PHINIA Inc. (NYSE:PHIN) Q2 2024 Earnings Conference Call July 30, 2024 8:30 AM ET

Company Participants

Kellen Ferris - Vice President of Investor Relations
Gordon Muir - Vice President and Treasurer
Brady Ericson - Chief Executive Officer
Chris Gropp - Chief Financial Officer

Conference Call Participants

Jake Scholl - BNP Paribas Exane
Adam Jonas - Morgan Stanley
Daniel S - Barclays
Drew Estes - Banyan Capital Management Inc

Operator

My name is Ian, and I will be your conference operator today. At this time, I would like to welcome everyone to the Phinia Q2 2024 Earnings Call [Operator Instructions]

I will now hand the call over to Kellen Ferris, Vice President of Investor Relations. Kellen, you may begin your conference.

Kellen Ferris

Thank you. Good morning, everyone. We appreciate you joining us. Our conference call materials were issued this morning and are available on Phinia's Investor Relations website, including a slide deck we'll be referencing in our remarks. We are also broadcasting this call via webcast. Joining us today are Brady Ericson, CEO; and Chris Gropp, CFO.

During this call, we will make forward-looking statements, which are based on management's current expectations and are subject to risks and uncertainties. Actual results may differ materially from these statements due to a variety of factors, including those described in our SEC filings.

And with that, it's my pleasure to turn the call over to Brady.

Brady Ericson

Thank you, Kellen, and thank you to everyone for joining us this morning. I will start with some overall comments on what we've accomplished during our first year as a stand-alone entity, and then discuss our second quarter performance and outlook. Chris will provide additional detail in our financial review before we will open up the call for questions. This month, we celebrated our first anniversary as a stand-alone publicly traded entity.

Throughout the past year, we rigorously applied financial discipline in everything we did from day-to-day operations to business development to capital allocation. In turn, we successfully executed our financial, operational and capital allocation strategies, many of these ahead of plan.

Some highlights include consistent operational performance, strong cash flow generation, successful refinancing of high-cost debt and returning over $180 million to shareholders via dividends and share repurchases, coupled with a long list of new business wins and pipeline of new product launches, you can understand why we are confident in our long-term future. We have also been active on the corporate governance front, having appointed a new independent member of the Board of Directors adding investor perspective, financial expertise, and diversity.