Modine Manf Stock Price, News & Analysis

Modine Manufacturing Company (NYSE: MOD) reported its second-quarter results for 2020, with net sales decreasing 8% to $461.4 million. However, operating income surged to $28.5 million, up from $6.0 million last year, and net earnings increased to $8.9 million. The adjusted EBITDA rose 40% to $55.4 million, driven by improved gross margins and reduced SG&A expenses. The company achieved a significant cash flow improvement, generating $75.0 million from operating activities. Modine also announced a strategic agreement to sell a majority of its automotive business to Dana Incorporated.

Modine Manufacturing Company (NYSE: MOD) announced the availability of advanced energy recovery technology from Airxchange integrated into its Atherion® Dedicated Outdoor Air System (DOAS). This innovative system enhances air quality and reduces energy costs across sectors like hotels and schools. The energy recovery wheels from Airxchange optimize energy efficiency by recycling exhaust air. Modine emphasizes the system's role in improving indoor air quality, particularly vital in recent times, while ensuring high performance and value through this collaboration.

Modine Manufacturing Company (NYSE: MOD) announced a definitive agreement to sell the liquid-cooled segment of its automotive business to Dana Incorporated, representing approximately 70% of its automotive revenue. This strategic move focuses on enhancing Modine's operations in higher returning sectors, reducing future capital spending, and allowing a significant cash flow increase. The transaction is anticipated to close in the first half of 2021, subject to regulatory approvals, and is part of Modine's broader strategy to exit the automotive industry.

Modine Manufacturing Company (NYSE: MOD) will host a conference call on November 6, 2020, at 8:00 a.m. CT to discuss its second quarter fiscal 2021 financial results. The results will be released after market close on November 5, 2020. Interim CEO Michael B. Lucareli will present the findings. Interested parties can access the webcast on Modine's investor website. A replay will be available after the call, and an audio-only option will be accessible until November 11, 2020.

In fiscal 2020, Modine reported revenues of $2.0 billion.

Modine Manufacturing Company (NYSE: MOD) announced a significant upgrade to its HVAC technology for educational facilities, focusing on enhancing indoor air quality (IAQ) as schools resume in-person classes post-pandemic.

The company partnered with Global Plasma Solutions to implement patented NPBI™ technology, designed to reduce airborne pathogens. This upgrade is compatible with existing Modine products, offering energy savings and improved air quality. Modine reported fiscal 2019 revenues of $2.2 billion, emphasizing its commitment to providing top-tier HVAC solutions for schools.

Modine Manufacturing Company (NYSE: MOD) has launched an Authorized Contractor Program aimed at connecting homeowners with qualified Modine contractors. The initiative addresses common homeowner concerns regarding contractor reliability and safety, simplifying the locating process through a user-friendly database. Customers can enter their ZIP codes on Modine's website to find nearby contractors. This program is expected to enhance customer experience and strengthen Modine's service network in the HVAC industry. Modine reported fiscal 2019 revenues of $2.2 billion.

Modine Manufacturing Company (NYSE: MOD) reported financial results for the quarter ended June 30, 2020, revealing a 34% decline in net sales to $347.8 million, primarily due to the COVID-19 pandemic. The company faced an operating loss of $3.2 million and a net loss of $8.4 million, with adjusted EBITDA falling to $20.5 million. Despite the challenges, significant cash flow improvements were evident, with $12.3 million from operating activities. The automotive business is being prepared for a potential sale as Modine expects gradual recovery in customer demand.

Modine Manufacturing Company (NYSE: MOD) announced the immediate resignation of CEO Thomas A. Burke, who has served for over 12 years. Mick Lucareli, the current CFO, has been appointed as Interim CEO. Burke will assist in the transition until August 28, 2020. Under Burke's leadership, Modine implemented a strategic transformation, including diversifying and acquiring Luvata HTS. The Board is now seeking a new leader to drive the company's future growth as it divests its legacy Automotive business.

Modine Manufacturing Company (NYSE: MOD) will host a conference call on August 5, 2020, to discuss its first quarter financial results for the period ending June 30, 2020. The financial results will be released after market close on August 4, 2020. During the call, President and CEO Thomas A. Burke and CFO Michael B. Lucareli will present the findings. Modine reported $2.0 billion in fiscal 2020 revenues, specializing in thermal management solutions across diverse global markets.