Business
Garrett Motion Reports Fourth Quarter and Full Year 2019 Financial Results
Fourth Quarter 2019 Highlights Net sales totaled $830 million, an increase of 3.9% on a reported basis and up 6.2% at constant currency* Net income totaled
About this update from Garrett Motion Inc.
[{"type":"text","content":"\nFourth Quarter 2019 Highlights\n\n\n\nNet sales totaled $830 million, an increase of 3.9% on a reported basis and up 6.2% at constant currency*\n\n\nNet income totaled $136 million, or $1.79 per diluted share\n\n\nAdjusted net income* was $62 million, or $0.82 per diluted share\n\n\nAdjusted EBITDA* decreased 1.4% to $137 million; Adjusted EBITDA margin* was 16.5%\n\n\nAdjusted free cash flow* totaled $136 million; Adjusted free cash flow conversion* of 219%\n\n\nNet debt to consolidated EBITDA ratio* lowered to 2.74x at December 31, 2019\n\n\n\nFull Year 2019 Highlights\n\n\n\nNet sales totaled $3,248 million, down 3.8% reported and up 0.2% at constant currency*\n\n\nNet income totaled $313 million, or $4.12 per diluted share\n\n\nAdjusted net income* was $293 million, or $3.86 per diluted share\n\n\nAdjusted EBITDA* decreased 6.0% to $583 million; Adjusted EBITDA margin* was 17.9%\n\n\nAdjusted free cash flow* totaled $318 million; Adjusted free cash flow conversion* of 109%\n\n\n ROLLE, Switzerland--(BUSINESS WIRE)--\nGarrett Motion Inc. (NYSE: GTX), a cutting-edge technology provider that enables vehicles to become safer, more connected, efficient and environmentally friendly, today announced its financial results for the fourth quarter and full year ended December 31, 2019.\n\n\n\n\nQ4 2019\n\n\n\n \n\n\n\nQ4 20181 \n\n\n\n \n\n\n\n$ millions (unless otherwise noted)\n\n\n\n \n\n\n\nFull Year 2019\n\n\n\n \n\n\n\nFull Year 20181,2 \n\n\n\n\n\n830\n\n\n\n \n\n\n\n799\n\n\n\n \n\n\n\nNet sales\n\n\n\n \n\n\n\n3,248\n\n\n\n \n\n\n\n3,375\n\n\n\n\n\n669\n\n\n\n \n\n\n\n627\n\n\n\n \n\n\n\nCost of goods sold\n\n\n\n \n\n\n\n2,537\n\n\n\n \n\n\n\n2,599\n\n\n\n\n\n161\n\n\n\n \n\n\n\n172\n\n\n\n \n\n\n\nGross profit\n\n\n\n \n\n\n\n711\n\n\n\n \n\n\n\n776\n\n\n\n\n\n19.4%\n\n\n\n \n\n\n\n21.5%\n\n\n\n \n\n\n\nGross profit %\n\n\n\n \n\n\n\n21.9%\n\n\n\n \n\n\n\n23.0%\n\n\n\n\n\n63\n\n\n\n \n\n\n\n63\n\n\n\n \n\n\n\nSelling, general and administrative\n\n\n\n \n\n\n\n249\n\n\n\n \n\n\n\n249\n\n\n\n\n\n90\n\n\n\n \n\n\n\n103\n\n\n\n \n\n\n\nIncome before taxes\n\n\n\n \n\n\n\n346\n\n\n\n \n\n\n\n396\n\n\n\n\n\n136\n\n\n\n \n\n\n\n69\n\n\n\n \n\n\n\nNet income\n\n\n\n \n\n\n\n313\n\n\n\n \n\n\n\n1,206\n\n\n\n\n\n62\n\n\n\n \n\n\n\n53\n\n\n\n \n\n\n\nAdjusted net income*\n\n\n\n \n\n\n\n293\n\n\n\n \n\n\n\n399\n\n\n\n\n\n137\n\n\n\n...