Business
Garrett Motion Reports Third Quarter 2021 Financial Results
Third Quarter 2021 Highlights Reported net sales totaled $839 million, up 2.2% at constant currency*Net income available to common shareholders totaled $27
About this update from Garrett Motion Inc.
[{"type":"text","content":"Third Quarter 2021 Highlights Reported net sales totaled $839 million, up 2.2% at constant currency*Net income available to common shareholders totaled $27 million; Adjusted net income* was $65 millionAdjusted EBITDA* increased to $134 million; Adjusted EBITDA margin* improved to 16.0%Net cash used for operating activities totaled ($55) millionAdjusted free cash flow* totaled $(63) million Year-to-Date 2021 Highlights Net sales totaled $2,771 million, up 29.7% at constant currency*Net income available to common shareholders totaled $307 million; Adjusted net income* was $253 millionAdjusted EBITDA* increased to $478 million; Adjusted EBITDA margin* improved to 17.3%Net cash used for operating activities totaled ($446) millionAdjusted free cash flow* totaled $195 million ROLLE, Switzerland, Oct. 28, 2021 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (Nasdaq: GTX), a leading differentiated technology provider for the automotive industry, today announced its financial results for the quarter and nine months ended September 30, 2021. $ millions (unless otherwise noted) Q3 2021 Q3 2020 2021 YTD 2020 YTDNet sales 839 804 2,771 2,026 Cost of goods sold 676 657 2,219 1,661 Gross profit 163 147 552 365 Gross profit % 19.4% 18.3% 19.9% 18.0% Selling, general and administrative expenses 60 98 166 202 Income before taxes 91 10 449 65 Net income 63 11 367 54 Adjusted net income* 65 60 253 138 Adjusted EBITDA* 134 120 478 291 Adjusted EBITDA margin* 16.0% 14.9% 17.3% 14.4% Net cash used for operating activities (55) (41) (446) (136) Adjusted free cash flow* (63) (8) 195 (108) * See reconciliations to the nearest GAAP measure in financial tables. “Our financial results for the third quarter demonstrate Garrett’s resilience by delivering reported net sales growth and preserving an attractive margin profile in a challenging macro environment,” said Olivier Rabiller, Garrett President and CEO. “Although Q3 volumes were impacted by the ongoing chip shortage, we outperformed global auto production in the quarter by approximately 19 percentage points. Our Adjusted EBITDA margin in the quarter improved year-over-year to 16.0% as we capitalized on a favorable sales mix and maintained disciplined productivity management, both internally and with our supply base. We also increased our financial flexibility by amending our Series B Preferred Stock under favora...