Modine Manufacturing Company
Modine Reports Fourth Quarter Fiscal 2024 Results
Summary
Modine Manufacturing Company reported its financial results for the fourth quarter and fiscal year ended March 31, 2024. Net sales for the quarter decreased by 2% to $603.5 million, with organic sales remaining flat. Adjusted EBITDA increased by 20% to $78.8 million. For the full fiscal year, net sales increased by 5% to $2.4 billion, and adjusted EBITDA increased by 48% to $314.3 million. Modine's President and CEO, Neil D. Brinker, highlighted strong growth in targeted markets and margin improvement. The company also provided its outlook for fiscal 2025, expecting revenue growth of 5% to 10% and adjusted EBITDA growth of 16% to 22%.
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About Modine Manufacturing Company
Modine Manufacturing Company, a prominent player in the industrial sector, specializes in thermal management solutions. Established in 1916 and headquartered in Racine, Wisconsin, Modine is dedicated to developing and manufacturing heat transfer products that serve a wide array of applications. These products include radiators, oil coolers, and HVAC components which are utilized across diverse industries such as automotive, commercial vehicles, building HVAC systems, and power generation. With a focus on innovation and sustainability, Modine addresses the increasing global demand for energy-efficient and environment-friendly heating and cooling systems. The company's extensive expertise and advanced engineering capabilities allow it to cater to both standard and customized solutions for clients worldwide, maintaining a significant presence in emerging and established markets. Modine's impact is substantial, as it supports critical sectors by providing products that ensure effective thermal management, thereby enhancing performance and safety standards in various applications. Through continuous investment in research and development, Modine Manufacturing Company strives to lead in thermal innovation and operational excellence, reinforcing its commitment to improving industrial energy efficiency and environmental performance.
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