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Dec 31, 2023
Phinia Q4 2023 Earnings Report
Phinia reported solid Q4 and full year 2023 results and introduced 2024 outlook.
Key Takeaways
Phinia Inc. reported a 3.6% increase in U.S. GAAP net sales for Q4 2023, reaching $882 million. Operating income was $81 million, with adjusted operating income at $89 million. The company's net earnings were $0.70 per diluted share, with an adjusted net earnings of $0.71 per diluted share. The company expects net sales of $3.42 billion to $3.57 billion and adjusted free cash flow of $160 to $200 million for 2024.
U.S. GAAP net sales increased by 3.6% to $882 million compared to Q4 2022.
Operating income was $81 million and adjusted operating income was $89 million.
U.S. GAAP net earnings were $0.70 per diluted share, with adjusted net earnings of $0.71 per diluted share.
Adjusted free cash flow was $55 million.
Forward Guidance
The company expects strong earnings and cash generation in 2024 as it continues to drive operational efficiencies, exit agreements with its former parent, and grow its Aftermarket sales. Net sales of $3.42 billion to $3.57 billion, adjusted EBITDA of $470 million to $510 million, and adjusted free cash flow of $160 to $200 million are expected.
Positive Outlook
- Drive operational efficiencies
- Exit agreements with former parent
- Grow Aftermarket sales
- Strong earnings expected
- Strong cash generation expected
Challenges Ahead
- Industry-wide CV volumes in 2024 are expected to decline mid to high single digits percent in North America and Europe
- Global LV volumes are expected to be down slightly
- Engine production declining mid-single digits
- Adjusted tax rate is expected to be 28-32%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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