Modine Manf Stock Price, News & Analysis

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.

Modine Manufacturing Company (NYSE: MOD) reported strong Q2 fiscal 2023 results, with net sales reaching $578.8 million, a 21% increase year-over-year. Operating income soared to $36.8 million, up $26.3 million, while adjusted EBITDA rose 73% to $51.1 million. Earnings per share climbed to $0.46, compared to $0.01 in the prior year. The company has raised its fiscal 2023 adjusted EBITDA outlook to $190 to $200 million, citing effective strategic initiatives and improved commercial excellence, despite ongoing inflationary pressures.

Modine Manufacturing Company (NYSE: MOD) is urging contractors and facility managers to prepare for the winter season by ensuring sufficient heating solutions and conducting routine maintenance. The company reports nearly double the inventory compared to last year, producing about 600 units daily. Modine emphasizes proactive preparedness for contractors and facility managers to meet customer demands and maintain operational efficiency. Essential maintenance tips are provided for facility readiness, with a focus on HVAC systems. The firm aims to support clients with effective heating solutions throughout the winter.

Modine Manufacturing Company (NYSE: MOD) has announced the shipment of its first chillers from the newly repurposed Rockbridge, Virginia facility, targeting the North American data center market. This move is part of an order with Corscale. Modine’s investment at Rockbridge aims to enhance production capabilities for cooling solutions, projected to generate over $100 million in revenue in the coming year, with potential growth exceeding $250 million in five years. The facility will also host advanced testing capabilities and is positioned in Virginia, home to significant hyperscale data center operations.

Modine Manufacturing Company (NYSE: MOD) announces a partnership with The Shyft Group to provide custom thermal management solutions for Blue Arc's Class 3 all-electric delivery vehicles. The Modine EVantage™ system enhances battery thermal management, power electronics cooling, and passenger comfort, designed specifically for commercial fleet applications. This collaboration aims to optimize vehicle safety, functionality, and performance, reflecting Modine's commitment to innovation in EV technologies.

Modine Manufacturing Company (NYSE: MOD) will host a conference call on November 3, 2022, at 10:00 a.m. Central Time to discuss its second quarter financial results for the period ending September 30, 2022. The results will be released after the market closes on November 2, 2022. President and CEO Neil D. Brinker and CFO Michael B. Lucareli will review the financial performance during the call. Investors can access the webcast and presentation slides on Modine's website.

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.