PHINIA Reports Fourth Quarter and Full Year 2024 Results
PHINIA Board Declares Quarterly Dividend of
Fourth Quarter Highlights:
-
Net sales of
, a decrease of$833 million 5.6% compared with Q4 2023.-
Lower Fuel Systems (FS) sales across all regions partially offset by strong Aftermarket sales across all regions led to a slight year-over-year decrease of
2.9% , when adjusted for contract manufacturing agreements in 2023.
-
Lower Fuel Systems (FS) sales across all regions partially offset by strong Aftermarket sales across all regions led to a slight year-over-year decrease of
-
Operating income of
and operating margin of$51 million 6.1% , representing a year-over-year decrease of and 310 basis points (bps), respectively.$30 million -
Adjusted operating income of
and adjusted operating income margin of$78 million 9.4% , representing a year-over-year decrease of and 100 bps, respectively. Primarily driven by sales decreases, higher employment costs, and additional costs resulting from operating as a standalone company, partially offset by supplier savings.$11 million
-
Adjusted operating income of
-
Net earnings of
and net margin of$5 million 0.6% , representing a year-over-year decrease of and 310 bps, respectively.$28 million -
Net earnings per diluted share of
.$0.12 -
Adjusted net earnings per diluted share of
(excluding$0.71 per diluted share related to non-comparable items detailed in the non-GAAP appendix below), reflecting a higher tax rate and lower pretax income partially offset by a reduction in share count.$0.59
-
Adjusted net earnings per diluted share of
-
Adjusted EBITDA of
with adjusted EBITDA margin of$110 million 13.2% , representing a year-over-year decrease of and 160 bps, respectively.$17 million - Primarily driven by sales decreases, higher employment costs and additional costs resulting from operating as a standalone company.
-
Net cash generated by operating activities of
, representing a year-over-year increase of$73 million .$11 million -
Adjusted free cash flow was
compared to$72 million in Q4 2023; a$55 million 31% increase driven by working capital improvements and capital expenditure optimization.
-
Adjusted free cash flow was
-
Share repurchases totaled
, while dividends paid to shareholders in the quarter were$24 million .$11 million
Full Year 2024 Highlights:
-
Net sales of
, a decrease of$3.40 billion 2.8% compared with full year 2023.-
Lower Commercial Vehicle (CV) sales in
Europe and lower sales inChina within the FS segment, partially offset by stronger Aftermarket sales inEurope and positive customer pricing led to a slight year-over-year decrease of2% when adjusted for contract manufacturing sales that ended in 2024.
-
Lower Commercial Vehicle (CV) sales in
-
Operating income of
and operating margin of$259 million 7.6% , representing a year-over-year increase of and 70 bps, respectively.$18 million -
Adjusted operating income of
and adjusted operating income margin of$346 million 10.2% , flat year-over-year driven by sales decreases and additional costs resulting from operating as a standalone company, offset by strong Aftermarket demand, favorable customer pricing, and supplier savings
-
Adjusted operating income of
-
Net earnings of
and net margin of$79 million 2.3% , representing a year-over-year decrease of and 60 bps, respectively.$23 million -
Net earnings per diluted share of
.$1.76 -
Adjusted net earnings per diluted share of
(excluding$3.86 per diluted share related to non-comparable items detailed in the non-GAAP appendix below).$2.10
-
Adjusted net earnings per diluted share of
-
Adjusted EBITDA of
with adjusted EBITDA margin of$478 million 14.1% , representing a year-over-year decrease of and 10 bps, respectively.$12 million -
Net cash generated by operating activities of
, representing a year-over-year increase of$308 million .$58 million -
Adjusted free cash flow was
compared to$253 million in 2023, a$161 million 57% increase driven by working capital improvements and capital expenditure optimization.
-
Adjusted free cash flow was
Key Wins in Strategic Growth Markets:
New business wins remained strong across all end markets. A few examples of new business awards in Q4 are:
- Second product win in the aerospace and defense industry with a Post Combustion Injector system, providing required flight profile engine performance.
- Key contract extension with a medium-duty engine manufacturer, an important win securing CV revenue highlighting the resilience of our product portfolio.
- Light Vehicle (LV) Gas Direct Injection (GDi) program extension for the South American market.
-
Our Aftermarket segment expanded our share of wallet with certain subsidiaries of a major European customer, was awarded new incremental business at a major customer in
Europe , signed a multi-year contract to supply remanufactured products to a major CV original equipment manufacturer (OEM) inSouth America , and developed new distributors to support business growth inSoutheast Asia .
Brady Ericson, President and Chief Executive Officer of PHINIA commented: “We delivered solid results in the fourth quarter despite softened demand in the Light Vehicle and Commercial Vehicle markets, driven by operational execution, improved price-cost performance and strong Aftermarket sales. 2024 was our first full calendar year as an independent company and I want to extend my heartfelt gratitude to our employees for their dedication, our customers for their trust, our partners for their collaboration, and all our stakeholders for their unwavering support as we continue to build a stronger future together.”
Balance Sheet and Cash Flow:
The Company ended the year with cash and cash equivalents of
Capital expenditures during the year were
2025 Full Year Guidance:
The Company expects 2025 net sales of
The Company will host a conference call to review fourth quarter and full year 2024 results, introduce 2025 full year outlook and take questions from the investment community at 8:30 a.m. ET today. This call will be webcast at PHINIA Q4 2024 Earnings Call. Additional presentation materials will be available at Investors.phinia.com.
Increase to Dividend and Share Repurchase Program
PHINIA also today announced that its Board of Directors has declared a quarterly cash dividend in the amount of
The Board of Directors also authorized a
About PHINIA
PHINIA is an independent, market-leading, premium solutions and components provider with over 100 years of manufacturing expertise and industry relationships, with a strong brand portfolio that includes DELPHI®, DELCO REMY® and HARTRIDGE™. With over 12,500 employees across 43 locations in 20 countries, PHINIA is headquartered in
Across commercial vehicles and industrial applications (medium-duty and heavy-duty trucks, buses and other off-highway construction, marine, agricultural and industrial applications), light commercial vehicles (vans and trucks) and light passenger vehicles (passenger cars and sport-utility vehicles), we develop fuel systems, electrical systems and aftermarket solutions designed to keep combustion engines operating at peak performance, while at the same time investing in advanced technologies to unlock the potential of alternative fuels.
By providing what the market needs today to become more efficient and sustainable, while also developing innovative products and solutions to contribute to lower carbon mobility, we are the partner of choice for a diverse array of customers – powering our shared journey toward a cleaner tomorrow.
© 2025 PHINIA Inc. All Rights Reserved.
(DELCO REMY is a registered trademark of General Motors LLC, licensed to PHINIA Technologies Inc.)
Forward-Looking Statements: This press release contains forward-looking statements within the meaning of
Forward-looking statements are subject to risks, uncertainties, and factors relating to our business and operations, all of which are difficult to predict and which could cause our actual results to differ materially from the expectations expressed in or implied by such forward-looking statements. Risks, uncertainties, and factors that could cause actual results to differ materially from those implied by these forward-looking statements include, but are not limited to: adverse changes in general business and economic conditions, including recessions, adverse market conditions or downturns impacting the vehicle and industrial equipment industries; our ability to deliver new products, services and technologies in response to changing consumer preferences, increased regulation of greenhouse gas emissions, and acceleration of the market for electric vehicles; competitive industry conditions; failure to identify, consummate, effectively integrate or realize the expected benefits from acquisitions or partnerships; pricing pressures from original equipment manufacturers (OEMs); inflation rates and volatility in the costs of commodities used in the production of our products; changes in
We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
PHINIA Inc. |
|||||||||||||||
Condensed Consolidated Statements of Operations (Unaudited) |
|||||||||||||||
(in millions, except earnings per share) |
|||||||||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Fuel Systems |
$ |
491 |
|
|
$ |
556 |
|
|
$ |
2,020 |
|
|
$ |
2,177 |
|
Aftermarket |
|
342 |
|
|
|
326 |
|
|
|
1,383 |
|
|
|
1,323 |
|
Net sales |
|
833 |
|
|
|
882 |
|
|
|
3,403 |
|
|
|
3,500 |
|
Cost of sales |
|
644 |
|
|
|
696 |
|
|
|
2,647 |
|
|
|
2,776 |
|
Gross profit |
|
189 |
|
|
|
186 |
|
|
|
756 |
|
|
|
724 |
|
Gross margin |
|
22.7 |
% |
|
|
21.1 |
% |
|
|
22.2 |
% |
|
|
20.7 |
% |
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative expenses |
|
118 |
|
|
|
107 |
|
|
|
442 |
|
|
|
413 |
|
Other operating expense (income), net |
|
20 |
|
|
|
(2 |
) |
|
|
55 |
|
|
|
70 |
|
Operating income |
|
51 |
|
|
|
81 |
|
|
|
259 |
|
|
|
241 |
|
|
|
|
|
|
|
|
|
||||||||
Equity in affiliates’ earnings, net of tax |
|
(3 |
) |
|
|
(2 |
) |
|
|
(11 |
) |
|
|
(10 |
) |
Interest expense |
|
18 |
|
|
|
22 |
|
|
|
99 |
|
|
|
56 |
|
Interest income |
|
(4 |
) |
|
|
(4 |
) |
|
|
(16 |
) |
|
|
(13 |
) |
Other postretirement expense (income) |
|
(1 |
) |
|
|
3 |
|
|
|
— |
|
|
|
2 |
|
Earnings before income taxes |
|
41 |
|
|
|
62 |
|
|
|
187 |
|
|
|
206 |
|
|
|
|
|
|
|
|
|
||||||||
Provision for income taxes |
|
36 |
|
|
|
29 |
|
|
|
108 |
|
|
|
104 |
|
Net earnings |
$ |
5 |
|
|
$ |
33 |
|
|
$ |
79 |
|
|
$ |
102 |
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share — diluted |
$ |
0.12 |
|
|
$ |
0.70 |
|
|
$ |
1.76 |
|
|
$ |
2.17 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding — diluted |
|
43.0 |
|
|
|
47.0 |
|
|
|
44.8 |
|
|
|
47.0 |
|
PHINIA Inc. |
|||||
Condensed Consolidated Balance Sheets (Unaudited) |
|||||
(in millions) |
|
|
|||
|
December 31, 2024 |
|
December 31, 2023 |
||
ASSETS |
|
|
|
||
Cash and cash equivalents |
$ |
484 |
|
$ |
365 |
Receivables, net |
|
817 |
|
|
1,017 |
Inventories |
|
444 |
|
|
487 |
Prepayments and other current assets |
|
96 |
|
|
58 |
Total current assets |
|
1,841 |
|
|
1,927 |
Property, plant and equipment, net |
|
843 |
|
|
921 |
Other non-current assets |
|
1,084 |
|
|
1,193 |
Total assets |
$ |
3,768 |
|
$ |
4,041 |
|
|
|
|
||
LIABILITIES AND EQUITY |
|
|
|
||
Short-term borrowings and current portion of long-term debt |
$ |
25 |
|
$ |
89 |
Accounts payable |
|
522 |
|
|
639 |
Other current liabilities |
|
422 |
|
|
420 |
Total current liabilities |
|
969 |
|
|
1,148 |
Long-term debt |
|
963 |
|
|
709 |
Other non-current liabilities |
|
262 |
|
|
297 |
Total liabilities |
|
2,194 |
|
|
2,154 |
|
|
|
|
||
Total equity |
|
1,574 |
|
|
1,887 |
Total liabilities and equity |
$ |
3,768 |
|
$ |
4,041 |
PHINIA Inc. |
|||||||||||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) |
|||||||||||||||
(in millions) |
|
|
|
|
|
|
|
||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
OPERATING |
|
|
|
|
|
|
|
||||||||
Net cash provided by operating activities |
$ |
73 |
|
|
$ |
62 |
|
|
$ |
308 |
|
|
$ |
250 |
|
INVESTING |
|
|
|
|
|
|
|
||||||||
Capital expenditures, including tooling outlays |
|
(20 |
) |
|
|
(33 |
) |
|
|
(105 |
) |
|
|
(150 |
) |
Insurance proceeds received for damage to property, plant and equipment |
|
3 |
|
|
|
— |
|
|
|
3 |
|
|
|
— |
|
Payments for investment in equity securities |
|
— |
|
|
|
— |
|
|
|
(1 |
) |
|
|
(2 |
) |
Proceeds from asset disposals and other, net |
|
— |
|
|
|
— |
|
|
|
2 |
|
|
|
2 |
|
Net cash used in investing activities |
|
(17 |
) |
|
|
(33 |
) |
|
|
(101 |
) |
|
|
(150 |
) |
FINANCING |
|
|
|
|
|
|
|
||||||||
Proceeds from issuance of long-term debt, net of discount |
|
— |
|
|
|
— |
|
|
|
975 |
|
|
|
708 |
|
Payments for debt issuance costs |
|
— |
|
|
|
— |
|
|
|
(15 |
) |
|
|
(14 |
) |
(Repayments) borrowings under Revolving Facility |
|
— |
|
|
|
— |
|
|
|
(75 |
) |
|
|
75 |
|
Repayments of debt, including current portion |
|
— |
|
|
|
(3 |
) |
|
|
(722 |
) |
|
|
(4 |
) |
Dividends paid to PHINIA Inc. stockholders |
|
(11 |
) |
|
|
(11 |
) |
|
|
(44 |
) |
|
|
(23 |
) |
Payments for purchase of treasury stock, including excise tax |
|
(24 |
) |
|
|
(15 |
) |
|
|
(212 |
) |
|
|
(24 |
) |
Payments for stock-based compensation items |
|
— |
|
|
|
(1 |
) |
|
|
(3 |
) |
|
|
(1 |
) |
Cash outflows related to debt due to Former Parent |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(728 |
) |
Cash inflows related to debt due from Former Parent |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
36 |
|
Net transfers to Former Parent |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5 |
) |
Net cash (used in) provided by financing activities |
|
(35 |
) |
|
|
(30 |
) |
|
|
(96 |
) |
|
|
20 |
|
Effect of exchange rate changes on cash |
|
(14 |
) |
|
|
(1 |
) |
|
|
8 |
|
|
|
(6 |
) |
Net increase (decrease) in cash and cash equivalents |
|
7 |
|
|
|
(2 |
) |
|
|
119 |
|
|
|
114 |
|
Cash and cash equivalents at beginning of period |
|
477 |
|
|
|
367 |
|
|
|
365 |
|
|
|
251 |
|
Cash and cash equivalents at end of period |
$ |
484 |
|
|
$ |
365 |
|
|
$ |
484 |
|
|
$ |
365 |
|
PHINIA Inc. |
|
|
|
||
Net Debt (Unaudited) |
|||||
(in millions) |
|
|
|
||
|
|
|
|
||
|
December 31, 2024 |
|
December 31, 2023 |
||
Total debt |
$ |
988 |
|
$ |
798 |
Cash and cash equivalents |
|
484 |
|
|
365 |
Net debt |
$ |
504 |
|
$ |
433 |
Use of Non-GAAP Financial Measures
This press release contains information about PHINIA’s financial results that is not presented in accordance with accounting principles generally accepted in
Management believes that these non-GAAP financial measures are useful to management, investors, and banking institutions in their analysis of the Company's business and operating performance. Management also uses this information for operational planning and decision-making purposes.
Non-GAAP financial measures are not and should not be considered a substitute for any GAAP measure. Additionally, because not all companies use identical calculations, the non-GAAP financial measures as presented by PHINIA may not be comparable to similarly titled measures reported by other companies.
A reconciliation of each of projected Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Free Cash Flow, which are forward-looking non-GAAP financial measures, to the most directly comparable GAAP financial measure, is not provided because the Company is unable to provide such reconciliation without unreasonable effort. The inability to provide each reconciliation is due to the unpredictability of the amounts and timing of events affecting the items we exclude from the non-GAAP measure.
Adjusted EBITDA and Adjusted EBITDA Margin
The Company defines adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) as net earnings less interest, taxes, depreciation and amortization, adjusted to exclude the impact of restructuring expense, separation and transaction costs, other postretirement income and expense, equity in affiliates' earnings, net of tax, impairment charges, other net expenses, and other gains and losses not reflective of our ongoing operations. Adjusted EBITDA margin is defined as adjusted EBITDA divided by adjusted sales.
Adjusted Operating Income and Adjusted Operating Margin
The Company defines adjusted operating income as operating income adjusted to exclude the impact of restructuring expense, separation and transaction costs, intangible asset amortization expense, impairment charges, other net expenses, and other gains and losses not reflective of the Company’s ongoing operations. Adjusted operating margin is defined as adjusted operating income divided by adjusted sales.
Adjusted Sales
The Company defines adjusted sales as net sales adjusted to exclude certain agreements with our former parent that were entered into in connection with the spin-off.
Adjusted Net Earnings Per Diluted Share
The Company defines adjusted net earnings per diluted share as net earnings per share adjusted to exclude the tax-effected impact of restructuring expense, separation and transaction costs, impairment charges, other net expenses, and other gains, losses and tax amounts not reflective of the Company’s ongoing operations.
Adjusted Free Cash Flow
The Company defines adjusted free cash flow as net cash provided by operating activities after adding back adjustments related to the ongoing effects of separation-related transactions, less capital expenditures, including tooling outlays.
Adjusted Sales (Unaudited) |
||||||||||||||
(in millions) |
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|||||||||||
|
2024 |
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
Fuel Systems net sales |
$ |
491 |
|
$ |
556 |
|
|
$ |
2,020 |
|
|
$ |
2,177 |
|
Spin-Off agreement adjustment |
|
— |
|
|
(24 |
) |
|
|
(23 |
) |
|
|
(50 |
) |
Fuel Systems adjusted sales |
|
491 |
|
|
532 |
|
|
|
1,997 |
|
|
|
2,127 |
|
|
|
|
|
|
|
|
|
|||||||
Aftermarket net sales |
|
342 |
|
|
326 |
|
|
|
1,383 |
|
|
|
1,323 |
|
Adjusted sales |
$ |
833 |
|
$ |
858 |
|
|
$ |
3,380 |
|
|
$ |
3,450 |
|
Adjusted Operating Income and Operating Income Margin (Unaudited) |
|||||||||||||||
(in millions) |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Operating income |
$ |
51 |
|
|
$ |
81 |
|
|
$ |
259 |
|
|
$ |
241 |
|
Separation and transaction costs |
|
7 |
|
|
|
(4 |
) |
|
|
31 |
|
|
|
80 |
|
Asset impairment |
|
21 |
|
|
|
— |
|
|
|
21 |
|
|
|
— |
|
Intangible asset amortization expense |
|
7 |
|
|
|
7 |
|
|
|
28 |
|
|
|
28 |
|
Restructuring expense |
|
3 |
|
|
|
2 |
|
|
|
14 |
|
|
|
12 |
|
(Gains) losses for other one-time events |
|
(11 |
) |
|
|
3 |
|
|
|
(7 |
) |
|
|
3 |
|
Royalty income from Former Parent |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(17 |
) |
Adjusted operating income |
$ |
78 |
|
|
$ |
89 |
|
|
$ |
346 |
|
|
$ |
347 |
|
|
|
|
|
|
|
|
|
||||||||
Net sales |
$ |
833 |
|
|
$ |
882 |
|
|
$ |
3,403 |
|
|
$ |
3,500 |
|
Operating margin % |
|
6.1 |
% |
|
|
9.2 |
% |
|
|
7.6 |
% |
|
|
6.9 |
% |
Adjusted sales |
$ |
833 |
|
|
$ |
858 |
|
|
$ |
3,380 |
|
|
$ |
3,450 |
|
Adjusted operating margin % |
|
9.4 |
% |
|
|
10.4 |
% |
|
|
10.2 |
% |
|
|
10.1 |
% |
Adjusted EBITDA and EBITDA Margin (Unaudited) |
|||||||||||||||
(in millions) |
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net earnings |
$ |
5 |
|
|
$ |
33 |
|
|
$ |
79 |
|
|
$ |
102 |
|
Depreciation and tooling amortization |
|
32 |
|
|
|
38 |
|
|
|
132 |
|
|
|
143 |
|
Interest expense |
|
18 |
|
|
|
22 |
|
|
|
99 |
|
|
|
56 |
|
Provision for income taxes |
|
36 |
|
|
|
29 |
|
|
|
108 |
|
|
|
104 |
|
Intangible asset amortization expense |
|
7 |
|
|
|
7 |
|
|
|
28 |
|
|
|
28 |
|
Interest income |
|
(4 |
) |
|
|
(4 |
) |
|
|
(16 |
) |
|
|
(13 |
) |
EBITDA |
|
94 |
|
|
|
125 |
|
|
|
430 |
|
|
|
420 |
|
Separation and transaction costs |
|
7 |
|
|
|
(4 |
) |
|
|
31 |
|
|
|
80 |
|
Asset impairment |
|
21 |
|
|
|
— |
|
|
|
21 |
|
|
|
— |
|
Restructuring expense |
|
3 |
|
|
|
2 |
|
|
|
14 |
|
|
|
12 |
|
(Gains) losses for other one-time events |
|
(11 |
) |
|
|
3 |
|
|
|
(7 |
) |
|
|
3 |
|
Other postretirement (income) expense |
|
(1 |
) |
|
|
3 |
|
|
|
— |
|
|
|
2 |
|
Royalty income from Former Parent |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(17 |
) |
Equity in affiliates’ earnings, net of tax |
|
(3 |
) |
|
|
(2 |
) |
|
|
(11 |
) |
|
|
(10 |
) |
Adjusted EBITDA |
$ |
110 |
|
|
$ |
127 |
|
|
$ |
478 |
|
|
$ |
490 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted sales |
$ |
833 |
|
|
$ |
858 |
|
|
$ |
3,380 |
|
|
$ |
3,450 |
|
Adjusted EBITDA margin % |
|
13.2 |
% |
|
|
14.8 |
% |
|
|
14.1 |
% |
|
|
14.2 |
% |
Net Earnings to Adjusted Net Earnings (Unaudited) |
|||||||||||||||
(in millions) |
|||||||||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net earnings |
$ |
5 |
|
|
$ |
33 |
|
|
$ |
79 |
|
|
$ |
102 |
|
|
|
|
|
|
|
|
|
||||||||
Separation and transaction costs |
|
7 |
|
|
|
(4 |
) |
|
|
31 |
|
|
|
80 |
|
Intangible asset amortization |
|
7 |
|
|
|
7 |
|
|
|
28 |
|
|
|
28 |
|
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
22 |
|
|
|
— |
|
Asset impairment |
|
21 |
|
|
|
— |
|
|
|
21 |
|
|
|
— |
|
Restructuring expense |
|
3 |
|
|
|
2 |
|
|
|
14 |
|
|
|
12 |
|
(Gains) losses for other one-time events |
|
(11 |
) |
|
|
3 |
|
|
|
(7 |
) |
|
|
3 |
|
Royalty income from Former Parent |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(17 |
) |
Tax effects and adjustments |
|
(1 |
) |
|
|
(5 |
) |
|
|
(15 |
) |
|
|
(11 |
) |
|
|
|
|
|
|
|
|
||||||||
Adjusted net earnings |
$ |
31 |
|
|
$ |
36 |
|
|
$ |
173 |
|
|
$ |
197 |
|
Adjusted Net Earnings Per Diluted Share (Unaudited) |
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net earnings per diluted share |
$ |
0.12 |
|
|
$ |
0.70 |
|
|
$ |
1.76 |
|
|
$ |
2.17 |
|
|
|
|
|
|
|
|
|
||||||||
Separation and transaction costs |
|
0.16 |
|
|
|
(0.08 |
) |
|
|
0.69 |
|
|
|
1.70 |
|
Intangible asset amortization expense |
|
0.16 |
|
|
|
0.15 |
|
|
|
0.63 |
|
|
|
0.60 |
|
Loss on debt extinguishment |
|
— |
|
|
|
— |
|
|
|
0.49 |
|
|
|
— |
|
Asset impairment |
|
0.49 |
|
|
|
— |
|
|
|
0.47 |
|
|
|
— |
|
Restructuring expense |
|
0.07 |
|
|
|
0.04 |
|
|
|
0.31 |
|
|
|
0.26 |
|
(Gains) losses for other one-time events |
|
(0.26 |
) |
|
|
0.06 |
|
|
|
(0.16 |
) |
|
|
0.06 |
|
Royalty income from Former Parent |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.36 |
) |
Tax effects and adjustments |
|
(0.03 |
) |
|
|
(0.11 |
) |
|
|
(0.33 |
) |
|
|
(0.24 |
) |
|
|
|
|
|
|
|
|
||||||||
Adjusted net earnings per diluted share |
$ |
0.71 |
|
|
$ |
0.76 |
|
|
$ |
3.86 |
|
|
$ |
4.19 |
|
Adjusted Free Cash Flow (Unaudited) |
|||||||||||||||
(in millions) |
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net cash provided by operating activities |
$ |
73 |
|
|
$ |
62 |
|
|
$ |
308 |
|
|
$ |
250 |
|
Capital expenditures, including tooling outlays |
|
(20 |
) |
|
|
(33 |
) |
|
|
(105 |
) |
|
|
(150 |
) |
Effects of separation-related transactions |
|
19 |
|
|
|
26 |
|
|
|
50 |
|
|
|
61 |
|
Adjusted free cash flow |
$ |
72 |
|
|
$ |
55 |
|
|
$ |
253 |
|
|
$ |
161 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250213188043/en/
IR contact:
Kellen Ferris
Vice President of Investor Relations
investors@phinia.com
+1 947-262-5256
Media contact:
Kevin Price
Global Brand & Communications Director
media@phinia.com
+44 (0) 7795 463871
Category: IR
Source: PHINIA INC