Financial Performance - Garrett Motion Inc. reported strong financial performance in 2024, with an adjusted EBITDA margin expansion of 90 basis points year-over-year to 17.2% and generated $358 million in adjusted free cash flow [4][6] - Net sales for Q4 2024 were $844 million, down 11% from Q4 2023, primarily due to lower diesel production volumes in Europe and soft gasoline demand in China and North America [6][7] - The company achieved a net income of $100 million in Q4 2024, compared to $52 million in Q4 2023, driven by lower interest and tax expenses [14][6] Cost and Profitability - Cost of goods sold for Q4 2024 was $662 million, down from $756 million in Q4 2023, attributed to lower sales volumes and higher productivity [8][9] - Gross profit for Q4 2024 was $182 million, with a gross profit percentage of 21.6%, an increase from 20.0% in Q4 2023 [9][6] - Selling, general and administrative expenses decreased to $62 million in Q4 2024 from $69 million in Q4 2023, due to lower professional services and legal fees [10] Shareholder Returns and Capital Allocation - In 2024, Garrett repurchased $296 million of common shares, equivalent to a 13% reduction in share count, and initiated a $50 million annual dividend [5][20] - A new $250 million share repurchase program was authorized for 2025, reflecting the company's commitment to returning value to shareholders [21] Liquidity and Debt Management - As of December 31, 2024, Garrett had $725 million in available liquidity, including $125 million in cash and cash equivalents [18] - Total principal amount of debt outstanding decreased to $1,493 million from $1,696 million as of December 31, 2023, due to early debt repayments [19] 2025 Outlook - For 2025, Garrett expects net sales between $3.3 billion and $3.5 billion, with a constant currency sales growth forecast of -3% to +2% [24][25] - The company anticipates adjusted EBITDA for 2025 to be in the range of $545 million to $605 million [49][50]

PLYMOUTH, Mich. and ROLLE, Switzerland, Feb. 06, 2025 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (Nasdaq: GTX), a leading provider of differentiated automotive technology, today announced that it plans to release its fourth quarter financial results on Thursday, February 20, 2025, prior to the opening of the market trading in the United States. Garrett will host a conference call that same day at 8:30 am EDT / 2:30 pm CET. To participate in the conference call, please dial +1-877-883-0383 (U.S.) or +1-412-902- ...

Core Viewpoint - Garrett Motion Inc. has successfully refinanced its existing debt, reducing interest expenses and extending the maturity profile of its loans, which reflects strong market demand and confidence in the company's financial health [1][2]. Financial Summary - The company refinanced a $692 million term loan and upsized its revolving credit facility from $600 million to $630 million [1]. - The new borrowings will bear interest at SOFR plus 225 basis points, a reduction of 50 basis points from previous rates [1]. - The new term loan will mature in 2032, extending the maturity by approximately four years, while the revolving credit facility will mature in 2030, extending by about two years [1]. Company Overview - Garrett Motion Inc. is a leader in differentiated automotive technology with a 70-year history in innovation across various sectors, including automotive and off-highway equipment [3]. - The company specializes in turbocharging technology, contributing to reduced engine size, fuel consumption, and CO2 emissions [3]. - Garrett is actively developing technology solutions for Zero Emission Vehicles, including fuel cell compressors and electric propulsion systems [3]. - The company operates five R&D centers and 13 manufacturing facilities, employing over 9,000 people in more than 20 countries [3].

Garrett Motion (GTX) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #2 (Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system ...

Investors in Garrett Motion Inc. (GTX) need to pay close attention to the stock based on moves in the options market lately. That is because the Jan 17, 2025 $3 Call had some of the highest implied volatility of all equity options today.What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also m ...

ROLLE, Switzerland and PLYMOUTH, Mich., Dec. 05, 2024 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (Nasdaq: GTX) ("Garrett" or the "Company"), a leading differentiated automotive technology provider, today announced the adoption of a long-term capital allocation framework, under which the Company will target returning 75% or more of its Adjusted Free Cash Flow to shareholders over time through a combination of share repurchases and a regular quarterly cash dividend. As part of this framework, the Company’s Board ...

Phase 1/2 data show improvements across all domains and confirm that Phase 3 Aspire study is amply powered to establish efficacy of GTX-102 Phase 3 program on track to begin enrollment by end-of-year NOVATO, Calif., Nov. 09, 2024 (GLOBE NEWSWIRE) -- Ultragenyx Pharmaceutical Inc. (NASDAQ: RARE) today announced Phase 1/2 data in support of the Phase 3 Aspire study for GTX-102, its investigational antisense oligonucleotide for Angelman syndrome, that will be presented at the 2024 Foundation for Angelman Syndr ...

OCTOBER 24, 2024 Q3 2024 FINANCIAL RESULTS © 2024 Garrett Motion Inc. Forward Looking Statements This communication and related comments by management may include "forward-looking statements" within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact and can be identified by words such as "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should ...

Financial Data and Key Metrics Changes - The company reported an adjusted EBITDA margin of 17.4%, which is an increase of 160 basis points compared to the previous year despite challenging industry conditions [6][12][14] - Adjusted EBITDA was $144 million in Q3, representing an $8 million decrease year-over-year, with reported net sales decreasing by $134 million [14] - The company generated $71 million of adjusted free cash flow in Q3 2024, maintaining a strong liquidity position of $696 million [8][16] Business Line Data and Key Metrics Changes - Approximately 30% of revenue comes from commercial vehicles, aftermarket, and industrial sectors, which remained stable despite a decline in the on-highway commercial vehicle industry in Europe [7][13] - The company has seen a strong new business win rate across all turbo verticals, particularly in large turbos, driven by demand from data centers [9][10] Market Data and Key Metrics Changes - The company experienced softness in the light vehicle industry in Europe and China, with competitive pressures affecting some customers [6][12][13] - There are early signs of recovery in the China commercial vehicle industry, particularly in natural gas-powered trucks [23] Company Strategy and Development Direction - The company is focusing on expanding its turbo offerings and investing over 50% of its R&D spending in 2024 on zero-emission technologies while still investing in turbo solutions [18][19] - A letter of intent was signed to jointly develop a next-generation electric powertrain with SinoTruk, with production expected to start as early as 2027 [11] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the softness in the automotive industry as a primary driver for adjusting guidance for Q4, but noted that the company's performance remains strong [21] - The company anticipates a flat sales outlook in Q4 compared to Q3, reflecting softer industry production in light vehicles [17][18] Other Important Information - The company repurchased $52 million of common stock in Q3, totaling $226 million for the year under its $350 million stock repurchase program [8][16] - The company maintained a net leverage ratio of 2.26 times, consistent with the previous quarter [16] Q&A Session Summary Question: What surprised you in Q3 that led to the readjustment of guidance for Q4? - Management indicated that the softness in the automotive industry was stronger than anticipated, which was the main driver for the guidance adjustment [21] Question: Are there any changes in China regarding customer production startups? - Management noted ongoing softness in the passenger vehicle industry in China but highlighted signs of recovery in the commercial vehicle sector [23] Question: What is happening in the light vehicle market regarding product mix? - Management observed a trend towards more hybrid vehicles, which is positive for the turbo industry and Garrett [24] Question: Are customers adopting more higher-margin products? - Management indicated that there is a trend towards higher technology turbochargers, particularly in response to emission regulations [25] Question: Why wasn't the benefit from the refinancing reflected in the quarterly interest expense? - Management explained that the interest expense is affected by bonds that pay twice a year and some one-time fees related to the refinancing [27][28] Question: What does the electrified solutions strategy mean for the industry? - Management emphasized that both commercial and passenger vehicles are part of their electrification strategy, with significant demand for their technology [29] Question: Is the company structurally more profitable than expected? - Management confirmed that ongoing efforts to improve cost efficiency have resulted in a higher floor for profitability, despite industry softness [43][44]

Garrett Motion (GTX) came out with quarterly earnings of $0.24 per share, missing the Zacks Consensus Estimate of $0.30 per share. This compares to earnings of $0.23 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -20%. A quarter ago, it was expected that this maker of vehicle turbocharging and electric-boosting gear would post earnings of $0.24 per share when it actually produced earnings of $0.28, delivering a surprise of 16 ...