Shareholder Returns
PHINIA returned approximately $50 million to shareholders via share repurchase and dividends in the second quarter, with a total of $464 million returned since the spin-off.
Financial Performance
Net sales for the quarter were $890 million, up 2.5% from the same period in the prior year. Adjusted EBITDA was $126 million, with a margin of 14.2%, a 60 basis point year-over-year expansion.
Segment Performance
Both the Aftermarket and Fuel Systems segments performed well, with adjusted operating margins of 16.1% and 11.5% respectively.
New Business Wins
PHINIA secured several new business awards, including a gas direct injection (GDi) Fuel Rail Assembly for a Chinese OEM and a port fuel injection (PFI) compressed natural gas injector for an Indian OEM.
Acquisition Announcement
PHINIA announced their first acquisition of Swedish Electromagnet Invest (SEM) for approximately $47 million, expected to generate $50 million in annual revenue.