Garrett Motion (GTX) - 2024 Q3 - Quarterly Results

Financial Performance - Net sales for Q3 2024 totaled $826 million, a decrease of 14$960 million in Q3 2023[4] - Adjusted EBITDA for Q3 2024 was $144 million, with an adjusted EBITDA margin of 17.4$52 million, resulting in a net income margin of 6.3%[3] - Adjusted free cash flow for Q3 2024 increased to $71 million, compared to$57 million in Q3 2023[12] - Net income for the three months ended September 30, 2024, was $52 million, compared to$57 million in the same period of 2023, resulting in earnings per share of $0.24[23] - Net income for the three months ended September 30, 2024, was$52 million, a decrease from $57 million in the same period of 2023, while net income for the nine months ended September 30, 2024, was$182 million, down from $209 million in 2023[8] - Adjusted EBITDA for the three months ended September 30, 2024, was$144 million, compared to $152 million in 2023, and for the nine months ended September 30, 2024, it was$445 million, down from $490 million in 2023[8] - The company reported a net income margin of 6.3$3.40 billion and $3.50 billion, with a constant currency sales growth decline of 12$585 million and $605 million[36] - Net sales for the three months ended September 30, 2024, were$826 million, a decline of 14% compared to $960 million in the same period of 2023, while net sales for the nine months ended September 30, 2024, were$2.631 billion, down from $2.941 billion in 2023[8] Debt and Cash Management - As of September 30, 2024, total principal amount of debt outstanding was$1,495 million, down from $1,497 million as of June 30, 2024[13] - Cash and cash equivalents at the end of the period were$96 million, down from $259 million at the beginning of the period[25] - Net cash provided by operating activities for the nine months ended September 30, 2024, was$277 million, compared to $330 million in the same period of 2023[27] - The company incurred interest expense of$37 million for the three months ended September 30, 2024, down from $48 million in the same period of 2023[23] - Net cash provided by operating activities for the three months ended September 30, 2024, was$67 million, down from $74 million in 2023[33] Operational Efficiency and Cost Management - The company plans to continue focusing on cost management and operational efficiency to improve profitability in the upcoming quarters[23] - Capital expenditures for the three months ended September 30, 2024, were$20 million, compared to $24 million in 2023[33] Strategic Partnerships and Innovations - The company has entered a partnership with SinoTruk to co-develop e-powertrain systems for trucks by 2027[1] - Garrett was recognized with the 2024 Stellantis Innovation Award for its zero-emission technologies[1] Market and Product Development - User base grew to 10 million active users, a 20$500 million allocated for this purpose[12] - The company plans to enter two new markets by the end of 2023, targeting a 10% market share within the first year[12] - Overall, the company remains optimistic about future growth, citing strong demand and innovative strategies[12]