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Garrett Motion Inc. (NASDAQ: GTX) is a global leader in automotive technology, providing innovative solutions that enable vehicles to become cleaner, more efficient, and connected. With over 65 years of industry experience, Garrett specializes in engineered turbocharging and electric-boosting technologies for light and commercial vehicle original equipment manufacturers (OEMs). The company offers a diverse range of products, including gas and diesel turbochargers, electric propulsion systems, fuel cell technologies, and automotive software solutions.
Garrett's cutting-edge technology supports the transportation industry in achieving reduced emissions and improved fuel efficiency. The company's offerings span various powertrains, including gasoline, diesel, natural gas, and electrified systems. Garrett also caters to the aftermarket segment through its extensive distribution network, ensuring that its high-quality technologies are accessible worldwide. Europe remains a significant market for the company, contributing the highest geographical revenue share.
Recent achievements highlight Garrett's commitment to sustainability and innovation. The company recently published a white paper examining the CO2 emissions of battery electric vehicles (BEVs) compared to hybrid vehicles over their lifecycle. According to the study, hybrid vehicles with smaller batteries may offer lower emissions than BEVs in specific use cases, advocating for a mix of technologies to achieve the best environmental outcomes.
Additionally, Garrett Motion launched Garrett Marketplace, an advanced e-commerce platform catering to performance and racing enthusiasts. This online store provides direct access to Garrett's renowned turbochargers and performance parts, fulfilling the desires of motorsport aficionados and hobbyists alike.
Garrett operates through five R&D centers and 13 manufacturing sites, employing approximately 9,300 people across more than 20 countries. Its mission is to drive forward the future of transportation with unique, differentiated innovations. As the automotive industry evolves, Garrett continues to be a trusted partner for OEMs and consumers, offering state-of-the-art technologies that redefine motion.
Garrett Motion Inc. (NASDAQ: GTX) reported Q4 2021 net sales of $862 million, a 14% decrease year-over-year, impacted by global semiconductor shortages. For the full year 2021, sales totaled $3.63 billion, a 20% increase, driven by strong demand in commercial vehicles and aftermarket segments. Net income for Q4 reached $128 million, compared to $26 million last year, with adjusted EBITDA of $129 million. The company anticipates 2022 net sales between $3.7 billion and $4.0 billion, indicating growth despite ongoing economic challenges.
Garrett Motion Inc. (Nasdaq: GTX, GTXAP) announced plans to release its financial results for Q4 and full year 2021 on February 14, 2022, before market open. The company will hold a conference call at 8:30 AM ET to discuss these results. Investors can participate by dialing +1-833-797-0899 (US) or +1-409-937-8894 (international). A replay will be available until March 1, 2022, and the call will also be broadcasted online. Garrett has been a technology leader for over 65 years, providing innovative solutions in the automotive sector.
Garrett Motion Inc. (Nasdaq: GTX) announced significant financial maneuvers aimed at enhancing liquidity and reducing debt by over $400 million. The company will accelerate Series B preferred stock redemptions, expecting a $411 million debt decrease by Q1 2022. This follows a prior announcement of a $100 million share repurchase program. The first partial redemption of $211 million is set for December 28, 2021, with an additional $200 million expected in Q1 2022, subject to liquidity conditions. These actions reflect Garrett's strong performance and strategic growth focus in the automotive sector.
Garrett Motion Inc. (Nasdaq: GTX) has authorized a $100 million share repurchase program aimed at enhancing shareholder returns and normalizing its capital structure. This program is valid until November 15, 2022, with purchases split approximately 4:1 between Series A Preferred shares and common shares. CEO Olivier Rabiller expressed confidence in the company's outlook and the value of its shares, emphasizing the strategic purpose of this capital allocation. The initiative reflects a commitment to optimizing shareholder value as Garrett focuses on its transformation in the automotive sector.
Garrett Motion Inc. (Nasdaq: GTX) reported Q3 2021 net sales of $839 million, reflecting a 2.2% increase at constant currency. Net income rose to $27 million, with adjusted net income at $65 million. Adjusted EBITDA improved to $134 million, with a margin of 16.0%. Year-to-date, net sales reached $2,771 million, up 29.7% at constant currency. However, net cash used for operating activities was ($55) million. The company revised its full-year net sales guidance down to $3.60-$3.70 billion, citing challenges in global auto production and supply chain disruptions.
Garrett Motion Inc. (Nasdaq: GTX) announced plans to release its financial results for Q3 and nine months ended September 30, 2021, on October 28, 2021, before market open. The company will host a conference call at 8:30 am ET / 2:30 pm CET the same day to discuss the results. Interested participants can join by dialing +1-833-797-0899 (US) or +1-409-937-8894 (international) with access code 1935489. The call will also be available via webcast on Garrett's investor relations website.
Garrett Motion Inc. (Nasdaq: GTX) announced key financial restructuring measures aimed at reducing leverage and enhancing balance sheet flexibility. The company will redeem approximately $213 million of its Series B Preferred Stock early in 2022, reducing the present value of remaining payments to around $400 million. Additionally, the put option for repurchase has been deferred until December 31, 2022. Garrett aims to leverage this flexibility for capital deployment and growth opportunities. The board also saw a leadership change with Tina Pierce replacing Darius Adamczyk as Honeywell's designee.
Garrett Motion Inc. (GTX) reported strong Q2 2021 results, with net sales of $935 million, up 82.6% at constant currency. Net income available to common shareholders soared to $385 million. Adjusted EBITDA increased to $168 million, marking an EBITDA margin of 18.0%. The company completed its financial restructuring, emerging from Chapter 11 on April 30, 2021. For FY 2021, Garrett projects net sales between $3.70 billion and $3.90 billion and net income of $428 million to $468 million.
Garrett Motion Inc. (Nasdaq: GTX) announced plans to release its financial results for Q2 and six months ended June 30, 2021, on July 29, 2021, before market open. The company will host a conference call at 8:30 AM ET the same day, accessible by phone or via a webcast. Garrett Motion is recognized for providing innovative technology solutions for the automotive industry. Investors can find more information and access the call through the investor relations section of Garrett’s website.
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