Garrett Motion Stock Price, News & Analysis

Garrett Motion Inc. reported a strong first quarter of 2023 with net sales of $970 million, an 8% increase year-over-year, and an adjusted EBITDA of $168 million (17.3% margin). The net income stood at $81 million, resulting in an 8.4% margin, a decline from 9.8% in 2022. The company benefitted from increased volumes and successful new product launches. Despite inflationary pressures, gross profit rose to $189 million (19.5% margin). Cash flow from operations improved to $92 million compared to $73 million last year. Garrett reaffirmed its 2023 outlook with projected net sales of $3.79 billion to $3.98 billion and adjusted EBITDA of $585 million to $635 million. The simplification of capital structure is expected to enhance cash flow by over $100 million annually.

Garrett Motion Inc. (NASDAQ: GTX) showcased its advanced turbocharging and electrification technologies at Auto Shanghai 2023 (April 18-27), targeting the growing automotive market in China. CEO Olivier Rabiller emphasized the company's commitment to sustainable mobility through innovative engineering solutions. New offerings include variable nozzle turbines for enhanced fuel efficiency, E-turbos for smaller engines, and hydrogen fuel cell compressors aimed at zero-emission vehicles. Garrett also invests over 50% of R&D resources into electrification and is developing a 3-in-1 E-axle technology. The company maintains a strong presence in China with manufacturing facilities in Shanghai and Wuhan and an expanding R&D center, employing over 1,000 professionals.