Topic: How To Invest

Spinoffs & Takeovers Hotline – Friday, October 18, 2024

Article Excerpt

MODINE MANUFACTURING CO., $132.79, symbol MOD on New York, provides thermal management products and solutions to customers in the commercial, industrial, and building heating, ventilating, air conditioning, and refrigeration (“HVAC&R”) markets. In addition, it provides engineered heat transfer systems and high-quality heat transfer components. In the quarter ended June 30, 2024, the company’s revenue increased 6.3%, to $661.5 million from $622.4 million a year earlier. Modine’s Climate Solutions segment had a 10% increase in sales (54% of revenue), partly offset by a 10% decrease in revenue from its Performance Technology segment (46%). Excluding one-time items, earnings rose 24.4%, to $56.1 million, or $1.04 per share, from $45.1 million, or $0.85. Modine’s balance sheet is sound, with $436 million in debt, a low 6% of its market cap, and $73 million in cash. The company’s outlook is positive as it continues to benefit from the world’s increased focus on environmental and climate change issues. Its products are designed to help lower emissions and improve air…