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Sep 30, 2024
Phinia Q3 2024 Earnings Report
Reported third quarter results with adjusted EBITDA margins expanded by 90 basis points and generated $60 million in adjusted free cash flow.
Key Takeaways
PHINIA Inc. reported a decrease in net sales but an increase in operating income, net earnings, and adjusted EBITDA for the third quarter of 2024. The company is revising its full-year 2024 guidance due to softening end vehicle markets.
Net sales were $839 million, a decrease of 6.4% compared with Q3 2023.
Operating income of $66 million, a year-over-year increase of $20 million.
Net earnings of $31 million, representing a year-over-year increase of $32 million.
Adjusted EBITDA of $120 million with adjusted EBITDA margin of 14.3%, representing a year-over-year increase of $3 million.
Revenue by Segment
Forward Guidance
The Company is revising its full-year 2024 guidance and now expects net sales of $3.36 billion to $3.41 billion and adjusted sales of $3.34 billion to $3.39 billion. The refined net earnings and adjusted EBITDA are projected at $105 million to $125 million and $470 million to $490 million, respectively, resulting in earnings margin of 3.1% and 3.7% and adjusted EBITDA margin of 14.1% to 14.5%.
Positive Outlook
- Net sales of $3.36 billion to $3.41 billion
- Adjusted sales of $3.34 billion to $3.39 billion.
- Net earnings of $105 million to $125 million
- Adjusted EBITDA of $470 million to $490 million
- Adjusted free cash flow of $160 million to $200 million
Challenges Ahead
- Softening of the end vehicle markets
- Adjusted tax rate is expected to be in the range of 33% to 37%.
- Lower Fuel Systems (FS) sales in Europe and China
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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