PHINIA Q3 net sales down 6.4%; adjusted EBITDA margin up 90 bps; lowers FY2024 sales guidance

PHINIA INC.

2024-Q3 EPS reported $1.63 revenue$2,570,000,000

Q3 net sales $839M (-6.4% YoY); adjusted sales ex-contract mfg $838M (-3.7% YoY). Net income $31M vs $1M loss in Q3 2023.
Adj. EBITDA $120M (14.3% margin, +90bps YoY); adj. EPS $1.17. Operating income $66M (7.9% margin, +280bps YoY).
FY2024 guidance lowered: net sales $3.36-3.41B; adj. EBITDA $470-490M (14.1-14.5% margin); adj. FCF $160-200M.
Board increased share repurchase authorization by $250M to $400M; $75M repurchased in Q3, $188M remaining.
Issued $450M of 6.625% senior notes due 2032; proceeds used to repay Term Loan A facility.

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