Garrett Motion delivers record 2023 adj. EBITDA, issues 2024 outlook, and authorizes $350M buyback

Garrett Motion Inc.

2023-FY EPS reported -$0.31 revenue$3,886,000,000

Q4 net sales $945M (+5% YoY); net income $52M vs $112M; adj. EBITDA $145M (15.3% margin).
Full-year 2023 net sales $3,886M (+8%); net income $261M; adj. EBITDA $635M (record), adj. free cash flow $422M.
FY 2024 guidance: net sales $3,870M (flat), net income $253M, adj. EBITDA $620M, adj. free cash flow $375M.
Board authorized new $350M share repurchase program for 2024; $213M repurchased in 2023.
Early debt repayment of $200M in 2023; targeting $1B zero-emission revenue by 2030.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Garrett Motion Inc. reported Full Year 2024 results: revenue Net sales of $3,870 million, net income Net income of $253 million. Guidance reaffirmed.

Period: Full Year 2024
Revenue: Net sales of $3,870 million
Net income: Net income of $253 million
Guidance: reaffirmed
Result: guidance update

Exact text from the filing

Full Year 2024 Outlook • Net sales of $3,870 million, flat on a reported and constant currency basis* • Net income of $253 million; Net income margin 6.5% • Adjusted EBITDA* of $620 million; Adjusted EBITDA margin* of 16.0% • Net cash provided by operating activities of $420 million • Adjusted free cash flow* of $375 million • Authorization to repurchase $350 million of Common Stock

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Garrett Motion Inc. reported financial results for the three and twelve months ended December 31, 2023.

Period: the three and twelve months ended December 31, 2023
Result: reported results

Exact text from the filing

On February 15, 2024, Garrett Motion Inc. (the “Company”), issued a press release to report the Company’s financial results for the three and twelve months ended December 31, 2023.

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Garrett Motion Inc. filing history →

Source: SEC EDGAR

accession 0001735707-24-000010

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