Garrett Motion raises 2023 outlook to upper end; preferred conversion possible Q2

Garrett Motion Inc.

Full-year 2023 net income and Adjusted EBITDA now expected at upper end of prior outlook, driven by stronger volumes, ramp-up of new programs, operational excellence, and favorable FX.
Consolidated EBITDA conversion threshold for Series A preferred stock could be satisfied as early as Q2 2023.
Remaining conversion condition requires 75-day VWAP of common stock > $7.875; VWAP as of March 31, 2023 was $7.70.
First quarter 2023 conference call scheduled for April 24, 2023.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Garrett Motion Inc. updated its full year 2023 guidance (reaffirmed).

Period: full year 2023
Guidance: reaffirmed
Result: guidance update

Exact text from the filing

Garrett Motion Inc. (Nasdaq: GTX, GTXAP) , a leading differentiated technology provider for the automotive industry, today announced that it now expects to achieve financial results in the upper end of the full year 2023 outlook published on February 14, 2023.

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Source: SEC EDGAR

accession 0001735707-23-000027

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