Garrett Motion (US:GTX)2024-10-24 10:58Financial Performance - Net sales for Q3 2024 totaled $826 million, a decrease of 14% compared to $960 million in Q3 2023[4] - Adjusted EBITDA for Q3 2024 was $144 million, with an adjusted EBITDA margin of 17.4%, up 160 basis points year-over-year[2] - Net income for Q3 2024 was $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% for the three months ended September 30, 2024, compared to 5.9% in 2023, and a net income margin of 6.9% for the nine months ended September 30, 2024, compared to 7.1% in 2023[8] Sales and Revenue Outlook - The full year 2024 outlook for net sales is projected between $3.40 billion and $3.50 billion, with a constant currency sales growth decline of 12% to 10%[15] - The full year 2024 outlook for reported net sales growth at constant currency is projected to be between -12% and -10%[35] - The full year 2024 outlook for adjusted EBITDA is estimated to be between $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% increase compared to the previous quarter[12] - New product launches contributed to a 30% increase in sales in the last quarter[12] - Market expansion efforts led to a 25% increase in international sales[12] - The company is exploring potential acquisitions to strengthen its market position, with a budget of $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]