Modine posts record $1B quarterly order intake on AI data center demand

Modine Manufacturing just booked more than $1 billion in Data Centers orders in a single quarter. That has never happened before in the company’s history.

The Racine, Wisconsin-based company (NYSE: MOD) disclosed the milestone on November 3, 2026, alongside its fiscal second-quarter 2027 results.

The numbers behind the billion

The record order intake came from the company’s Data Centers segment during the quarter that ended September 30, 2026. It also marked the fourth straight quarter in which Modine set a new orders record.

Revenue followed the orders higher. Data Centers sales reached $439.7 million, up 95% from the same quarter a year earlier.

Hyperscale customers in North America drove much of that growth. Sales in the Americas rose 132% year over year.

Company-wide, net sales climbed to $994.4 million, a 35% increase over the prior year. The Data Centers segment posted an adjusted EBITDA margin of 15.4%.

The gap between orders and revenue is worth pausing on. More than $1 billion in new orders landed in a quarter when the segment recognized $439.7 million in sales.

A $400 million hyperscaler deal and a slimmer Modine

The quarter also delivered a new $400 million program award from a major hyperscale customer. The contract covers custom air handling units through calendar 2027.

That award arrives just after a major corporate reshuffle. On October 1, 2026, Modine spun off its Performance Technologies business, which was combined with Gentherm.

The separation leaves Modine concentrated on two areas: Data Centers and Commercial HVAC.

With the spin-off complete, Modine raised its fiscal 2027 outlook for continuing operations. It now expects sales of $3.1 billion to $3.2 billion, which would represent growth of 50-55%.

The company also expects adjusted EBITDA between $470 million and $500 million for the fiscal year. Data Centers revenue is projected to grow 80-90%, while Commercial HVAC is expected to grow 10-15%.

Why cooling has become an AI story

Modine sells both air and liquid cooling solutions. As AI-focused data centers expand, demand for those systems has risen alongside them.

CEO Neil D. Brinker and CFO Mick Lucareli pointed to two factors behind the company’s confidence. The first is the multi-year revenue visibility created by long-running customer programs. The second is rising demand tied to AI-driven data center buildouts.

To keep up, Modine has started investing in new capacity. That includes plans to expand its chiller plant in Franklin, Wisconsin.