Racine-based Modine, a manufacturer of thermal management and climate control products, reported record net sales of $3.2 billion for its 2026 fiscal year (which ended on March 31), up 23% from a year ago, and net earnings of $123.3 million, which was down about 34% from last fiscal year.
The company reported record adjusted EBITDA of $471 million for the full fiscal year, up 20% and record adjusted earnings per share of $5.02, up 24% from the prior year.
It was the fourth year in a row of record revenue, adjusted EBDITA and adjusted earnings per share for the company.
The company reported record quarterly net sales of $954.4 million for the fourth quarter of its fiscal year, up 47.5% from a year ago.
The company also reported net earnings of $73.3 million for the quarter, up 46.9% from a year ago, record quarterly adjusted EBITDA of $146.1 million up 40% from a year ago, and record quarterly adjusted earnings per share of $1.71, up 53% from a year ago.
The report came late in the day Tuesday, after early in the day the company announced that it has entered into a $4 billion long-term capacity agreement (LTA) with a data center customer to supply its subsidiary Airedale’s cooling solutions. It’s the latest example of how the data center development boom has boosted Modine’s business.
After the release of that report, shares of the company’s stock rose 13.57% Tuesday to close the day at $295.88.
Neil Brinker
“I am incredibly proud of this exceptional performance as we continue to evolve our portfolio to become a more focused, high-growth company,” said Neil Brinker, chief executive officer of Modine. “We took decisive action this year to advance our transformation including the completion of three acquisitions in our Climate Solutions segment, the launch of the largest capacity expansion in our company’s history to meet growing demand for our data center products, and the announced pending spin-off of the Performance Technologies business. Our future is bright, evidenced by a landmark $4 billion long-term agreement for chiller sales with a major hyperscale customer, cementing Modine’s position as a critical partner for data center cooling.”
For fiscal 2027, the company is projecting net sales growth of 20% to 35% and adjusted EBITDA range of $650 million to $680 million, resulting in growth between 38% and 44%.
“Our fiscal 2027 outlook implies a fifth consecutive year of record results,” said Brinker. “We anticipate another strong year for our data centers business, supported by our strong customer relationships and significant order book. Our capacity expansion remains firmly on track and we will continue to invest in our fastest growing business to ensure we meet the future needs of our key customers. Altogether, we expect another terrific year for Modine and are confident in our ability to deliver value for our customers and shareholders.”
