Phinia rises on quarterly dividend, share repurchase plans

PHINIA

31/08/2023 14:09

** Shares of automobile parts maker Phinia  PHIN.N  rise
3.2% to $27.65 premarket 
    ** Co announces quarterly cash dividend of 25 cents/shr
payable on September 22 and share buyback of $150 mln, effective
immediately 
    ** Says to use cash on hand and cash generated by operations
to fund repurchase 
    ** Also plans to pay dividends on a quarterly basis 
    ** As of last close, co has around 47.01 mln shares
outstanding
    ** Up to last close, stock had fallen 11% since its market
debut on June 28 

 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))