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Jun 30, 2021
Garrett Motion Q2 2021 Earnings Report
Reported strong financial results driven by increased net sales and adjusted EBITDA.
Key Takeaways
Garrett Motion Inc. reported a significant increase in net sales, reaching $935 million, up 82.6% at constant currency. Net income available to common shareholders totaled $385 million, while Adjusted EBITDA increased to $168 million with an improved margin of 18.0%. The company completed its financial restructuring and emerged from Chapter 11 on April 30, 2021.
Net sales totaled $935 million, up 82.6% at constant currency.
Net income available to common shareholders totaled $385 million; Adjusted net income was $90 million.
Adjusted EBITDA increased to $168 million; Adjusted EBITDA margin improved to 18.0%.
Completed financial restructuring and emerged from Chapter 11 on April 30, 2021.
Garrett Motion
Garrett Motion
Garrett Motion Revenue by Segment
Revenue by Segment
Gasoline Revenue
CapyFin.comDiesel Revenue
CapyFin.comAftermarket Revenue
CapyFin.com Forward Guidance
Garrett is providing the following outlook for the full year 2021 for certain GAAP and Non-GAAP financial measures.
Positive Outlook
- Net sales (GAAP) $3.70 billion to $3.90 billion
- Net sales growth at constant currency (Non-GAAP) +18% to +23%
- Outperforming global LV auto production by 8 to 12 percentage points
- Net income (GAAP) $428 million to $468 million
- Adjusted EBITDA (Non-GAAP) $590 million to $640 million
Challenges Ahead
- Net cash used for operating activities (GAAP) ($291) million to ($191) million
- Adjusted free cash flow (Non-GAAP) $300 million to $400 million
- global light vehicle auto production will increase between 10% and 11% for the full year 2021
- global commercial vehicle production will increase between 3.5% and 4.5% for the full year 2021
- Garrett’s capital expenditures and RD&E expenses for the full year 2021 are expected to total approximately 3.5% and 4.3%, respectively, of net sales.
Revenue & Expenses
Visualization of income flow from segment revenue to net income