Garrett Motion Inc. - GTX STOCK NEWS

Garrett Motion (GTX) reported Q3 2024 financial results with net sales of $826 million, down 14% year-over-year. The company achieved a net income of $52 million with a 6.3% margin and Adjusted EBITDA of $144 million with a 17.4% margin. Operating cash flow was $67 million with adjusted free cash flow of $71 million. Key business developments include new marine and auxiliary power awards, a partnership with SinoTruk for e-powertrain systems, and recognition with the 2024 Stellantis Innovation Award. The company updated its full-year 2024 outlook, reducing net sales guidance to $3.40-3.50 billion from $3.50-3.65 billion previously.

Garrett Motion Inc. (NYSE: GTX) and China National Heavy Duty Truck Group Co., (SinoTruk) have signed a Letter of Intent to collaborate on advanced technologies for electric commercial vehicles. The partnership aims to develop a next-generation E-powertrain for SinoTruk's product portfolio, with mass production targeted for 2027.

The alliance will focus on Proof of Concepts for e-powertrain systems in light and heavy trucks, emphasizing energy efficiency and simplified vehicle integration. Garrett's high-speed electric motor technology allows for smaller, lighter, and more efficient electrified powertrains, while SinoTruk will contribute its expertise in high-speed transmission and beam-axle integration.

This collaboration is expected to set new standards for power density in the industry and accelerate the adoption of zero-emission technologies in the commercial vehicle market, particularly in China.

Garrett Motion Inc. (NASDAQ: GTX) has announced the establishment of a new zero-emission innovation center in Wuhan, China. The center, located at Garrett's Wuhan manufacturing facility, will focus on advancing research into high-speed E-Powertrain systems, fuel cell compressors, and electric vehicle cooling solutions. It will feature state-of-the-art R&D labs, a prototype development workshop, and offices with advanced testing capabilities.

The Wuhan Innovation Center will enhance Garrett China's role in the global R&D network, accelerating the transition of zero-emission technologies to practical applications for local market needs. This expansion builds on Garrett's 30-year history of providing turbo technologies to the Chinese automotive industry and its 15-year presence in Wuhan, where it has produced over 10 million turbos.

The new center will complement Garrett's existing R&D Center in Shanghai and strengthen its ability to meet the evolving needs of the Chinese automotive industry, particularly in the growing zero-emission vehicle sector.

Garrett Motion Inc. (Nasdaq: GTX), a leading automotive technology provider, has announced its plan to release third quarter 2024 financial results on Thursday, October 24, 2024, before the U.S. market opens. The company will host a conference call at 8:30 am EDT / 2:30 pm CET on the same day.

To participate in the call, dial +1-877-883-0383 (US) or +1-412-902-6506 (international) using passcode 4470754. The call will include a slide presentation and be webcast on Garrett's investor relations website. A replay will be available via phone and the webcast will be archived on the company's website.

Garrett Motion specializes in turbocharging and develops technologies for cleaner and more efficient vehicles, including electric turbos, electric compressors, and solutions for zero-emissions vehicles. The company has a global presence with 5 R&D centers, 13 manufacturing sites, and over 9,000 employees across more than 20 countries.

Garrett Motion Inc. (Nasdaq: GTX) reported Q2 2024 financial results and updated its full-year 2024 outlook. Key highlights include:

- Net sales of $890 million, down 12% year-over-year
- Net income of $64 million with a 7.2% margin
- Adjusted EBITDA of $150 million with a 16.9% margin
- Net cash from operating activities of $126 million
- Adjusted free cash flow of $62 million
- Repurchased $65 million of Common Stock

The company updated its full-year 2024 outlook, projecting net sales of $3,570 million, net income of $275 million, and Adjusted EBITDA of $608 million. Despite a volatile volume environment, Garrett expanded its adjusted EBITDA margin and made progress on capital allocation priorities, including repurchasing $174 million of common stock in H1 2024.

Garrett Motion (Nasdaq: GTX), a leader in automotive technology, announced plans to release its Q2 2024 financial results on July 25, 2024, before market opening. The company will also host a conference call at 8:30 am EDT / 2:30 pm CET on the same day. Interested parties can join the call via provided phone numbers or through the webcast available on Garrett's investor relations website. A replay will be accessible post-event. Garrett Motion specializes in turbocharging and transformative vehicle technologies, aiming to reduce emissions and promote zero-emission vehicles. The company operates five R&D centers and 13 manufacturing sites globally.

Garrett Motion Inc. announced the pricing of an offering of $800 million of senior unsecured notes due 2032. The notes will be guaranteed by the Company's subsidiaries and will be used to repay existing debt and related expenses. The Offering size was increased from $500 million to $800 million. The notes are being sold to qualified institutional buyers and certain non-U.S. persons.

Garrett Motion Inc. announced a proposed private offering of $500 million of senior notes due 2032 through its subsidiaries. The offering aims to repay term loan indebtedness and related fees and expenses. The notes are guaranteed by the Company and its subsidiaries and are offered to qualified institutional buyers and non-U.S. persons.

Garrett Motion Inc. reported first-quarter 2024 financial results with net sales of $915 million, down 6% YoY, net income of $66 million, adjusted EBITDA of $151 million, and reiterated full-year 2024 outlook with net sales of $3,870 million and adjusted EBITDA of $620 million. The company repurchased $109 million of common stock, highlighted increased customer interest in turbo and zero emission technologies, and continued investment in new technologies. The financials show a decline in net sales due to softness in gasoline, diesel, and commercial vehicles, lower pricing, and unfavorable product mix. Despite challenges, Garrett maintains a solid financial position with available liquidity of $766 million and debt outstanding of $1,683 million. The company expects flat to slightly lower light vehicle production in 2024 and increased commercial vehicle production. Garrett's outlook includes investments in R&D for zero emission technologies and capital expenditures for the same. Overall, the company's financial performance reflects a mix of challenges and opportunities in the automotive technology sector.