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Sep 30, 2022
Garrett Motion Q3 2022 Earnings Report
Garrett Motion's financial performance increased due to volume recovery and strong operating performance.
Key Takeaways
Garrett Motion reported a strong third quarter with net sales of $945 million, a 13% increase, and net income of $105 million. The company's performance was driven by volume recovery and effective inflation management, leading to robust cash generation. The company has revised its full year 2022 outlook and expects stable fourth quarter demand.
Net sales totaled $945 million, up 13% on a GAAP basis, up 25% at constant currency.
Net income totaled $105 million, resulting in a net income margin of 11.1%.
Adjusted EBITDA totaled $146 million, with an Adjusted EBITDA margin of 15.4%.
Adjusted free cash flow totaled $120 million.
Garrett Motion
Garrett Motion
Forward Guidance
Garrett is providing the following outlook for the full year 2022 for certain GAAP and Non-GAAP financial measures. Net sales (GAAP) $3.57 billion to $3.67 billion. Net income (GAAP) $325 million to $345 million. Adjusted EBITDA (Non-GAAP) $545 million to $575 million. Net cash provided by operating activities (GAAP) $380 million to $440 million. Adjusted free cash flow (Non-GAAP) $310 million to $370 million.
Positive Outlook
- Maintaining previous outlook exchange rate of 1.04 EUR to 1.00 USD
- Maintaining previous commitment of increased R&D investment in new technologies of approximately $18 million for the full year 2022.