Total Revenue

+83% " " "

The sharp increase stemmed from significant eProduct expansion, strategic acquisitions, and favorable market demand. In particular, organic net sales grew on the back of strong customer orders in new electrification programs, while foreign currency provided a minor tailwind. " " "

North America

+259% " "

This outsized growth was driven by a major recovery in vehicle production versus the prior period, alongside successful auto OEM launches of electric vehicle components. Additionally, restructuring actions taken last year helped lower costs, amplifying the region’s revenue growth. " "

Europe

+104% " "

Market conditions improved with higher vehicle build schedules, especially in battery-electric and hybrid platforms. Company-specific initiatives, including localization of eMotor and inverter manufacturing, boosted regional revenues. Europe also benefited from currency gains. " "

Asia

+20% " "

While the region’s growth rate was more modest compared to other geographies, steady demand for electric and hybrid platforms among local OEMs supported revenue increases. External factors, such as supply chain normalization, helped maintain volumes. " "

Other

Improved from -$3M to $58M " "

This category rebounded primarily due to a one-time asset sale gain and lower merger-related expenses compared to the previous year. Cost-saving measures and improved overhead absorption also contributed to the positive shift. " "

Operating Income

Decreased from $281M to -$316M " " "

Despite strong top-line growth, substantial restructuring charges, higher input costs for electronics, and amortization from recent acquisitions weighed heavily on profitability. The company also saw short-term operational inefficiencies in ramping up eProduct production. " " "

Net Income

Decreased from $154M to -$405M " " "

The swing into negative territory reflected the drop in operating income, along with increased non-cash charges tied to acquisitions and restructuring. An unfavorable tax adjustment contributed further to the decline, though management anticipates margin improvement in upcoming quarters. " " "

Sales

FY 2024

$14.1B to $14.4B "

$14.0B to $14.2B "

lowered

Margin

FY 2024

9.6% to 9.8% "

9.8% to 10.0% "

raised

Adjusted EPS

FY 2024

not specified "

$4.15 to $4.30 "

raised

End Market

FY 2024

down 2% to 3% "

down 3% to 3.5% "

lowered

Organic Sales Change

FY 2024

no prior guidance

flat to down 1.5% "

no prior guidance

Outgrowth

FY 2024

no prior guidance

200 to 300 bps "

no prior guidance

Free Cash Flow

FY 2024

no prior guidance

$475M to $575M "

no prior guidance

Foreign Currency Impact

FY 2024

no prior guidance

$20M "

no prior guidance

China exposure and growth

Previously emphasized strong positioning in China, with 15-20% of sales from Chinese OEMs, noting challenges but significant EV and hybrid opportunities. " " " "

Continues to be a critical market, accounting for 20% of global sales; Q4 2024 highlighted lower volumes but still major EV focus and plans for future product launches. " "

Recurring topic; sentiment remains cautiously optimistic despite near-term headwinds.

Electrification and eProducts

Historically a major strategic focus. Discussed robust EV/hybrid growth, especially in China and Europe; highlighted battery systems, multiple product awards, and strong future revenue projections. " " " "

Q4 2024 notes $2.3B+ eProducts sales, slight softness in battery sales but resilience in other electrification lines; sees increasing EV adoption globally and reaffirms focus on scaling eProducts. " " "

Consistent focus; remains a core growth driver with moderate near-term challenges.

Growth Over Market (GOM)

Q1–Q3 2024 cited outperforming market by 2–4% on average, adjusted slightly downward in Q3 but still above industry production. " " "

Q4 2024 expects 100–300 bps outgrowth despite various headwinds; maintained historical ~2–3% outperformance range. " "

Recurring theme; slight moderation but still positive outperformance outlook.

Margins and cost structure

Q1–Q3 2024 margins ranged from ~9–10%, aided by restructuring, cost controls, and operational efficiencies; incremental margins generally in mid-teens. " " " "

Q4 2024 saw ~10.2% adjusted operating margin; benefits from restructuring actions, with expectations to remain above 10% range in 2025. " " "

Consistently addressed; steady improvement, remains a key profitability focus.

Tariffs and import cost exposure

Occasionally referenced potential U.S./Europe tariffs on Chinese imports and partial cost pass-through; Q2 mention of uncertainty in China trade. "

In Q4 2024, indicated ~$875M in imported materials, with partial exposure from Mexico, Canada, and China; no net cost included in guidance, pending timing and cost-sharing. " "

Re-emerged discussion; monitoring impact, not consistently highlighted every quarter.

PowerDrive Systems (PDS) performance

Q2–Q3 discussions detailed restructuring actions to align costs, expecting $100M savings by 2026; short-term sales challenges from program delays but optimism about long-term profitability. " " "

Q4 2024 faced over $200M sales decline in foundational side; e-side relatively flat; recorded a $577M goodwill impairment but highlighted upcoming product launches for 2025. " "

Ongoing topic; sentiment remains mixed due to near-term setbacks countered by optimism for future launches.

Eldor losses

Drag on operating income each quarter: ~$9–14M year-over-year. " " " "

Q4 2024 documents a $12M year-over-year drag. "

Persistent headwind; continues to weigh on earnings, consistently acknowledged.

North American EV program delays

Mentioned in Q2 as underperformance in a BEV program in North America; Q3 indicated slowdown in quoting but no direct large-scale mention of a single delayed program. " "

Cited again in Q4 2024 as a primary factor dampening growth, with major EV program delays reducing near-term outlook. "

Recurrent challenge; sentiment slightly more cautious with delays persisting.

Acquisitions and strategic investments

Earlier quarters (Q1–Q3 2024) included references to Eldor, SSE acquisitions, cautious stance on further M&A, and emphasis on organic growth and balanced capital returns. " " "

Q4 2024 reiterates organic investment as top priority but remains open to acquisitive opportunities, leveraging strong balance sheet amid market turbulence. " "

Continual element; consistent messaging on disciplined acquisitions and focus on inorganic growth if warranted.

Declining market production volumes

Q1–Q3 2024 consistently noted weaker market conditions (down 2–6%), specifically in China and Europe; still managed to outperform. " " "

Q4 2024 shows ~4% decline in production but ~220 bps outgrowth; expects further decline of 1–3% in 2025 with continued emphasis on outperforming market. " " "

Ongoing constraint; moderate negativity with slight offsets from above-market performance.