Phinia reports Q4 adjusted EPS 71c vs. $1.75 last year (earlier)

Reports Q4 revenue $882M vs. $851M last year. The company said, “Our Q4 results were stronger than expected as the North American strike impact was lower than anticipated, foreign currency moved in our favor, and we executed well with strong cost controls. Working capital continued to improve from Q3 as the team focused on efficiency. We continue to demonstrate resilient core operational performance with total segment adjusted operating margins coming in stronger than the first 9-month average results. I’m pleased with our teams’ focus on serving our customers while closing out 2023 with solid cost and margin performance. PHINIA continues to win new business at a record pace that we expect will support average annual low single digit top line growth through this decade. We ended the quarter with $365 million in cash on hand and net leverage of less than 1 times EBITDA – leaving us in a solid financial position.”