PHINIA Expects FY24 Outlook For Net Sales And Adjusted Sales To Be At Low End Of Previously Provided Ranges For Net Sales Of $3.42B - $3.58B, Adjusted Sales Of $3.40B -$3.55B (Est $3.506B)
Portfolio Pulse from Benzinga Newsdesk
PHINIA expects its FY24 net sales and adjusted sales to be at the low end of previously provided ranges due to softer than expected OE markets. The company remains confident in its strategies, with a resilient Aftermarket segment and upcoming product launches. Adjusted free cash flow is expected to be $160 million to $200 million, with revised adjusted tax rate expectations of 33% to 37%. Net earnings are projected to be $100 million to $140 million, with a margin of 2.9% to 3.9%.
July 30, 2024 | 11:44 am
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PHINIA expects its FY24 net sales and adjusted sales to be at the low end of previously provided ranges due to softer than expected OE markets. The company remains confident in its strategies, with a resilient Aftermarket segment and upcoming product launches. Adjusted free cash flow is expected to be $160 million to $200 million, with revised adjusted tax rate expectations of 33% to 37%. Net earnings are projected to be $100 million to $140 million, with a margin of 2.9% to 3.9%.
The expectation of net sales and adjusted sales at the low end of the range due to softer OE markets is likely to have a negative short-term impact on PHINIA's stock price. However, the company's confidence in its strategies, resilient Aftermarket segment, and upcoming product launches may mitigate some of the negative sentiment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100