Movement Alert|Modine Manufacturing Rises 5.14% in Pre-Market Trading, Q1 Earnings Beat Drives Continued Stock Recovery

Market Focus08-04 20:16

On August 4, Modine Manufacturing rose 5.14% in pre-market trading, trading at $206.05/share, with turnover of $197,300. The stock continues its post-earnings recovery trajectory following a strong Q1 report.

On July 29, the company reported Q1 adjusted EPS of $1.53, beating the consensus estimate of $1.29 by 18.6% and representing a 44.3% year-over-year increase. Revenue came in at $874.1 million, slightly below the $877.6 million estimate. Full-year adjusted EBITDA guidance was set at $650 million to $680 million, largely in line with expectations. B. Riley adjusted its price target from $340 to $305 while maintaining a Buy rating. The stock had declined more than 15% ahead of the earnings release, and the upside surprise has since triggered a sustained recovery phase.

Notably, in May the company secured a landmark $4 billion long-term capacity agreement with a strategic data center customer for its Airedale cooling solutions through 2029, including a $165 million upfront payment to support capacity expansion, reinforcing the company's positioning in data center thermal management.

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