Modine Manufacturing provides financial targets for FY24 through FY27

Modine provided an update to the company’s strategy to transform the company and drive sustainable shareholder value. The company presented a compound average revenue growth target of 10%-13% for the three-year period from FY24 through FY27, excluding any incremental acquisitions, and a FY27 adjusted EBITDA margin target of 16%-18%. Plans to leverage its deep thermal management expertise and mission-critical products to drive multi-year growth powered by strong, secular mega-trends. “Today we presented an updated strategy, building on our deep legacy in thermal management to evolve our portfolio of highly engineered, mission-critical solutions for sustainable growth,” said CEO Neil Brinker. “The deliberate actions we have taken to reposition Modine for a brighter future are working, as we significantly outperformed the financial goals we set during our initial Investor Day in June 2022. Our new financial targets are supported by our commitment to 80/20, which drives our strategic resource allocation and daily decision making. By focusing on and investing in our greatest opportunities, we will continue to evolve our portfolio mix in response to strong secular mega-trends including high-performance computing, electrification and the need for clean, healthy indoor air quality.”