The following is a summary of the PHINIA Inc. (PHIN) Q3 2024 Earnings Call Transcript:

Financial Performance:

• PHINIA Inc. reported Q3 2024 net sales of $839 million, down by 6.4% from the same period last year.

• Adjusted EBITDA increased to $120 million, reflecting a 90 basis point improvement year-over-year.

• Adjusted free cash flow remained healthy at $60 million, and cash and cash equivalents stood at $477 million, up from $365 million at year end 2023.

• The company executed a share buyback of approximately 5.3 million shares for $212 million and distributed dividends of $0.24 per share.

Business Progress:

• PHINIA Inc. continued to expand by winning significant business in the Aftermarket and Fuel Systems segments across various geographies including key line wins in the off-highway diesel market and the Indian and US automotive markets.

• The company also strengthened its partnerships and expanded operations to Mexico, renewing agreements with major global and European customer groups.

• Successfully replaced high-cost debt with $450 million of senior unsecured notes due in 2032, improving the financial structure.

Opportunities:

• The company's strategic wins across different product lines highlight opportunities for continued penetration and growth in both domestic and international markets, particularly in the Aftermarket and Fuel Systems segments.

Risks:

• The projected continuation of soft market conditions into Q4 2024 poses a risk to future sales and earnings, particularly impacting the Fuel Systems segment with softer sales expected in Europe and China.

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