PHINIA (US:PHIN)2024-04-25 11:35Financial Performance - U.S. GAAP net sales for Q1 2024 were $863 million, a 3.4% increase compared to Q1 2023[4] - Adjusted operating income for Q1 2024 was $97 million, with an adjusted operating margin of 11.5%, reflecting a year-over-year increase of 170 basis points[4] - Net earnings for Q1 2024 were $29 million, resulting in a net margin of 3.4%, a decrease of 80 basis points year-over-year[4] - Adjusted EBITDA for Q1 2024 was $131 million, with an adjusted EBITDA margin of 15.5%, an increase of 160 basis points compared to the previous year[4] - Adjusted sales for Q1 2024 were $846 million, a slight increase from $835 million in Q1 2023, reflecting a growth of 1.3%[31] - Adjusted operating income for Q1 2024 was $97 million, up from $82 million in Q1 2023, representing a 18.3% increase[32] - Adjusted EBITDA for Q1 2024 reached $131 million, compared to $116 million in Q1 2023, marking a 12.9% growth[35] - Adjusted net earnings for Q1 2024 were $51 million, down from $56 million in Q1 2023, indicating a decrease of 8.9%[36] - Adjusted net earnings per diluted share for Q1 2024 were $1.08, compared to $1.19 in Q1 2023, reflecting a decline of 9.2%[37] - Operating margin for Q1 2024 improved to 8.2%, up from 6.9% in Q1 2023[32] - Adjusted operating margin for Q1 2024 was 11.5%, compared to 9.8% in Q1 2023, showing an increase of 17.3%[32] - Segment adjusted operating income for Fuel Systems in Q1 2024 was $55 million, up from $43 million in Q1 2023, representing a 27.9% increase[33] Cash Flow and Capital Management - Cash and cash equivalents at the end of Q1 2024 were $325 million, with long-term debt at $706 million[6] - Capital expenditures during Q1 2024 were $43 million, primarily for new machinery and equipment[7] - The company paid $12 million in dividends and repurchased $23 million of its outstanding shares during the quarter[5] - Net cash generated by operating activities was $31 million, with adjusted free cash flow of $13 million[4] - Adjusted free cash flow for Q1 2024 was $13 million, a significant improvement from a negative $52 million in Q1 2023[38] Guidance and Future Outlook - The company reaffirms its FY 2024 guidance for net sales between $3.42 billion and $3.58 billion, and adjusted EBITDA between $470 million and $510 million[8] - Full year 2024 adjusted sales guidance is set between $3,400 million and $3,550 million, with a spin-off agreement adjustment of $20 million to $25 million[39] Business Development - The company secured important contract extensions to supply fuel injectors and GDi fuel systems to leading global OEMs in the commercial vehicle and light vehicle segments[4]