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Strong quarterly results driven by strategic acquisitions and organic data center growth RACINE, Wis., Oct. 29, 2024 /PRNewswire/ — Modine (NYSE: MOD), a diversified global leader in thermal management technology and solutions, today reported financial results for the quarter ended September 30, 2024. Second Quarter Highlights: Net sales of $658.0 million increased 6 percent from the prior year Operating income of $75.3 million increased 15 percent from the prior year Adjusted EBITDA of $99.8 million increased $18.6 million, or 23 percent, from the prior year Earnings per share of $0.86 decreased $0.01 from the prior year Adjusted earnings per share of $0.97 increased $0.08, or 9 percent, from the prior year “Our strong second quarter results benefited from continued momentum in some of our key end markets,” said Modine President and Chief Executive Officer, Neil D. Brinker. “Data center revenue growth continues to drive top-line improvement, including the significant impact from the Scott Springfield acquisition. This more than offset lower volumes in both our vehicular end markets and in our heat transfer product business. Overall, margins improved versus the prior year, which resulted in earnings growth and supported continued momentum towards our new fiscal 2027 targets.” Second Quarter Financial Results Net sales increased 6 percent to $658.0 million, compared with $620.5 million in the prior year. Organic sales increased 1 percent compared with the prior year. Gross profit increased 23 percent to $165.6 million and gross margin improved by 340 basis points to 25.2 percent, which was primarily driven by favorable sales mix, including sales from the recently-acquired Scott Springfield Manufacturing business and organic data center sales growth, and higher average selling prices. Selling, general and administrative (“SG&A”) expenses increased $16.9 million to $85.8 million. The increase was primarily due to higher compensation-related expenses, including increase