Business
Garrett Motion Reports First Quarter 2024 Financial Results
First Quarter 2024 Highlights Net sales totaled $915 million, down 6% on a reported basis and 5% at constant currency*Net income totaled $66 million; Net
About this update from Garrett Motion Inc.
[{"type":"text","content":"First Quarter 2024 Highlights Net sales totaled $915 million, down 6% on a reported basis and 5% at constant currency*Net income totaled $66 million; Net income margin 7.2%Adjusted EBITDA* totaled $151 million; Adjusted EBITDA margin* of 16.5%Net cash provided by operating activities totaled $84 millionAdjusted free cash flow* totaled $68 millionRepurchased $109 million of Common Stock Reiterated Full Year 2024 Outlook Net sales of $3,870 million, flat on a reported and constant currency basis*Net income of $253 million; Net income margin 6.5%Adjusted EBITDA* of $620 million; Adjusted EBITDA margin* of 16.0%Net cash provided by operating activities of $420 millionAdjusted free cash flow* of $375 million ROLLE, Switzerland, April 25, 2024 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (Nasdaq: GTX) (the \"Company\"), a leading differentiated automotive technology provider, today announced its financial results for the three months ended March 31, 2024. $ millions (unless otherwise noted) Q1 2024 Q1 2023 Net sales 915 970Cost of goods sold 743 781Gross profit 172 189Gross profit % 18.8% 19.5%Selling, general and administrative expenses 64 56Income before taxes 81 108Net income 66 81Net income margin 7.2% 8.4%Adjusted EBITDA* 151 168Adjusted EBITDA margin* 16.5% 17.3%Net cash provided by operating activities 84 92Adjusted free cash flow* 68 88 “Garrett delivered a solid first quarter of $915 million of net sales, a 16.5% adjusted EBITDA margin and $68 million of adjusted free cash flow. These results once again demonstrate our ability to generate operational efficiency by leveraging our flexible cost structure,” said Garrett President and CEO, Olivier Rabiller. “This robust execution allowed us to again return value to shareholders and execute on our capital allocation priorities. In the quarter we repurchased $109 million of common stock and on April 10th, we made an early debt repayment of $100 million.” “Our differentiated technologies continue to build momentum in both turbo and zero emission applications. This quarter, we continued to see increased customer interest for larger turbos which resulted in two new series production awards in power generation. Our high speed, best in class traction motor is currently undergoing vehicle testing with a leading global OEM and we also added two new series production awards for our high-speed f...