Business
Garrett Motion Reports Second Quarter 2024 Financial Results; Updates Full Year 2024 Outlook
Second Quarter 2024 Highlights Net sales totaled $890 million, down 12% on a reported basis and down 10% at constant currency*Net income totaled $64 million;
About this update from Garrett Motion Inc.
[{"type":"text","content":"Second Quarter 2024 Highlights Net sales totaled $890 million, down 12% on a reported basis and down 10% at constant currency*Net income totaled $64 million; Net income margin of 7.2%Adjusted EBITDA* totaled $150 million; Adjusted EBITDA margin* of 16.9%Net cash provided by operating activities totaled $126 millionAdjusted free cash flow* totaled $62 millionRepurchased $65 million of Common Stock Updated Full Year 2024 Outlook Net sales of $3,570 millionNet income of $275 million; Net income margin of 7.7%Adjusted EBITDA* of $608 million; Adjusted EBITDA margin* of 17.0%Net cash provided by operating activities of $405 millionAdjusted free cash flow* of $350 million ROLLE, Switzerland and PLYMOUTH, Mich., July 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 and six months ended June 30, 2024. $ millions (unless otherwise noted) Q2 2024 Q2 2023 H1 2024 H1 2023Net sales 890 1,011 1,805 1,981Cost of goods sold 705 809 1,448 1,590Gross profit 185 202 357 391Gross profit % 20.8% 20.0% 19.8% 19.7%Selling, general and administrative expenses 61 63 125 119Income before taxes 87 101 168 209Net income 64 71 130 152Net income margin 7.2% 7.0% 7.2% 7.7%Adjusted EBITDA* 150 170 301 338Adjusted EBITDA margin* 16.9% 16.8% 16.7% 17.1%Net cash provided by operating activities 126 164 210 256Adjusted free cash flow* 62 140 130 228 * See reconciliations to the nearest GAAP measure in pages 6-13 “Despite a volatile volume environment in the second quarter, Garrett delivered a very solid performance. We expanded our adjusted EBITDA margin by 40 basis points quarter over quarter to 16.9% and delivered $62 million of adjusted free cash flow,” said Olivier Rabiller, President and CEO of Garrett. \"We continued to deliver strong margin performance by leveraging our variable cost structure and driving sustained operating productivity. These results enabled us to once again make very significant progress on our capital allocation priorities. In Q2, we repurchased $65 million of common stock, totaling $174 million for the first half of 2024. We also issued $800 million of senior unsecured notes at favorable interest rates which we used to partially repay our Term Loan B in the quarter.\" “Coupled with our financial ...