Phinia sees 2024 sales $3.42B-$3.57B, net earnings $125M-$160M

The company said, “We expect strong earnings and cash generation in 2024 as we continue to drive operational efficiencies, exit agreements with our former parent and grow our Aftermarket sales. On the OE side, industry-wide CV volumes in 2024 are expected to decline mid to high single digits percent in North America and Europe, while other global CV markets are expected to be up slightly. Global LV volumes are expected to be down slightly with engine production declining mid-single digits. In 2024, PHINIA expects net sales of $3.42 billion to $3.57 billion, adjusted sales of $3.40 billion to $3.55 billion (down 1% to up 3% versus 2023 adjusted sales), net earnings and margin of $125 million to $160 million and 3.7% to 4.5%, respectively, adjusted EBITDA of $470 million to $510 million, and adjusted EBITDA margins of 13.8% to 14.4%. PHINIA expects to generate $160 to $200 million in adjusted free cash flow. Adjusted tax rate is expected to be 28-32%.”