Modine Manf Stock Price, News & Analysis

Modine Manufacturing Company (NYSE: MOD) announced a strategic partnership with Advancoat LLC to provide Insitu^® coatings services in South Florida. As part of this agreement, Modine will close its Pompano Beach facility to enhance its coatings business through licensing partnerships. This strategy aims to expand coatings delivery and allow Modine to focus on product development. Modine has seen significant growth in its licensee network, now exceeding 90 licensed applicators in the Americas. Fiscal 2021 revenues for Modine were $1.8 billion.

Modine Manufacturing Company (NYSE: MOD) reported a strong financial performance for Q1 ended June 30, 2021. Net sales rose 42% to $494.6 million, driven by growth across all segments. Operating income improved to $8.7 million from a loss of $3.2 million, and adjusted EBITDA increased 62% to $33.3 million. EPS was $0.04, compared to a loss per share of $0.17 in the previous year. Despite supply chain disruptions and cost inflation, Modine maintains its full-year guidance, anticipating a 12-18% sales increase and adjusted EBITDA of $170 million to $185 million.

Modine Manufacturing Company (NYSE: MOD) announced the appointment of Eric S. McGinnis as Vice President of Building HVAC on August 4, 2021. McGinnis, with over 28 years of industrial leadership experience, formerly served as President of Industrial Systems at Regal Beloit Corporation. He will lead the Building HVAC segment, focusing on heating and indoor air quality solutions. The previous VP, Matthew J. McBurney, will remain at Modine to assist with the transition and special projects.

Modine reported fiscal 2021 revenues of $1.8 billion.

Modine Manufacturing Company (NYSE: MOD) announced the appointment of Adrian I. Peace as Vice President of Commercial and Industrial Solutions (CIS), effective immediately. Mr. Peace brings over 25 years of leadership experience in global industrial sectors, previously serving as a strategic advisor and in various roles at Republic Services and W.W. Grainger. He replaces Scott A. Miller, who is retiring. Modine reported fiscal 2021 revenues of $1.8 billion and operates in multiple international markets, focusing on thermal management solutions.

Modine Manufacturing Company (NYSE: MOD) will host a conference call on August 5, 2021, at 8:00 a.m. Central Time to discuss financial results for the first quarter ending June 30, 2021. The results will be released after market close on August 4, 2021. President and CEO Neil D. Brinker, along with CFO Michael B. Lucareli, will present the earnings during the call. Investors can access the live webcast via Modine's website. A replay will be available after the event.

Modine Manufacturing Company (NYSE: MOD) reported financial results for Q4 and FY ending March 31, 2021. Q4 net sales rose to $514.9 million, a 9% increase from last year. However, impairment charges of $32.4 million in the Automotive segment led to an operating loss of $14.3 million and a net loss per share of $0.29. For the full year, net sales decreased to $1.8 billion, down 8%, with a net loss per share of $4.11. Notably, adjusted earnings per share improved to $1.14 from $1.05 previously, reflecting operational resilience.

Modine Manufacturing Company (NYSE: MOD) announced the promotion of Mick Lucareli to Executive Vice President and Chief Financial Officer. Lucareli, who has been with the company for 22 years and previously served as Vice President, will now also lead Business Development. CEO Neil D. Brinker praised Lucareli’s role in the company's transformation and his leadership skills. With fiscal 2020 revenues of $2.0 billion, Modine focuses on thermal management solutions globally.

Modine Manufacturing Company (NYSE: MOD) will host a conference call on May 27, 2021, at 8:00 a.m. Central Time to discuss its fourth quarter and full fiscal year 2021 financial results, following the release of results on May 26, 2021. The call will be led by President and CEO Neil D. Brinker and CFO Michael B. Lucareli. Financial results will cover revenues of $2.0 billion reported in fiscal 2020. Access is available via the investor section of Modine's website. A replay will be provided post-event.

Modine Manufacturing Company (NYSE: MOD) announced the completion of the sale of its Austrian air-cooled automotive business to Schmid Metall GmbH. CEO Neil D. Brinker stated this divestiture is a critical step in Modine's transformation, allowing it to avoid ongoing operational costs and liabilities. This sale follows a prior announcement regarding the pending sale of the liquid-cooled automotive business to Dana Incorporated, awaiting regulatory approval. In fiscal 2020, Modine generated revenues of $2.0 billion and aims to refocus resources on its most promising markets.