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Sep 30, 2021
Garrett Motion Q3 2021 Earnings Report
Garrett Motion reported a net sales increase, improved Adjusted EBITDA margin, and focused on deleveraging the balance sheet.
Key Takeaways
Garrett Motion reported a 4.4% increase in net sales to $839 million, with a 2.2% increase at constant currency. Adjusted EBITDA increased to $134 million, and the Adjusted EBITDA margin improved to 16.0%. The company is focused on enhancing its capital structure and pursuing growth opportunities in electrification.
Net sales totaled $839 million, up 2.2% at constant currency.
Net income available to common shareholders totaled $27 million; Adjusted net income was $65 million.
Adjusted EBITDA increased to $134 million; Adjusted EBITDA margin improved to 16.0%.
Net cash used for operating activities totaled ($55) million.
Garrett Motion
Garrett Motion
Forward Guidance
Garrett is providing the following updated outlook for the full year 2021 for certain GAAP and Non-GAAP financial measures. Garrett’s full year 2021 outlook, as of October 28, 2021, reflects the company’s expectation that global light vehicle auto production will increase between 1% and 2% for the full year 2021 (previously 10%-11%) and that global commercial vehicle production will grow between -1% and 0% for the full year 2021 (previously 3.5%-4.5%).