Modine Manf Stock Price, News & Analysis

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.

Modine Manufacturing Company (NYSE: MOD) announced a definitive agreement to sell part of its European air-cooled automotive business, including its manufacturing facility in Kottingbrunn, Austria, to Schmid Metall GmbH, an affiliate of Rupert Fertinger GmbH. This transaction, expected to close in the first half of 2021 pending regulatory approvals, aims to mitigate significant liabilities and future cash investments. CEO Neil D. Brinker stated this aligns with the company's strategic exit from the automotive segment to focus on higher-margin businesses, following a similar sale to Dana Incorporated.

Modine Manufacturing Company (NYSE: MOD) reported its Q3 financial results for the quarter ending December 31, 2020. Net sales reached $484.3 million, marking a 2% year-over-year increase, driven by favorable currency impacts. However, the company faced a GAAP operating loss of $108.7 million due to $134.4 million in impairment charges within the automotive segment. Adjusted earnings per share improved to $0.41, up from $0.37 in the prior year. The company maintains its fiscal 2021 outlook, expecting sales to decline between 7% and 12%.

Modine Manufacturing Company (NYSE: MOD) will hold a conference call on February 5, 2021, at 8:00 a.m. Central Time to discuss its third quarter financial results for the period ended December 31, 2020. Results will be released post-market on February 4, 2021. The call will feature insights from President and CEO Neil D. Brinker and CFO Michael B. Lucareli. Investors can access the live webcast and materials via Modine's investor website.

Modine Manufacturing Company (NYSE: MOD) announced organizational changes including the elimination of the COO position held by Scott Bowser and the appointment of Tom Drahos to oversee global operations. Scott Miller will now lead the Commercial and Industrial Solutions segment. CEO Neil Brinker stated these changes will enhance strategic alignment. Modine reported fiscal 2020 revenues of $2.0 billion, focusing on thermal management systems across multiple markets. The company faces risks from COVID-19 impacts, market volatility, and operational challenges ahead.

Modine Manufacturing Company (NYSE: MOD) has launched a new Modine Control System (MCS) for its Indoor Separated Combustion Heating and Make-Up Air units. Featuring a 32-bit microprocessor, the MCS aims to enhance building management system integration and simplifies job-site startup with pre-configured settings. Key benefits include various control strategies, real-time monitoring, user-friendly interface, and cost-effectiveness. Modine reported fiscal 2020 revenues of $2.0 billion and operates globally across several markets.

Modine Manufacturing Company (NYSE: MOD) has appointed Neil D. Brinker as its new President and CEO, effective December 1, 2020. Brinker, with extensive experience in operational leadership and growth strategies, is expected to guide the company’s transformation towards diversified thermal management solutions. His prior roles include President and COO of Advanced Energy Industries, where he successfully increased revenue and improved operations. The Board expressed gratitude to Mick Lucareli for his interim leadership and confirmed his continued role as Chief Financial Officer.