and accountability within the company's structure.
Modine Manufacturing Company (NYSE: MOD) has appointed William A. Wulfsohn to its Board of Directors, effective immediately. Wulfsohn, previously Chairman and CEO of Ashland Global Holdings, brings extensive leadership experience and strategic insight to Modine. His prior roles include senior positions at Carpenter Technology and PPG Industries. The Board's Chairperson, Marsha Williams, expressed confidence that Wulfsohn's expertise will aid Modine in refocusing towards more profitable product lines. Wulfsohn will stand for election at the 2023 annual shareholder meeting.
Modine Manufacturing Company (NYSE: MOD) has appointed Paul Plourde as Vice President of Business Development and Corporate Strategy. In this role, he will oversee the global implementation of the company's 80/20 initiative, corporate finance, and strategic planning to drive transformation and growth. Plourde brings over 20 years of experience, having recently focused on new market segments at Gibraltar. Modine's CFO, Mick Lucareli, expressed optimism about how Plourde's skills will enhance growth plans during this transformative phase.
Modine Manufacturing Company (NYSE: MOD) has partnered with Insight Partners and Engineered Equipment (EEI) to enhance the distribution of its Airedale product line in the Carolinas and Oklahoma. This collaboration aims to support K-12 educational facilities in improving indoor air quality (IAQ). The Airedale line includes advanced HVAC solutions, addressing the growing demand for air quality improvement in schools. Modine emphasizes its commitment to innovative solutions as indoor air quality becomes increasingly critical in educational environments.
Modine Manufacturing Company (NYSE: MOD) reported a strong first quarter for fiscal 2023, with net sales of $541.0 million, a 9% increase from the prior year. Operating income surged to $25.6 million, improving by $16.9 million. Adjusted EBITDA rose 27% to $42.2 million, while earnings per share increased to $0.27 from $0.04 a year ago. The Climate Solutions segment led growth with 18% sales growth, while the Performance Technologies segment saw a 2% increase. Modine maintains a positive outlook for fiscal 2023, projecting sales growth of 6% to 12%.
Modine Manufacturing Company (NYSE: MOD) has launched an IAQ Action Plan template aimed at enhancing indoor air quality (IAQ) in K-12 schools. This initiative aligns with the White House's Clean Indoor Air in Buildings challenge, responding to increased awareness of IAQ due to the COVID-19 pandemic. The template helps facility managers assess their HVAC systems and improve ventilation and air cleaning strategies. Modine emphasizes that good IAQ is vital for student learning and health. Access to the template and further IAQ resources is available on their website.
Modine Manufacturing Company (NYSE: MOD) will host a conference call on August 4, 2022, at 11:00 a.m. CT to discuss its first quarter financial results for the period ending June 30, 2022. The financial results will be released after the market closes on August 3, 2022. During the call, President and CEO Neil D. Brinker and CFO Michael B. Lucareli will present insights.
Details for accessing the live webcast and replay options are available on Modine's investor website.
Modine Manufacturing Company (NYSE: MOD) has commenced full-scale production of chillers for the data center market at its new Rockbridge, Virginia facility. The company secured a significant order from Corscale, a leader in sustainable data centers, slated for installation at their Gainesville Crossing Data Campus. Modine's innovative cooling solutions include the OptiChill™ chillers and AireWall™ fan walls, designed for high energy efficiency. This strategic move positions Modine to capitalize on the growing demand for energy-efficient cooling technologies in the expanding data center sector.
Modine Manufacturing Company (NYSE: MOD) has partnered with Texas AirSystems to enhance the access to its Airedale product line in Texas. The collaboration aims to provide innovative HVAC solutions to contractors and clients, improving product availability and empowering selection for diverse projects. Modine's focus on energy-efficient systems aligns with Texas AirSystems' commitment to value-added solutions. This partnership is expected to strengthen both companies' market positions and improve service offerings in the region.
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