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. reports developments in turbocharging, electric-boosting and thermal-management technologies for automotive, commercial vehicle and industrial applications. News commonly covers quarterly results and outlook, light-vehicle and commercial-vehicle program awards, E-Powertrain and E-Cooling wins, and product activity around oil-free centrifugal compressors for battery energy storage, data-center, HVAC and electric commercial-vehicle cooling systems.
The company also issues updates on capital allocation, including dividends and share repurchases, as well as technology presentations tied to its Turbo, Zero-Emission Vehicle and Industrial portfolios.
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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.