Business
Garrett Motion Reports Second Quarter 2022 Financial Results
Second Quarter 2022 Highlights Reported net sales totaled $859 million, down 8% on a GAAP basis, flat at constant currency*Net income totaled $85 million; Net
About this update from Garrett Motion Inc.
[{"type":"text","content":"Second Quarter 2022 Highlights Reported net sales totaled $859 million, down 8% on a GAAP basis, flat at constant currency*Net income totaled $85 million; Net income margin 9.9%Adjusted EBITDA* totaled $138 million; Adjusted EBITDA margin* of 16.1%Net cash used for operating activities totaled $104 millionAdjusted free cash flow* totaled $23 millionCompleted $212 million in prepayments resulting in full redemption of Series B preferred stockUpdated full year 2022 outlook for higher production offset by weaker euro First Half 2022 Highlights Net sales totaled $1,760 million, down 9% on a GAAP basis, down 3% at constant currency*Net income totaled $173 million; Net Income Margin 9.8%Adjusted EBITDA* was $284 million; Adjusted EBITDA margin* was 16.1%Net cash provided by operations totaled $177 million Adjusted free cash flow* totaled $61 million ROLLE, Switzerland, July 28, 2022 (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 ended June 30, 2022. $ millions (unless otherwise noted) Q2 2022 Q2 2021 H1 2022 H1 2021Net sales 859 935 1,760 1,932Cost of goods sold 690 742 1,416 1,543Gross profit 169 193 344 389Gross profit % 19.7% 20.6% 19.5% 20.1%Selling, general and administrative expenses 54 51 107 106Income before taxes 105 439 230 358Net income 85 409 173 304Net income margin 9.9% 43.7% 9.8% 15.7%Adjusted EBITDA* 138 168 284 344Adjusted EBITDA margin* 16.1% 18.0% 16.1% 17.8%Net cash provided by (used for) operating activities 104 (423) 177 (391)Adjusted free cash flow* 23 139 61 279 * See reconciliations to the nearest GAAP measure in pages 6-13. “Solid first half performance coupled with recently improving trends positions Garrett to reach the upper half of our full year 2022 outlook if supply chain bottlenecks continue to ease,\" said Olivier Rabiller, Garrett President and CEO. \"Despite a volatile production environment and an accelerated weakening of the Euro for much of the first half, Garrett continues to successfully implement inflation management strategies, flex its variable cost structure, and produce solid margins. More recently we are encouraged to see emerging trends reflecting reduced production volatility and increased production volumes, although we remain cautious and are c...