Modine Manf Stock Price, News & Analysis

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.

Modine Manufacturing Company (NYSE: MOD) has authorized a share repurchase of up to $50 million over the next two years, reflecting confidence in the company’s future and strategic objectives. The Board of Directors stated that purchases will depend on capital needs, share price, and market conditions. Modine, which reported $2.0 billion in revenues for fiscal 2020, operates globally in thermal management and aims to enhance shareholder value through disciplined capital allocation.

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.