PHINIA Turns To Q3 Profit, But Sales Drop; Cuts Annual Outlook

(RTTNews) - PHINIA Inc. (PHIN), a developer of fuel systems and aftermarket parts, Thursday reported net income of $31 million or $0.70 per share for the third quarter, compared with net loss of $1 million or $0.02 per share in the same quarter a year ago, mainly due to separation and transaction costs of $25 million it recorded in the previous year.

Excluding one-items, earnings were $52 million or $1.17 per share up from $32 million or $0.69 per share last year.

Operating income increased to $66 million from $46 million a year ago.

Sales for the quarter declined to $839 million from $896 million in the previous year, impacted by lower Fuel Systems sales in Europe and China.

For the full year, the company now expects net sales of $3.36 billion - $3.41 billion and adjusted sales of $3.34 billion - $3.39 billion. Previously it was expecting net sales of $3.42 billion - $3.58 billion, and adjusted sales of $3.40 billion - $3.55 billion.