Modine Manufacturing reports Q2 adjusted EPS 89c, consensus 64c

Reports Q2 revenue $620.5M, consensus $616.18M. “Our Q2 results were once again ahead of our expectations, with strong revenue growth driven by data center sales, benefits from 80/20 initiatives, and favorable currency impacts,” said CEO Neil Brinker. “Our data center sales more than doubled compared to the prior year for the second consecutive quarter, supported by strong demand from both hyperscale and colocation customers. We also are pleased with the progress being made by the Performance Technologies segment, where 80/20 actions are yielding significant early benefits. These improvements are resulting in significant increases in gross margin and adjusted EBITDA margin, which grew by 520 basis points and 430 basis points, respectively.”