Business
Garrett Motion Reports Fourth Quarter 2022 Financial Results
Fourth Quarter 2022 Highlights Reported net sales totaled $898 million, up 4% on a GAAP basis, up 15% at constant currency*Net income totaled $112 million;
About this update from Garrett Motion Inc.
[{"type":"text","content":"Fourth Quarter 2022 Highlights Reported net sales totaled $898 million, up 4% on a GAAP basis, up 15% at constant currency*Net income totaled $112 million; Net income margin 12.5%Adjusted EBITDA* totaled $140 million; Adjusted EBITDA margin* of 15.6%Net cash provided by operating activities totaled $137 millionAdjusted free cash flow* totaled $132 million YTD 2022 Highlights Net sales totaled $3,603 million, down 1% on a GAAP basis, up 8% at constant currency*Net income totaled $390 million; Net Income Margin 10.8%Adjusted EBITDA* was $570 million; Adjusted EBITDA margin* was 15.8%Net cash provided by operating activities totaled $375 millionAdjusted free cash flow* totaled $313 million Delivered outlook for 2022 ROLLE, Switzerland, Feb. 14, 2023 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (Nasdaq: GTX, GTXAP), a leading differentiated technology provider for the automotive industry, today announced its financial results for the quarter and year ended December 31, 2022. $ millions (unless otherwise noted) Q4 2022 Q4 2021 Full Year2022 Full Year2021Net sales 898 862 3,603 3,633Cost of goods sold 737 707 2,920 2,926Gross profit 161 155 683 707Gross profit % 17.9% 18.0% 19.0% 19.5%Selling, general and administrative expenses 52 50 216 216Income before taxes 135 89 496 538Net income 112 128 390 495Net income margin 12.5% 14.8% 10.8% 13.6%Adjusted EBITDA* 140 129 570 607Adjusted EBITDA margin* 15.6% 15.0% 15.8% 16.7%Net cash provided by (used for) operating activities 137 136 375 (310)Adjusted free cash flow* 132 151 313 367 * See reconciliations to the nearest GAAP measure in pages 5-13 \"Fourth quarter 2022 results showed a strong rebound across all regions and product lines, compared with the same period a year ago. Fourth quarter net sales increased 4% on a reported basis and 15% at constant currency, as we continue to flex our variable cost structure to manage macro volatility, successfully offsetting both foreign exchange and inflationary pressures,” said Garrett President and CEO, Olivier Rabiller. “For the full year of 2022, net sales were $3.6 billion down by 1% on a reported basis and up by 8% on a constant currency basis, with strong operational performance and solid full year cash generation. We expect to profitably grow share of demand and generate strong free cash flow in 2023 as we continue to focus on solid execution in a...