“Our performance in the first quarter exceeded our expectations, leading to a stronger outlook for the full fiscal year,” said CEO Neil Brinker. “In Performance Technologies, we have focused on improving commercial terms and have recaptured margin lost to material, labor, and overhead inflation over the past several years. In Climate Solutions, we have invested for growth in key markets such as data centers, which continues to drive significant value. We are maintaining a cautious stance on the second half of the year due to continued softness in certain end markets, but remain confident in our ability to execute on our strategic initiatives and deliver on our financial commitments as we build further momentum towards our transformation.” Based on current exchange rates and market outlook, Modine provides its revised outlook for fiscal 2024 for net sales growth of 6%-11% and adjusted EBITDA of $280M-$295M.
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