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Mar 31, 2024
Garrett Motion Q1 2024 Earnings Report
Garrett Motion's first quarter performance in 2024 saw a decrease in net sales but maintained a solid adjusted EBITDA margin.
Key Takeaways
Garrett Motion reported net sales of $915 million, a decrease of 6% compared to the previous year. The company's adjusted EBITDA was $151 million, with a margin of 16.5%. They also generated $68 million in adjusted free cash flow and repurchased $109 million of common stock.
Net sales totaled $915 million, down 6% year-over-year.
Net income was $66 million, with a net income margin of 7.2%.
Adjusted EBITDA totaled $151 million, with an adjusted EBITDA margin of 16.5%.
Adjusted free cash flow was $68 million.
Garrett Motion
Garrett Motion
Garrett Motion Revenue by Segment
Revenue by Segment
Gasoline Revenue
CapyFin.comDiesel Revenue
CapyFin.comCommercial Vehicles Revenue
CapyFin.comAftermarket Revenue
CapyFin.com Forward Guidance
Garrett is reiterating its outlook for the full year 2024 for certain GAAP and Non-GAAP financial measures.
Positive Outlook
- 2024 light vehicle industry production flat to down 1% from 2023
- 2024 commercial vehicle industry, including both on- and off-highway, up 2% from 2023
- 2024 average light vehicle battery electric vehicle penetration of 15%
- 2024 Euro/dollar assumption of 1.08 EUR to 1.00 USD
- R&D investment ~4.5% of sales in 2024, with approximately 60% on zero emission technologies
Revenue & Expenses
Visualization of income flow from segment revenue to net income