Phinia Inc · Q3 2023 earnings

Briefing

Reported solid operational performance with total segment adjusted operating margins in line with first half average results.

PHINIA reported a 4.3% increase in net sales to $896 million compared to Q3 2022. The company's operating income was $58 million, with an adjusted operating income of $82 million. Net earnings were $0.24 per diluted share, with an adjusted net earnings of $0.53 per diluted share.

• U.S. GAAP net sales of $896 million, an increase of 4.3% compared with Q3 2022.
• Operating income of $58 million and adjusted operating income of $82 million, resulting in an operating margin of 6.5% and an adjusted operating margin of 9.4%.
• U.S. GAAP net earnings of $0.24 per diluted share; adjusted net earnings of $0.53 per diluted share.
• Net cash generated by operating activities of $155 million and free cash flow was $118 million.

Headline financials

Revenue & EPS history

The company is revising its FY 2023 outlook for net sales of $3.44 billion to $3.50 billion, adjusted sales of $3.40 billion to $3.45 billion, adjusted EBITDA of $465 million to $475 million, and adjusted EBITDA margins of 13.6% to 13.9%. Expected full year 2023 tax rate is also revised to 34%.