PHINIA Inc. ( (PHIN) ) has released its Q3 earnings. Here is a breakdown of the information PHINIA Inc. presented to its investors.
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PHINIA Inc., headquartered in Auburn Hills, Michigan, is a key player in the premium fuel and electrical systems industry, providing aftermarket solutions and technologies aimed at enhancing the efficiency and sustainability of combustion engines across various sectors.
In the third quarter of 2024, PHINIA Inc. reported net sales of $839 million, marking a 6.4% decrease compared to the same period last year. Despite this drop, the company achieved a notable increase in operating income and margins, driven by effective cost management and robust aftermarket segment sales.
Key financial metrics for the quarter include an operating income of $66 million and a net earnings of $31 million, which reflect a significant improvement from the previous year. The company’s adjusted EBITDA was $120 million, indicating a margin expansion to 14.3%. Additionally, PHINIA repurchased $75 million of its outstanding shares and issued $450 million in senior unsecured notes, enhancing its financial flexibility.
Looking ahead, PHINIA has revised its full-year 2024 guidance due to the softening vehicle markets, with anticipated net sales ranging between $3.36 billion and $3.41 billion. The company remains focused on strategic growth, particularly in the aftermarket and fuel systems segments, as it continues to adapt to market demands and pursue innovation for a sustainable future.
