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PHINIA Inc. (PHIN-8.69%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing outlines PHINIA's operations, which include the development and manufacture of integrated components and systems for commercial vehicles, industrial applications, and light vehicles. The company reports its results under two segments: Fuel Systems and Aftermarket.
PHINIA reported net sales of $3.4 billion for 2024, a decrease from $3.5 billion in 2023. The Fuel Systems segment contributed $2.0 billion, while the Aftermarket segment contributed $1.4 billion.
Cost of sales for 2024 was $2.6 billion, resulting in a gross profit of $756 million. Selling, general, and administrative expenses totaled $442 million.
Net earnings for the year were $79 million, down from $102 million in 2023. Earnings per diluted share were $1.76, compared to $2.17 in the previous year.
PHINIA's balance sheet showed total assets of $3.8 billion as of December 31, 2024. The company had cash and cash equivalents of $484 million.
The company completed the Spin-Off from BorgWarner Inc. on July 3, 2023, becoming an independent public company. The Spin-Off was intended to be tax-free for U.S. federal income tax purposes.
PHINIA's management discussed several risks, including competition, supply chain disruptions, and changes in regulations. The company also highlighted its efforts in research and development, with net R&D costs of $112 million in 2024.
The filing includes a report on internal control over financial reporting, indicating that PHINIA's controls were effective as of December 31, 2024.
PHINIA's board of directors declared quarterly cash dividends of $0.25 per share throughout 2024, with an increased dividend of $0.27 per share announced for 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the PHINIA Inc. annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.