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Jun 30, 2023
Garrett Motion Q2 2023 Earnings Report
Garrett Motion's financial performance was strong, with raised full-year outlook and plans for partial debt repayment.
Key Takeaways
Garrett Motion reported strong second-quarter results, driven by operational excellence and strong customer demand. Net sales increased by 18% to $1,011 million, and adjusted EBITDA reached $170 million. The company is raising its full-year outlook for 2023 and planning an early debt repayment of $200 million in Q3.
Net sales totaled $1,011 million, up 18% on a reported basis and 19% at constant currency.
Net income totaled $71 million, with a net income margin of 7.0%.
Adjusted EBITDA totaled $170 million, with an adjusted EBITDA margin of 16.8%.
The company is raising its outlook for 2023.
Garrett Motion
Garrett Motion
Forward Guidance
Garrett is providing a raised outlook for the full year 2023 for certain GAAP and Non-GAAP financial measures.
Positive Outlook
- Net sales (GAAP) $3.84 billion to $4.03 billion
- Net sales growth at constant currency (Non-GAAP) +6% to +11%
- Net income (GAAP) $255 million to $290 million
- Adjusted EBITDA (Non-GAAP) $620 million to $670 million
- Net cash provided by operating activities (GAAP) $410 million to $510 million