Modine Manf Stock Price, News & Analysis

Modine Coatings, a division of Modine Manufacturing Company (NYSE: MOD), will showcase its innovative GulfCoat™ technology at the AHR Expo from Jan. 31 to Feb. 2, 2022. Featured products include GulfCoat™ AM, an antimicrobial coil coating, and GulfCoat™ Circuit Shield, a corrosion-resistant coating for outdoor circuit boards. Both products aim to enhance performance in HVAC applications. Modine will also present its modified ElectroFin® AT product, designed for all-aluminum coils, providing corrosion protection. This event highlights Modine's commitment to innovating solutions for HVAC units.

Modine Manufacturing Company (NYSE: MOD) announced that Katherine Harper will join its Board of Directors effective January 20, 2022. Harper, currently CFO at BDP International, brings extensive international financial experience, having held senior roles at AgroFresh, Tronox, and Rio Tinto. The chairperson of the board, Marsha Williams, expressed confidence in Harper's leadership to help accelerate growth and enhance shareholder returns. Harper will stand for election at the 2022 annual meeting. Modine reported fiscal 2021 revenues of $1.8 billion.

Modine Manufacturing Company (NYSE: MOD) has appointed Mario Signorini as the new General Manager for its Global Refrigeration & Industrial Coolers segment. Signorini, formerly Vice President at Westinghouse Electric, will oversee Modine's coolers business and report to Adrian I. Peace. The company aims to leverage its strong position in the commercial refrigeration market, particularly with CO2 refrigeration systems, which feature lower global warming potential. Modine reported $1.8 billion in revenues for fiscal 2021, emphasizing its growth in Europe and North America.

Modine Manufacturing Company (NYSE: MOD) reported a 4% increase in net sales for Q2 2022, totaling $478.9 million. However, operating income fell to $10.5 million, down $18 million from the previous year, and adjusted EBITDA decreased 47% to $29.5 million. Earnings per share were $0.01 compared to $0.17 last year. The automotive segment saw a 40% drop in sales due to semiconductor shortages, leading to a revised revenue outlook. Despite strong growth in BHVAC, CIS, and HDE segments, the outlook for the automotive sector remains weak due to ongoing supply chain challenges.

On November 2, 2021, Modine Manufacturing Company (NYSE: MOD) announced the appointment of Jonas Caino as General Manager of its Data Centers division. Caino, who joined Modine's UK subsidiary in 2019, will lead global expansion efforts in data center cooling solutions, particularly in the US and Western Europe. This growth strategy includes expanding manufacturing capabilities for chillers in the UK and full production capabilities in the US within 12 to 18 months. In fiscal 2021, Modine reported revenues of $1.8 billion.

Modine Manufacturing Company (NYSE: MOD) announced the mutual termination of its Securities and Asset Purchase Agreement with Dana Incorporated regarding its liquid-cooled automotive business. The decision follows a prolonged regulatory review in Germany, deemed unfruitful for both parties. CEO Neil D. Brinker emphasized the company's readiness to restructure its automotive segment, focusing on cost reduction and improving operating margins. Modine aims to drive long-term shareholder value through strategic shifts, strengthening its competitive position across various markets.

Dana Incorporated (NYSE: DAN) has mutually agreed with Modine Manufacturing Company (NYSE: MOD) to terminate their acquisition of a portion of Modine's automotive thermal-management business. The deal, valued at one dollar, involved the assumption of specific financial liabilities. Both companies had been engaged in a lengthy regulatory review in Germany but decided it was no longer in their best interests to proceed. This decision marks a significant shift in Dana's strategic plans in the thermal management sector.

Modine Manufacturing Company (NYSE: MOD) announced a conference call to discuss its second quarter financial results for the period ended September 30, 2021. The call will take place on November 3, 2021, at 8:00 a.m. Central Time, with results released after market close on November 2, 2021. CEO Neil D. Brinker and CFO Michael B. Lucareli will present the financial results. For more information, visit Modine's investor section. The company reported fiscal 2021 revenues of $1.8 billion, operating globally across various thermal management sectors.

Modine Manufacturing Company (NYSE: MOD) has appointed Matt Powell as General Manager of Heavy Duty Equipment (HDE), effective immediately. This strategic move follows the company's decision to separate its traditional powertrain cooling business from its electric vehicle (EV) segment. The realignment aims to enhance focus on growth areas and develop technologies for the EV market. Powell, formerly CEO of Amcor, brings extensive experience in organizational change. Fiscal 2021 revenues were reported at $1.8 billion, with plans to shift resources towards more profitable EV ventures.