PHINIA Board of Directors Initiates
Quarterly Dividend
Authorizes $150 Million Share Repurchase
Program
PHINIA Inc. (“PHINIA” or the “Company”) (NYSE: PHIN), a leader
in premium fuel systems, electrical systems, and aftermarket
products, today announced that its Board of Directors has declared
a quarterly cash dividend in the amount of $0.25 per common share,
payable on September 22, 2023 to shareholders of record at the
close of business on September 12, 2023. Going forward, the Company
expects to pay dividends on a quarterly basis, however any
subsequent declaration of dividends, including the amount, record
date and payment date for any future dividend payment, is subject
to approval by the Board of Directors. In addition, the Board of
Directors has authorized a $150 million share repurchase program,
effective immediately.
President and Chief Executive Officer Brady Ericson commented:
“We are pleased to initiate a competitive quarterly dividend and a
share repurchase program as we are confident in our business’s
strong earnings and cash generation ability. We believe that our
dividend, combined with opportunistic share repurchases, are the
logical next steps in enhancing shareholder value. We remain
committed to returning a substantial portion of free cash flow to
shareholders, maintaining our strong balance sheet, making prudent
organic investments, and selectively investing in rapidly accretive
and high ROIC acquisitions. Our investments in the business will
support our objective of sustainable profitable growth.”
Under the share repurchase program, the Company's common shares
may be repurchased in open market transactions, privately
negotiated transactions, or pursuant to one or more accelerated
stock repurchase programs or Rule 10b5-1 plans in compliance with
the requirements of the Securities and Exchange Commission. The
exact amount and timing of any purchases will depend on a number of
factors, including trading price, trading volume, and general
market conditions. The repurchase program has no expiration date
and may be suspended, discontinued, or resumed at any time. The
Company expects to utilize cash on hand and cash generated by
operations to fund repurchases under the share repurchase
program.
About PHINIA
PHINIA is an independent, market-leading, premium solutions and
components provider with over 100 years of manufacturing expertise
and industry relationships, with a strong brand portfolio that
includes Delphi, Delco Remy® and Hartridge. With 12,900 employees
across 44 locations in 20 countries, PHINIA is headquartered in
Auburn Hills, Michigan, USA.
Working across commercial vehicle and industrial applications
(heavy-duty and medium duty trucks, off-highway construction,
marine, agricultural and industrial applications), and light
vehicles passenger cars, trucks, vans and sport-utility vehicles),
we develop fuel systems and aftermarket parts that keep combustion
engines operating at peak performance, as cleanly and efficiently
as possible, while at the same time investing in future
technologies that will unlock the potential of alternative
fuels.
By providing what the market needs today, to become more
efficient and sustainable, while also developing innovative
products and solutions for a cleaner tomorrow, we are the partner
of choice for a diverse array of industrial and aftermarket
customers –powering our shared journey toward a carbon-neutral and
carbon-free tomorrow.
(DELCO REMY is a registered trademark of General Motors LLC,
licensed to PHINIA Technologies Inc.)
Forward-Looking Statements
This press release contains forward-looking statements as
contemplated by the 1995 Private Securities Litigation Reform Act
that are based on management’s current outlook, expectations,
estimates and projections. Words such as “anticipates,” “believes,”
“continues,” “could,” “designed,” “effect,” “estimates,”
“evaluates,” “expects,” “forecasts,” “goal,” “guidance,”
“initiative,” “intends,” “may,” “outlook,” “plans,” “potential,”
“predicts,” “project,” “pursue,” “seek,” “should,” “target,”
“when,” “will,” “would,” and variations of such words and similar
expressions are intended to identify such forward-looking
statements. Further, all statements, other than statements of
historical fact contained or incorporated by reference in this
press release, that we expect or anticipate will or may occur in
the future regarding our financial position, business strategy and
measures to implement that strategy, including the payment of
dividends, repurchases of the Company’s shares of common stock,
changes to operations, competitive strengths, goals, expansion and
growth of our business and operations, plans, references to future
success and other such matters, are forward-looking statements.
Accounting estimates, such as those described under the heading
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations—Critical Accounting Policies and Estimates”
in our Information Statement furnished with the Company’s
Registration Statement on Form 10-12B/A filed with the Securities
and Exchange Commission (“SEC”) on June 9, 2023, are inherently
forward-looking. All forward looking statements are based on
assumptions and analyses made by us in light of our experience and
our perception of historical trends, current conditions and
expected future developments as well as other factors we believe
are appropriate in the circumstances. Forward-looking statements
are not guarantees of performance and our actual results may differ
materially from those expressed, projected or implied in or by the
forward-looking statements.
You should not place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
Forward-looking statements are subject to risks and uncertainties,
many of which are difficult to predict and generally beyond our
control, that could cause actual results to differ materially from
those expressed, projected or implied in or by the forward-looking
statements. These risks and uncertainties, among others, include
the ability of PHINIA to succeed as a standalone publicly traded
company, which is a smaller company relative to BorgWarner; the
possibility that the spin-off will not achieve its intended
benefits; the possibility of disruption, including changes to
existing business relationships, disputes, litigation, or
unanticipated costs in connection with the spin-off; the
uncertainty regarding the expected financial performance of PHINIA
as a separate company;; supply disruptions impacting us or our
customers, such as the current shortage of semiconductor chips that
has impacted OEM customers and their suppliers, including us;
commodities availability and pricing; competitive challenges from
existing and new competitors including OEM customers; the
challenges associated with rapidly-changing technologies, and our
ability to innovate in response; uncertainties regarding the extent
and duration of impacts of matters associated with COVID-19,
including additional production disruptions; the ability to
identify targets and consummate acquisitions on acceptable terms;
the failure to promptly and effectively integrate acquired
businesses; the potential for unknown or inestimable liabilities
relating to acquired businesses; our dependence on commercial
vehicle, industrial application and light vehicle production, which
are highly cyclical and subject to disruptions; our reliance on
major OEM customers; fluctuations in interest rates and foreign
currency exchange rates; our dependence on information systems; the
uncertainty of the global economic environment; the outcome of
existing or any future legal proceedings, including litigation with
respect to various claims and any governmental investigations;
future changes in laws and regulations, including, by way of
example, taxes and tariffs, in the countries in which we operate;
impacts from any potential future acquisition or disposition
transactions; our ability to fund quarterly dividend payments and
repurchase shares under the share repurchase program; and the other
risks noted under “Risk Factors,” and in other reports that we file
with the SEC. We do not undertake any obligation to update or
announce publicly any updates to or revisions to any of the
forward-looking statements in this press release to reflect any
change in our expectations or any change in events, conditions,
circumstances, or assumptions underlying the statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20230830415719/en/
IR contact: Michael Heifler VP Investor Relations
investors@phinia.com +1 947-262-1992
Media contact: Kevin Price Global Brand & Communications
Director media@phinia.com +44 (0) 7795 463871
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