PHINIA Q2 sales $887M (+11.4% YoY), reaffirms FY2023 guidance

PHINIA INC.

2024-Q2 EPS reported $1.49 revenue$887,000,000

Net earnings $35M; adjusted EBITDA $130M (14.7% margin, +140 bps YoY).
Operating income $56M; adjusted operating income $94M (adj. margin 10.6%, +180 bps).
FY2023 guidance: sales $3.50-3.60B; adj. EBITDA $485-505M (13.8-14.3% margin).
Secured Euro 7 injector award, DOE hydrogen project, Asian OEM PDCU contract.
Historical results are carve-out from BorgWarner; spin-off completed July 3, 2023.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

PHINIA INC. reported second quarter 2023 results: revenue $887 million, net income $35 million. Guidance reaffirmed.

Period: second quarter 2023
Revenue: $887 million
Net income: $35 million
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Second Quarter Highlights: • Sales growth of 11.4% year-over-year to $887 million. • Operating income of $56 million and adjusted operating income of $94 million, resulting in an operating margin of 6.3% and an adjusted operating margin of 10.6%, a year-over-year improvement of 10 bps and 180 bps, respectively. Margins benefited from resolution of customer commodity and inflationary settlements with retro effect to the beginning of the year. Corporate cost allocations were also lower in Q2 versus prior year. • Net earnings of $35 million with net margin of 3.9% and adjusted EBITDA of $130 million with adjusted EBITDA margin of 14.7%, a 140 bps year-over-year improvement.

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Source: SEC EDGAR

accession 0001968915-23-000002

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