Business
Garrett Motion Reports First Quarter 2020 Financial Results
First Quarter 2020 Highlights Net sales totaled $745 million, a decrease of 10.8% on a reported basis and 8.5% at constant currency* Net income totaled $52
About this update from Garrett Motion Inc.
[{"type":"text","content":"\nFirst Quarter 2020 Highlights\n\n\n\nNet sales totaled $745 million, a decrease of 10.8% on a reported basis and 8.5% at constant currency*\n\n\nNet income totaled $52 million, or $0.69 per basic share and $0.68 per diluted share\n\n\nAdjusted net income* was $68 million, or $0.91 per basic share and $0.89 per diluted share\n\n\nAdjusted EBITDA* decreased to $108 million; Adjusted EBITDA margin* was 14.5%\n\n\nAdjusted free cash flow* totaled $57 million; Adjusted free cash flow conversion* of 84%\n\n\nNet debt to consolidated EBITDA ratio* was 3.01x at March 31, 2020\n\n\n ROLLE, Switzerland--(BUSINESS WIRE)--\nGarrett Motion Inc. (NYSE: GTX), a cutting-edge technology provider that enables vehicles to become safer, more connected, efficient and environmentally friendly, today announced its financial results for the first quarter ended March 31, 2020.\n\n\n\n\nQ1 2019\n\n\n\n \n\n\n\n$ millions (unless otherwise noted)\n\n\n\n \n\n\n\nQ1 2020\n\n\n\n\n\n835\n\n\n\n \n\n\n\nNet sales\n\n\n\n \n\n\n\n745\n\n\n\n\n\n639\n\n\n\n \n\n\n\nCost of goods sold\n\n\n\n \n\n\n\n603\n\n\n\n\n\n196\n\n\n\n \n\n\n\nGross profit\n\n\n\n \n\n\n\n142\n\n\n\n\n\n23.5%\n\n\n\n \n\n\n\nGross profit %\n\n\n\n \n\n\n\n19.1%\n\n\n\n\n\n60\n\n\n\n \n\n\n\nSelling, general and administrative\n\n\n\n \n\n\n\n61\n\n\n\n\n\n97\n\n\n\n \n\n\n\nIncome before taxes\n\n\n\n \n\n\n\n53\n\n\n\n\n\n73\n\n\n\n \n\n\n\nNet income\n\n\n\n \n\n\n\n52\n\n\n\n\n\n92\n\n\n\n \n\n\n\nAdjusted net income*\n\n\n\n \n\n\n\n68\n\n\n\n\n\n159\n\n\n\n \n\n\n\nAdjusted EBITDA*\n\n\n\n \n\n\n\n108\n\n\n\n\n\n19.0%\n\n\n\n \n\n\n\nAdjusted EBITDA margin*\n\n\n\n \n\n\n\n14.5%\n\n\n\n\n\n21\n\n\n\n \n\n\n\nExpenditures for property, plant and equipment\n\n\n\n \n\n\n\n39\n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nMarch 31, 2019\n\n\n\n \n\n\n\n$ millions (unless otherwise noted)\n\n\n\n \n\n\n\nMarch 31, 2020\n\n\n\n\n\n1,542\n\n\n\n \n\n\n\nLong-term debt\n\n\n\n \n\n\n\n1,389\n\n\n\n\n\n1,598\n\n\n\n \n\n\n\nConsolidated debt*\n\n\n\n \n\n\n\n1,484\n\n\n\n\n\n1,392\n\n\n\n \n\n\n\nNet debt*\n\n\n\n \n\n\n\n1,230\n\n\n\n\n\n2.96X\n\n\n\n \n\n\n\nNet debt to consolidated EBITDA ratio*\n\n\n\n \n\n\n\n3.01X\n\n\n\n\n\n\n\n* See reconciliations to the nearest GAAP measure in pages 5-13. \n\n\n\n\n\n“Our financial results for the first quarter demonstrate Garrett’...