Garrett Motion Stock Price, News & Analysis

Garrett Motion Inc. (Nasdaq: GTX) announced plans to release its financial results for Q3 and nine months ended September 30, 2021, on October 28, 2021, before market open. The company will host a conference call at 8:30 am ET / 2:30 pm CET the same day to discuss the results. Interested participants can join by dialing +1-833-797-0899 (US) or +1-409-937-8894 (international) with access code 1935489. The call will also be available via webcast on Garrett's investor relations website.

Garrett Motion Inc. (Nasdaq: GTX) announced key financial restructuring measures aimed at reducing leverage and enhancing balance sheet flexibility. The company will redeem approximately $213 million of its Series B Preferred Stock early in 2022, reducing the present value of remaining payments to around $400 million. Additionally, the put option for repurchase has been deferred until December 31, 2022. Garrett aims to leverage this flexibility for capital deployment and growth opportunities. The board also saw a leadership change with Tina Pierce replacing Darius Adamczyk as Honeywell's designee.

Garrett Motion Inc. (GTX) reported strong Q2 2021 results, with net sales of $935 million, up 82.6% at constant currency. Net income available to common shareholders soared to $385 million. Adjusted EBITDA increased to $168 million, marking an EBITDA margin of 18.0%. The company completed its financial restructuring, emerging from Chapter 11 on April 30, 2021. For FY 2021, Garrett projects net sales between $3.70 billion and $3.90 billion and net income of $428 million to $468 million.

Garrett Motion Inc. (Nasdaq: GTX) announced plans to release its financial results for Q2 and six months ended June 30, 2021, on July 29, 2021, before market open. The company will host a conference call at 8:30 AM ET the same day, accessible by phone or via a webcast. Garrett Motion is recognized for providing innovative technology solutions for the automotive industry. Investors can find more information and access the call through the investor relations section of Garrett’s website.

Garrett Motion Inc. (Nasdaq: GTX) announced the launch of its Model-Based Predictive Control (MPC) technology software in collaboration with Hyundai Motor Company. This innovative software aims to enhance the performance, efficiency, and reliability of various vehicle types, including ICE, hybrid, and electric models. By integrating the MPC technology into Hyundai's i20 N, Garrett enables OEMs to optimize fuel economy and reduce emissions while streamlining development efforts. The initiative underscores Garrett's commitment to innovation and its expansion in the automotive technology market.

Garrett Motion Inc. (Nasdaq: GTX) announced an expansion of its Wuhan, China production facility by 50% to meet increasing demand from local and global automakers. The plant, operational since 2013, has experienced a 60% annual growth rate in production from 2014 to 2020, with net sales in China rising over 32% in 2020. The expansion, expected to complete by Q1 2022, will feature advanced production lines for turbo technology and electrification. This move underscores Garrett's commitment to supporting automotive innovations in China’s growing market.

Garrett Motion Inc. (Nasdaq: GTX) announced that its common stock is now trading on the Nasdaq Global Select Market, the exchange's highest listing tier. This follows the successful exit from Chapter 11 restructuring on April 30, 2021, which has strengthened Garrett's balance sheet and competitive position. CEO Olivier Rabiller stated that this listing marks a new era for the company, enhancing its ability to pursue growth opportunities in turbo, electrification, and connected vehicle technologies. The move signifies an important milestone in Garrett's evolution.

Garrett Motion has received an improved stalking horse bid from KPS Capital Partners, increasing the purchase price from $2.1 billion to $2.6 billion as part of its ongoing Chapter 11 bankruptcy process. KPS aims to retain claims against Honeywell and lists the new parent company on a U.S. exchange. Existing shareholders will have an opportunity to co-invest up to $350 million, potentially retaining 24% equity. Additionally, there is an alternative proposal from institutional investors to buy control without a competitive auction, which Garrett is currently evaluating.