PHINIA Inc. (NYSE:PHIN) Q3 2024 Results Conference Call October 31, 2024 8:30 AM ET
Company Participants
Kellen Ferris - Vice President of Investor Relations
Brady Ericson - Chief Executive Officer
Chris Gropp - Chief Financial Officer
Conference Call Participants
Jake Scholl - BNP Paribas
Operator
Good morning. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the Phinia Third Quarter 2024 Earnings Call. Today’s conference is being recorded. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions]
At this time, I would like to turn the conference over to Kellen Ferris, Vice President of Investor Relations. Please proceed.
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 some key accomplishments in the quarter and provide a brief discussion of our third quarter financial performance. Chris will provide additional detail in our financial review before we'll open up the call for questions.
Our performance during the most recent quarter reflects the ongoing successful execution of our long-term strategy, the resilience of our business in challenging environments, and the strong operational performance of our team. This includes launching exciting new products, expanding our business in growing markets and developing partnerships in our Aftermarket segment.
With respect to our P&L, I'm pleased to share another quarter of consistent results driven by the strength of our Aftermarket segment, which accounts for about 42% of our sales and the resiliency of our Fuel Systems segment. This led to another strong quarter of adjusted free cash flow.
Finally, we strengthened our balance sheet by replacing high-cost debt with new unsecured long-term notes. We have exited all material contract manufacturing agreements or CMA with our former parent and have published our first sustainability report.