Modine Manf Stock Price, News & Analysis

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.

Luxfer Holdings PLC (NYSE: LXFR) has appointed Sylvia A. Stein to its Board of Directors, effective August 1, 2022. Stein, currently Vice President and General Counsel at Modine Manufacturing Company (NYSE: MOD), brings over 20 years of experience in business strategy, sustainability, and risk management. She will serve on both the Nominating and Governance Committee and the Audit Committee, helping to enhance Luxfer's strategic direction and shareholder value.

Modine Manufacturing Company (NYSE: MOD) hosted an Investor and Analyst Day on June 22, 2022, outlining its strategies for revenue growth and margin improvement. The company aims for an average annual revenue growth of 6-8% over the next two years, increasing to 8-10% in the following three. Adjusted EBITDA margin targets are set at 10-12% in two years, reaching 13-15% in five. The leadership team emphasized a focus on acquisitions and capital reallocation to under-resourced areas. Modine's transformation aims to enhance efficiency and capitalize on global megatrends.