Modine Manufacturing Co. provides thermal management technology and engineered heating, cooling and ventilation solutions for mission-critical applications. News about MOD commonly covers operating and financial results, investor conference participation, product development, and capacity additions across its Climate Solutions, Data Centers and Performance Technologies businesses.
Company updates often center on Airedale by Modine data center cooling systems, including TurboChill chiller platforms, free-cooling architectures, and liquid-cooling support for high-density computing environments. Other recurring topics include global manufacturing expansion, energy- and water-efficiency applications, emissions-reduction technologies, governance matters, and changes affecting the company’s segment portfolio.
Modine Manufacturing Company (NYSE: MOD) reported Q3 financial results for the period ended December 31, 2021, with net sales of $502.2 million, a 4% increase year-over-year. Operating income rose to $79.4 million compared to an operating loss of $108.7 million last year, primarily due to prior year impairment charges. Earnings per share improved to $1.41. However, adjusted EBITDA decreased by 16% to $39.3 million. The outlook for fiscal 2022 remains positive with expected sales growth of 10-16% and adjusted EBITDA of $145 million to $160 million.
Modine Coatings, part of Modine Manufacturing Company (NYSE: MOD), has appointed Ripley PR as its agency of record to enhance strategic communications and drive brand growth. This partnership builds on a successful relationship since 2016, where Ripley PR has significantly impacted Modine's HVAC division through effective media placement and content marketing. The collaboration aims to reinforce Modine’s position as a reliable provider of HVAC protection solutions. Modine delivers innovative products designed to improve HVAC performance while minimizing environmental impact.
Modine Manufacturing Company (NYSE: MOD) will hold a conference call on February 3, 2022, at 8:00 a.m. CT to discuss its third-quarter financial results for the period ending December 31, 2021. The financial results will be released after market close on February 2, 2022. CEO Neil D. Brinker and CFO Michael B. Lucareli will present the results. The call can be accessed via the investor section of Modine's website. A replay of the call and transcript will be available shortly after the event.
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.