Phinia sales rise 4.5% in 2023, but profits fall

AUBURN HILLS–The transportation industry supplier Phinia Inc. reported net income of $102 million or $2.17 a share in 2023, down from $262 million or $5.57 a share in 2022. Revenue was $3.5 billion, up from $3.35 billion in 2022.

For the fourth quarter, net income was $33 million or 70 cents a share, down from $75 million or $1.60 cents a share in the fourth quarter of 2022. Revenue was $882 million, up from $851 million in the fourth quarter of 2022. A sharp rise in interest expense was behind the lower profit.

Brady Ericson, President, and Chief Executive Officer of PHINIA commented: “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,” said Phinia president and CEO Brady Ericson. “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.”

Ericson also provided full year 2024 guidance: net sales of $3.42 billion to $3.57 billion, and net earnings of $125 million to $160 million.

To listen to a conference call discussing these results, visit https://investors.phinia.com.

Phinia brands include Delphi, Delco Remy and Hartridge. The company has 13,200 employees across 44 locations in 20 countries.

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