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Sep 30, 2023
Garrett Motion Q3 2023 Earnings Report
Garrett Motion reported solid Q3 financial results driven by productivity gains and operational excellence, which offset currency and product mix headwinds. The company also saw momentum in zero emission vehicle products and executed capital allocation priorities.
Key Takeaways
Garrett Motion's Q3 2023 net sales were $960 million, up 2% year-over-year. Net income was $57 million, with an adjusted EBITDA of $152 million. The company repaid $200 million of debt and repurchased $161 million of common stock.
Net sales totaled $960 million, up 2% on a reported basis, down 1% at constant currency
Net income totaled $57 million; Net income margin 5.9%
Adjusted EBITDA totaled $152 million; Adjusted EBITDA margin of 15.8%
Repurchased $161 million of Common Stock
Garrett Motion
Garrett Motion
Forward Guidance
Garrett is providing the following revised outlook for the full year 2023 for certain GAAP and Non-GAAP financial measures.
Positive Outlook
- Net sales (GAAP) $3.83 billion to $3.90 billion
- Net sales growth at constant currency (Non-GAAP) +7% to +9%
- Net income (GAAP) $252 million to $272 million
- Adjusted EBITDA (Non-GAAP) $615 million to $645 million
- Net cash provided by operating activities (GAAP) $413 million to $463 million
Challenges Ahead
- 2023 Euro/dollar assumption of 1.08 EUR to 1.00 USD, 1.05 EUR for Q4, decrease vs. prior outlook of 1.10 EUR to 1.00 USD