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- Garrett Motion Inc (NASDAQ:GTX) reported a second-quarter sales decline of 8% year-over-year to $859 million, missing the consensus of $880 million.
- EPS was $0.15, compared to $1.29 in 2Q21, missing the consensus of $0.24.
- Net sales, excluding foreign currency translation impacts, outpaced global light vehicle production by ~6%, driven by successful recoveries on inflation pass-through.
- The gross margin contracted by 90 bps to 19.7%. Adjusted EBITDA was $138 million (-17.9% Y/Y), and the margin declined by 190 bps to 16.1%.
- Garrett Motion's cash provided by operating activities year-to-date totaled $177 million, compared to cash used of $(391) million a year ago. Adjusted Free cash flow was $61 million.
- "Despite a volatile production environment and an accelerated weakening of the Euro for much of the first half, Garrett continues to successfully implement inflation management strategies, flex its variable cost structure, and produce solid margins," commented CEO Olivier Rabiller.
- FY22 Outlook: Garrett Motion continues to expect net sales of $3.5 billion - $3.7 billion versus the consensus of $3.7 billion.
- It sees net income of $290 million - $335 million (vs. prior $250 million - $295 million) and Adjusted EBITDA of $530 million - $590 million (unchanged).
- It expects net cash from operating activities of $405 million - $505 million and Adjusted free cash flow of $330 million - $430 million.
- Price Action: GTX shares are trading lower by 0.13% at $6.58 on the last check Thursday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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