Financial Data and Key Metrics - Net sales decreased by 12% on a GAAP basis and 10% at constant currency, driven by industry softness across all verticals and regions except for aftermarket, which increased by 7% [7] - Adjusted EBITDA margin improved to 16.9%, up 40 basis points sequentially, despite a $121 million decrease in reported net sales [28][32] - Adjusted free cash flow was $62 million, impacted by a $52 million change in working capital, with expectations of improvement in the second half of the year [13] - Full-year adjusted EBITDA midpoint revised to $608 million, reflecting lower production in light and commercial vehicle industries [34] Business Line Performance - Gasoline and diesel products sales decreased by 15% and 14%, respectively, impacting net sales by $107 million [1] - Commercial vehicle sales decreased by 2% at constant currency, but increased to 18% as a percentage of net sales, driving favorable mix dynamics [1] - Aftermarket business increased by 7% at constant currency, contributing $8 million to net sales and comprising 14% of total sales [1] - Zero-emission vehicle technology saw significant progress, with a first series production contract secured for fuel cell compressors in commercial vehicles [12] Market Performance - Industry softness was observed across all regions except for aftermarket, which showed growth [7] - China experienced a strong price war in the light vehicle gasoline and hybrid segment, impacting volumes for both global and local brands [42] - Europe and Korea also faced weak market conditions, with commercial vehicle and off-highway segments underperforming [46] Strategic Direction and Industry Competition - The company continues to focus on zero-emission vehicle technologies, dedicating 60% of R&D spending to this area [44] - Significant progress was made in securing predevelopment contracts for high-power centrifugal compressors and E-Powertrain solutions for commercial vehicles [30][50] - The company remains the number one turbo player in the industry, with continued momentum in both core turbo and zero-emission technologies [29][77] Management Commentary on Operating Environment and Future Outlook - Management highlighted the company's ability to adapt to volatile market conditions, delivering strong operational performance despite lower sales volumes [28][47] - Commodity deflation is expected to continue, with a 2% organic decline in net sales but no impact on adjusted EBITDA due to pass-through mechanisms [2] - The company remains confident in its ability to generate cash flow and deliver operating strength across all economic cycles [15] Other Important Information - The company returned significant value to shareholders, repurchasing $174 million in stock in the first half of 2024 and reducing debt by $394 million since the beginning of last year [6][11] - Foreign exchange had an unfavorable impact of $18 million year-over-year, primarily due to fluctuations in Asian currencies [1][22] Q&A Session Summary Question: Impact of commodity deflation and FX on revenue - Commodity deflation impacts sales but results in higher margins, with a one-quarter delay in pass-through to customers [23][24] - FX impact was mainly seen in the Korean won, Japanese yen, and Chinese renminbi, with the euro remaining stable [22] Question: Demand dynamics in Europe and China - The demand drop in China is influenced by a price war in the light vehicle gasoline and hybrid segment, affecting both global and local brands [42] - Europe and Korea also face weak market conditions, with commercial vehicle and off-highway segments underperforming [46] Question: Participation in hybrid and zero-emission vehicles - The company is actively participating in hybrid platforms, with immediate impact, while zero-emission vehicle cycles are longer [43] - Significant progress has been made in securing predevelopment contracts for zero-emission technologies [12][50] Question: Outlook for commodity costs and FX - Commodity costs are expected to continue declining, with a one-quarter delay in impacting revenue [23] - FX impact is mainly seen in Asian currencies, with the euro remaining stable [22]

Over the last four quarters, the company has surpassed consensus EPS estimates three times. Garrett Motion shares have lost about 5.7% since the beginning of the year versus the S&P 500's gain of 13.8%. There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Ahead of this ear ...

Non-GAAP Financial Measures • Continued execution of share repurchase plan 150 • Net Sales of $890M (12)% vs. $1,011M Q2 2023, (10)% at constant currency1 • Global macros deteriorating, more volatility expected in both light and commercial vehicle verticals • Regional and end-market dynamics (Europe, China) • Commodity deflation impact on pricing net of inflation pass-through Q2 2024 FINANCIAL RESULTS Forward Looking Statements This communication includes the following non-GAAP financial measures, which are ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ________________________________________________ FORM 10-Q ________________________________________________ (Mark One) OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission File Number: 001-38636 ________________________________________________ Garrett Motion Inc. (Exact Name of Registrant as Specified in its Charter) _______________________ ...

Garrett Motion Reports Second Quarter 2024 Financial Results; Updates Full Year 2024 Outlook Second Quarter 2024 Highlights Updated Full Year 2024 Outlook ROLLE, Switzerland and PLYMOUTH, Mich., July, 25, 2024 – Garrett Motion Inc. (Nasdaq: GTX) (the "Company"), a leading differentiated automotive technology provider, today announced its financial results for the three and six months ended June 30, 2024. | $ millions (unless otherwise noted) | Q2 2024 | Q2 2023 | H1 2024 | H1 2023 | | --- | --- | --- | --- ...

Contacts: INVESTOR RELATIONS MEDIA Eric Birge Amanda Jones +1 734 392 5504 +41 79 601 07 87 Eric.Birge@garrettmotion.com Amanda.Jones@garrettmotion.com The conference call also will be broadcast over the internet and include a slide presentation. To access the webcast and supporting material, please visit the investor relations section of the Garrett Motion website at http://investors.garrettmotion.com/. A replay of the conference call will be available by dialing +1-877-344- 7529 (US) or +1-412-317-0088 (i ...

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ROLLE, Switzerland, May 07, 2024 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (NASDAQ:GTX) (the "Company") announced today that Garrett Motion Holdings Inc. and Garrett LX I S.à r.l., its wholly owned subsidiaries, have priced their previously announced offering (the "Offering") and have agreed to issue and sell $800 million aggregate principal amount of their 7.750% senior unsecured notes due 2032 (the "notes") in a private offering that is exempt from the registration requirements of the Securities Act of 1933 ...

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ROLLE, Switzerland, May 06, 2024 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (NASDAQ:GTX) (the "Company") announced today that Garrett Motion Holdings Inc. and Garrett LX I S.à r.l., its wholly owned subsidiaries, are planning, subject to market and other customary conditions, to offer (the "Offering") $500 million aggregate principal amount of senior unsecured notes due 2032 (the "notes") in a private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended (the "Sec ...