RACINE, Wis. - Modine (NYSE:MOD) Manufacturing Company (NYSE: MOD), a leader in thermal management technology, announced today that Dan Hedstrom has been appointed as its new Chief Information Officer (CIO), effective immediately. Hedstrom succeeds Steve Langer, who will retire at the end of the year after seven years of service with the company.
In his new role, Hedstrom is tasked with leading the global IT function and advancing Modine's digital strategy. His responsibilities will include developing IT solutions to improve performance, productivity, and cybersecurity in line with the company's overall strategy.
Hedstrom's career prior to joining Modine was marked by a 12-year tenure at Cubic (NYSE:CUB) Corporation, culminating in his role as Vice President and CIO since 2018. His background features extensive experience in scaling IT systems to support business growth, as well as leading enterprise infrastructure teams. He is a graduate of California Polytechnic State University with a bachelor's degree in Computer Engineering.
Modine's Executive Vice President and Chief Financial Officer, Mick Lucareli, expressed confidence in Hedstrom's capabilities, citing his "strong track record as a technology leader." Lucareli also acknowledged the contributions of the outgoing VP, Steve Langer, thanking him for his years of service.
Modine, with a history spanning over a century, specializes in thermal management systems and solutions, focusing on air quality improvement and natural resource conservation. The company employs over 11,000 individuals globally and operates across various continents, including North America, South America, Europe, and Asia.
The information regarding the appointment of Dan Hedstrom as Modine's new CIO is based on a press release statement from the company.
In other recent news, Modine Manufacturing has been making significant strides in its operations. The company's first-quarter results exceeded expectations, leading to an upgraded financial outlook for fiscal 2025, with adjusted EBITDA projected between $375 million and $395 million. DA Davidson has adjusted its outlook on Modine Manufacturing, increasing the price target to $155 from the previous $140, while maintaining a Buy rating on the stock. The firm's decision follows Modine's recent analyst day and its participation in the annual DI&S Conference. Modine Manufacturing's annual shareholder meeting resulted in the election of three directors and the approval of executive compensation, reflecting shareholder confidence in the company's leadership. Both DA Davidson and Oppenheimer have maintained positive ratings on Modine's shares, reflecting confidence in the company's future performance. These are recent developments that highlight Modine's strategic focus on growth areas such as data centers, HVAC, and liquid air ATS.
InvestingPro Insights
As Modine Manufacturing Company (NYSE: MOD) welcomes Dan Hedstrom as its new Chief Information Officer, the company's financial performance and market position offer additional context to this leadership transition.
According to InvestingPro data, Modine's market capitalization stands at $6.99 billion, reflecting its significant presence in the thermal management technology sector. The company's strong financial health is evident from its ability to cover short-term obligations with liquid assets, as highlighted by one of the InvestingPro Tips.
Modine's recent performance has been particularly noteworthy. The company has seen a remarkable 199.22% price total return over the past year, and its stock is currently trading near its 52-week high, with the price at 95.89% of the 52-week peak. This impressive market performance aligns with the company's strategic moves, including the appointment of a new CIO to advance its digital strategy.
From a financial perspective, Modine reported revenue of $2.45 billion in the last twelve months, with a gross profit of $560.3 million. The company's profitability is further underscored by its operating income margin of 10.77% and a return on assets of 9.55%.
It's worth noting that while Modine is trading at a high earnings multiple with a P/E ratio of 42.35, the company has demonstrated strong growth. The EBITDA growth over the last twelve months stands at an impressive 31.73%, indicating robust operational performance.
These financial metrics provide valuable context to Modine's strategic decisions, including the appointment of Dan Hedstrom. As the new CIO works on advancing the company's digital strategy and improving performance, these strong financial foundations could provide a solid platform for future growth initiatives.
For investors seeking a deeper understanding of Modine's financial health and market position, InvestingPro offers 17 additional tips, providing a comprehensive view of the company's prospects and potential challenges.
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