Phinia reports Q2 adjusted EPS 88c vs. $1.61 last year

Reports Q2 revenue $868M vs. $887M last year. Brady Ericson, president, and CEO of Phinia commented: “This month, we celebrate our first anniversary as a standalone entity. During our first year, we successfully executed the financial, operational and capital allocation strategies that we described in our pre-spin Investor Day. We generated strong free cash flow and returned over $180 million to shareholders in the form of share repurchases and dividends. We made tremendous progress by exiting the Transition Services Agreements and all material Contract Manufacturing Agreements with our former parent. And, lastly, we continued to build on our reputation as a well-known and trusted supplier to drive long-term customer relationships, which, together with recent conquest wins, are translating into significant new business. Our accomplishments from the past year are being recognized, as evidenced by PHINIA’s recent addition to the Russell 2000.”