Modine Manf Stock Price, News & Analysis

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.