Key Highlights

  • In its fiscal second quarter 2027, Modine (NYSE:MOD) generated net sales of USD 994.4 million, a 35% gain, while Data Centers climbed 95% to USD 439.7 million and net Earnings slid 32% to USD 30.3 million.
  • Manitowoc (NYSE:MTW) booked USD 676.4 million of third quarter 2026 orders, a 37.6% increase that took Backlog to USD 1,110.9 million and led the company to lift its full-year adjusted EBITDA range to USD 160 million to USD 175 million.
  • On third quarter net sales of USD 170.4 million, up 18.1%, Mayville Engineering (NYSE:MEC) saw Datacenter and Critical Power sales jump 64.9%, but Net Income reached only USD 0.4 million, or USD 0.02 per diluted share.
  • Revenue at Core Molding Technologies (NYSEAMERICAN:CMT) reached USD 90.2 million, a 54.4% rise that included USD 25.4 million of tooling revenue, yet gross Margin eased to 14.8% from 17.4% and diluted EPS came in at USD 0.17.

Modine (NYSE:MOD): Hyperscale Demand Lifts Sales, Spin-Off Tax Expense Pulls Earnings Lower

Modine (NYSE:MOD) published its results on November 3, 2026, for the quarter ended September 30. Net sales climbed from USD 738.9 million to USD 994.4 million, a 35% gain driven by hyperscale customers in Data Centers, where Revenue reached USD 439.7 million. Commercial HVAC also rose 23% to USD 285.5 million. Net earnings fell 32% to USD 30.3 million after USD 29.5 million of income tax expense linked to Legal entity restructuring for the Performance Technologies spin-off, completed October 1. GAAP Earnings Per Share were USD 0.56 versus USD 0.83, while adjusted earnings per share rose 27% to USD 1.35 and adjusted EBITDA grew 31% to USD 136.2 million. Gross margin slipped 160 basis points to 20.7%, as all three segments absorbed higher material, component and Tariff costs, and the Data Centers gross margin fell 470 basis points to 19.7%. Over the six months, free Cash Flow totaled negative USD 145.6 million, and net Debt reached USD 573.7 million. For the continuing business, the new outlook calls for net sales of USD 3.1 billion to USD 3.2 billion and adjusted EBITDA of USD 470 million to USD 500 million.

Manitowoc (NYSE:MTW): Backlog Grows for Four Straight Quarters, Conversion Is Still the Test

Manitowoc (NYSE:MTW) announced its third quarter 2026 results on November 3, 2026. Orders came in at USD 676.4 million, and backlog reached USD 1,110.9 million. Management tied that demand to cranes in the Americas, Middle East and Asia Pacific. Net sales advanced 10.9% to USD 613.8 million from USD 553.4 million, but non-new machine sales, which include aftermarket work, declined 1.9% to USD 174.1 million. Net income more than doubled to USD 11.0 million, or USD 0.30 per diluted share, and adjusted EBITDA climbed 39.0% to USD 47.4 million. Gross Profit totaled USD 121.8 million against USD 102.6 million, and simple arithmetic on those two published figures puts the margin at about 19.8% against 18.5%. The company raised its full-year adjusted EBITDA range to USD 160 million to USD 175 million, up from USD 150 million to USD 170 million. The release table also shows net sales guidance of USD 2.3 billion to USD 2.4 billion in its prior-guidance column, so readers should check that figure against the full release. Inventories grew to USD 813.4 million from USD 683.9 million, while cash fell to USD 64.7 million, and tariffs, Inflation and Supply chain constraints could slow how quickly the backlog turns into revenue.

Mayville Engineering (NYSE:MEC): Datacenter Sales Climb, Launch Expenses Trim the Profit Gain

Mayville Engineering (NYSE:MEC) reported third quarter 2026 results on November 3, 2026. Revenue moved up to USD 170.4 million from USD 144.3 million. Datacenter and Critical Power sales jumped 64.9% to USD 37.2 million, and Commercial Vehicle sales rose 34.7% to USD 52.8 million. Powersports dropped 26.9%, and Agriculture slipped 9.9%. It makes precision metal enclosures, racks and sub-assemblies for power and datacenter customers. Net income landed at USD 0.4 million, compared with a loss of USD 2.7 million, and adjusted Diluted Earnings per Share were USD 0.15. Manufacturing margin reached USD 18.8 million, or 11.0% of sales, even after USD 3.0 million of project launch and outsourcing costs and premium labor. Adjusted EBITDA came to USD 17.0 million, a 10.0% margin, while free cash flow was negative USD 3.3 million. Net debt of USD 146.6 million equaled 2.9 times trailing adjusted EBITDA. Full-year 2026 guidance calls for net sales of USD 630 million to USD 640 million, adjusted EBITDA of USD 48 million to USD 52 million and negative free cash flow of USD 6 million to USD 16 million. The prior ranges were not supplied, so this material cannot show whether guidance was raised or cut.

Core Molding Technologies (NYSEAMERICAN:CMT): Tooling Lifts Revenue While Commissioning Costs Squeeze Margin

Core Molding Technologies (NYSEAMERICAN:CMT) reported third quarter 2026 results on November 3, 2026. Total net revenue reached USD 90.2 million, up 54.4% from USD 58.4 million. Much of that increase came from tooling, customer-funded work set up before production, and tooling revenue rose to USD 25.4 million from USD 4.3 million. Production revenue still expanded 19.7% to USD 64.8 million, helped by medium and heavy-duty truck sales, while power sports sales declined to USD 13.6 million from USD 17.5 million. Margins told a different story. Gross margin dropped to 14.8% from 17.4%, and management said it would have been about 18.6% without the tooling mix and Monterrey commissioning charges. SG&A expense rose to USD 11.8 million from USD 7.6 million. Diluted earnings per share were USD 0.17 compared with USD 0.22, while adjusted earnings per share, a non-GAAP measure, increased to USD 0.33 from USD 0.24. Cash fell to USD 5.4 million from USD 38.1 million at December 31, 2025, and USD 4.8 million was drawn on the revolver. For 2026, management reaffirmed sales of flat to up about 5% and a gross margin of 16% to 17%, but warned that the fourth quarter could come in below that margin range.

Where Things Stand

Only partly, and unevenly across the four. Sales outran profit at several of them, mainly because of a one-time tax charge at Modine (NYSE:MOD) and a mix of launch, tooling and tariff costs elsewhere. Modine still grew adjusted EBITDA 31%, which makes the 32% earnings decline look largely like a spin-off accounting item. Manitowoc (NYSE:MTW) holds the strongest forward signal in its order book, although its sales rose only 10.9% and inventories grew. Mayville Engineering (NYSE:MEC) moved from a loss to a small profit, while launch costs and 2.9 times Leverage limit the gain. Core Molding Technologies (NYSEAMERICAN:CMT) got a lift from tooling, yet its USD 5.4 million cash balance is thin. No trading Volume data was supplied, so thin-trading risk for the smaller names cannot be assessed. This is information only, not a recommendation.