Phinia falls on annual forecast cut, lower Q3 profit

PHINIA

06/11/2023 17:50

** Shares of automobile parts maker Phinia  PHIN.N  down
1.8% at $26.27
    ** Co trims its 2023 net sales outlook to the range of $3.44
bln to $3.50 bln from prior forecast of $3.50 bln to $3.60 bln 
    ** Cuts full-year adj sales outlook to the range of $3.40
bln to $3.45 bln
    ** Reports Q3 adj profit of $0.53 per share, down from adj
profit of $1.86 per share, reported a year ago
    ** Says it revised FY outlook due to commercial vehicle
sales running lower than expected in China, impact from strikes
in North America and less favorable currency than expected
    ** PHIN shares trading flat YTD

 (Reporting by Rupali Chaudhary in Bengaluru)
 ((Rupali.chaudhary@thomsonreuters.com))