Stock Track | Modine Manufacturing Soars 5.08% Intraday on $4 Billion Data Center Deal and Earnings Beat

Stock Track06-02 22:51

Modine Manufacturing's stock price soared 5.08% during intraday trading on Tuesday, continuing its recent upward momentum.

The surge follows the company's announcement of a landmark long-term capacity agreement with a strategic data center customer valued at over $4 billion. The agreement covers the supply of Airedale by Modine cooling solutions from 2027 through 2029 and includes a $165 million upfront cash payment to support capacity expansion.

Additionally, Modine reported strong fiscal fourth-quarter results, with adjusted earnings of $1.71 per share beating consensus estimates of $1.55, and revenue of $954.4 million surpassing expectations of $920.7 million, representing 47.5% year-over-year growth. The company also provided optimistic guidance for fiscal 2027, projecting net sales growth of 20% to 35%. Following these developments, analysts at Oppenheimer and B.Riley raised their price targets on the stock while maintaining buy ratings, citing the agreement as reinforcing Modine's leadership in AI-driven data center cooling markets.

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