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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.
Revenue by Segment
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
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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