Strong Fourth Quarter Revenue
Fourth quarter revenue of $908 million exceeded the top end of the company's guidance range of $870 million to $900 million.
Improved Free Cash Flow Conversion
Full-year free cash flow conversion improved by 27 percentage points to 76% of adjusted net income, totaling $393 million for the year.
Net Leverage Reduction
Net leverage was reduced to under 3x for the first time in three years, aided by improved free cash flow generation.
Debt Maturity Profile Improvement
Retired $700 million of bonds a year early and improved the maturity profile with no tranche due until 2029.
Aerospace Business Growth
Aerospace business continues to see modest growth with operating margins well above the portfolio average.
Performance Sensing Outperformance
Performance Sensing reported revenue of $2.74 billion, roughly flat year-over-year, representing approximately 350 basis points of outgrowth against automotive and heavy vehicle end markets.