Spin-off - PHINIA INC.

Form Type: 10-Q

Filing Date: 2025-04-25

Corporate Action: Spin-off

Type: New

Accession Number: 000196891525000030

Filing Summary: PHINIA INC. is a newly independent publicly-traded company that resulted from the spin-off of the Fuel Systems and Aftermarket businesses from BorgWarner Inc. on July 3, 2023. This document is the company's quarterly report for the period ended March 31, 2025. It discusses PHINIA's financial performance, including a net sales of $796 million, down from $863 million in the previous year. Gross profit also saw a decline from $192 million in Q1 2024 to $172 million in Q1 2025. Operating income decreased from $71 million to $62 million year-over-year. The report notes a provision for income taxes of 48% and presents a net earnings figure of $26 million in Q1 2025 versus $29 million in Q1 2024. It also mentions adjustments related to restructuring costs and transaction-related benefits tied to the spin-off. The company had total assets of $3.748 billion and total liabilities of $2.211 billion as of March 31, 2025. The document highlights significant fluctuations in cash and cash equivalents and long-term borrowings, in addition to listing various ongoing needs for capital expenditures. PHINIA’s core focus remains on optimizing performance and compliance with regulatory requirements within commercial and passenger vehicle sectors.