Business
Garrett Motion Announces Preliminary Results for First Quarter 2023 and Increases 2023 Outlook
ROLLE, Switzerland, April 17, 2023 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (Nasdaq: GTX, GTXAP), a leading differentiated technology provider for the
About this update from Garrett Motion Inc.
[{"type":"text","content":"ROLLE, Switzerland, April 17, 2023 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (Nasdaq: GTX, GTXAP), a leading differentiated technology provider for the automotive industry, today announced strong preliminary results for first quarter 2023, including year-over-year net sales, net income, adjusted EBITDA, cash flow from operations and adjusted free cash flow. The Company also released its full year financial outlook, including increased forecasts for fiscal year 2023 net sales, net income, cash flow from operations, adjusted EBITDA, and adjusted free cash flow. The Company will announce its first quarter results in full before markets open on April 24, 2023. “Our strong first quarter results and increased 2023 outlook reflect our significant operating momentum as we continue to advance our business transformation, along with strong industry volumes in key regions, favorable foreign exchange, and robust cash flow generation. We are updating our outlook accordingly as we see some of the strength carrying into the next quarters. We remain focused on operational excellence, flexing our variable cost structure and maximizing cash flow generation,” said Garrett President and CEO, Olivier Rabiller. Preliminary First Quarter 2023 Results While the results are still preliminary and subject to the Company’s detailed quarter-end close procedures and independent review, the Company expects the following results for the first quarter ended on March 31, 2023: Net sales of $970 million, an 8% increase compared to $901 million in first quarter 2022, up 13% at constant currency*Net income of $81 million, net income margin 8.4%, down from $88 million, primarily due to unrealized marked-to-market gains on our interest rate swaps in the first quarter 2022Adjusted EBITDA* of $168 million, Adjusted EBITDA margin* of 17.3%, up from $146 million in the first quarter 2022Cash provided by operating activities of $92 million, compared to $73 million in the first quarter 2022Adjusted free cash flow* of $88 million, compared to $38 million in the first quarter 2022Cash and cash equivalents of $291 million at quarter-endUndrawn Revolving Credit Facility capacity of $475 million at quarter-endTotal debt principal outstanding of $1,193 million Full Year 2023 Outlook Garrett is providing the following updated outlook for the full year 2023 for certain GAAP and Non-...