Garrett Motion (US:GTX)2022-10-26 15:47Q3 2022 Financial Performance - Net sales reached $945 million, a 13% increase on a GAAP basis and a 25% increase at constant currency compared to the prior year[5, 32] - Adjusted EBITDA was $146 million, a 9% increase compared to the prior year[5, 32] - Adjusted EBITDA margin was 15.4%, which includes a negative impact of (190) basis points from foreign exchange (FX) and inflation pass-through[5, 32] - Adjusted Free Cash Flow (FCF) was robust at $120 million[5, 32] Liquidity and Capital Resources - The company declared its first cash dividend on Series A preferred stock, supported by robust Adjusted FCF generation[5, 32] - The company maintained a strong liquidity position of $634 million with no significant near-term maturities[5, 32] - Approximately 80% of the company's long-term debt is fixed, with cash interest on term loans less than $10 million per quarter[5, 32] 2022 Outlook - The company updated its 2022 outlook, projecting net sales between $357 billion and $367 billion, representing a growth of +7% to +9% at constant currency[28] - The company anticipates net income between $325 million and $345 million and Adjusted EBITDA between $545 million and $575 million[28] - The company expects Adjusted Free Cash Flow to be between $310 million and $370 million[28] Market Dynamics - Q3 volume of 36 million units, up 15% vs prior year[5] - Commercial Vehicles +20% at constant currency driven by Europe, Japan and North America partially offset by China[12] - The company is leveraging its core strengths and developing new technologies, with over 99% of technologies focused on emissions reduction[6]