Modine Manufacturing reports Q4 adjusted EPS 77c, consensus 76c

Reports Q4 revenue $603.5M, consensus $605.36M. “Our fiscal 2024 results were among the best in the company’s history, clearly benefiting from our actions to transform Modine and drive sustainable margin improvement,” said Modine President and CEO, Neil D. Brinker. “We delivered another year of record sales and adjusted EBITDA, led by our data center business with revenues increasing 69 percent from the prior year. Performance Technologies showed tremendous improvement, with gross margin increasing by 600 basis points to 20 percent in the fourth quarter and delivering a gross margin of 18.2 percent for the fiscal year. Our adjusted EBITDA margin of 13.1 percent in fiscal 2024 was comfortably above the high end of the 10 to 12 percent range we laid out at our 2022 Investor Day. We continue to track ahead of those initial expectations and expect these improvements to continue into fiscal 2025.”