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Jun 30, 2024
Garrett Motion Q2 2024 Earnings Report
Garrett Motion's financial performance remained solid amidst a volatile volume environment, with expanded adjusted EBITDA margin and significant progress on capital allocation priorities.
Key Takeaways
Garrett Motion reported net sales of $890 million, a decrease of 12% year-over-year. Net income was $64 million with an adjusted EBITDA of $150 million. The company repurchased $65 million of common stock and issued $800 million of senior unsecured notes to partially repay its Term Loan B.
Net sales totaled $890 million, down 12% on a reported basis.
Net income totaled $64 million; Net income margin of 7.2%.
Adjusted EBITDA totaled $150 million; Adjusted EBITDA margin of 16.9%.
Repurchased $65 million of Common Stock.
Forward Guidance
Garrett is updating its outlook for the full year 2024 for certain GAAP and Non-GAAP financial measures.
Positive Outlook
- 2024 light vehicle production down 2% vs. 2023 (flat vs. 2023 in prior outlook)
- 2024 commercial vehicle production flat to down 1% including on- and off-highway (+2% in prior outlook)
- FX EUR/$ at 1.08, $/JPY at 154 and $/CNY at 7.23
- RD&E of ~4.4% of sales (vs. 4.5% in prior outlook), ~60% on zero emission technology
- Capital expenditures ~2.4% of sales (vs. 2.2% in prior outlook), with greater than 30% on zero emission technologies
Historical Earnings Impact
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Avg. Return Before/After Earnings
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