Welcome to our dedicated page for Garrett Motion news (Ticker: GTX), a resource for investors and traders seeking the latest updates and insights on Garrett Motion stock.
Garrett Motion Inc. (NASDAQ: GTX) is described in its public communications as a differentiated automotive technology provider with a long history in turbocharging and growing activities in zero-emission vehicle technologies. The GTX news page on Stock Titan aggregates company press releases and third-party coverage so readers can follow how these themes develop over time.
According to recent announcements, Garrett reports quarterly financial results, updates its full-year outlook, and communicates decisions on dividends, share repurchase programs and debt management. These items appear in earnings releases, Form 8-K filings and related press releases, giving investors insight into revenue trends, margins, cash flow and capital allocation priorities.
Garrett’s news flow also highlights business developments such as new light vehicle turbo program awards, commercial vehicle and industrial contracts, milestones in E-Powertrain, E-Cooling and fuel cell programs, and the opening of innovation centers like the Wuhan Innovation Center in China. The company uses these updates to describe progress in turbocharging, electrification and zero-emission technologies across passenger vehicles, commercial vehicles and industrial applications.
Corporate governance and organizational changes, including board and executive transitions, are disclosed through press releases and current reports. In addition, index membership updates, such as Garrett’s inclusion in the Russell 2000 Index, are communicated as part of its capital markets profile.
By reviewing GTX news on this page, readers can track Garrett Motion’s reported operating performance, technology initiatives and financing actions in one place. Regular updates tied to official company communications and regulatory disclosures help investors and observers monitor how the company presents its strategy in turbocharging and zero-emission technologies over time.
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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.
Garrett Motion Inc. (Nasdaq: GTX, GTXAP) reported strong preliminary results for Q1 2023, with a net sales increase of 8% to $970 million compared to $901 million in Q1 2022. The company also announced an updated financial outlook for the full year 2023, revising net sales forecasts to between $3.79 billion and $3.98 billion, up from $3.55 billion to $3.85 billion. Adjusted EBITDA is expected to be between $585 million and $635 million. Net income for Q1 was $81 million, down from $88 million year-over-year, reflecting prior unrealized gains. Cash flow from operations improved to $92 million vs. $73 million in the previous year. The full year outlook also anticipates industry production increase of 1%. Garrett has initiated a syndication of a $700 million secured Term Loan B for capital structure normalization.
Garrett Motion Inc. (Nasdaq: GTX, GTXAP) has announced the conversion of its Series A Preferred Stock into Common Stock, expected around July 3, 2023. This move simplifies the capital structure, enhancing liquidity with a multi-billion dollar equity market capitalization. The elimination of the 11% dividend on Series A Preferred Stock will benefit the company's annual net cash flow by over $100 million. Additionally, Garrett plans to repurchase $570 million of Series A shares and has authorized a $250 million increase in its stock buyback program. Centerbridge and Oaktree will remain significant shareholders, reducing their governance rights while maintaining their board seats. This transition aims to broaden Garrett's shareholder base and improve financial flexibility.
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