Garrett Motion Q3 net income falls to $57M from $105M; adjusted EBITDA margin improves to 15.8%

Garrett Motion Inc.

2023-Q3 EPS reported -$0.73 revenue$2,941,000,000

Net sales of $960M, up 2% reported but down 1% constant currency; net income margin 5.9% vs. 11.1% a year ago.
Adjusted EBITDA of $152M (15.8% margin) vs. $146M (15.4%) in Q3 2022; adjusted free cash flow $57M.
Repaid $200M of debt early and repurchased $161M of common stock; S&P upgraded to BB- with stable outlook.
Received two new E-Cooling pre-development awards and launched GT80, largest turbo for industrial customers.
Revised and narrowed 2023 outlook range due to currency headwinds; no specific guidance numbers provided.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Garrett Motion Inc. reported the three months ended September 30, 2023 results: revenue $960 million, net income $57 million.

Period: the three months ended September 30, 2023
Revenue: $960 million
Net income: $57 million
Result: reported results

Exact text from the filing

Net sales totaled $960 million, up 2% on a reported basis, down 1% at constant currency

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Source: SEC EDGAR

accession 0001735707-23-000072

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