- Garrett Motion Inc GTX reported first-quarter FY23 sales of $970 million, up 8% on a GAAP basis, up 13% at constant currency, beating the Street view of $922 million.
- EPS was $0.13, compared to $0.15 a year ago, missing the estimate of $0.20.
- "Garrett had an excellent start to the year with revenue growth that significantly outpaced the global light vehicle industry, driven by new product launches and program ramp-ups," stated Garrett President and CEO Olivier Rabiller.
- Gross profit was $189 million compared to $175 million in 1Q22, with a gross profit margin of 19.5%, up by 10bps.
- The increase in gross profit reflects higher sales volumes and inflation recoveries from customer pass-through agreements net of pricing reductions.
- Net cash provided by operating activities totaled $92 million in the quarter compared to $73 million a year ago.
- Adjusted EBITDA increased 15.1% Y/Y to $168 million, driven by higher volume, favorable product mix, improved productivity, and pass-through inflation net of pricing.
- Adjusted EBITDA margin increased to 17.3% compared to 16.2% in 1Q22.
- Adjusted free cash flow was $88 million versus $38 million in the first quarter of 2022.
- As of March 31, 2023, Garrett had $766 million in available liquidity, including $291 million in cash and equivalents and $475 million of undrawn commitments under its revolving credit facility.
- As of March 31, 2023, the debt outstanding totaled $1.193 billion.
- Outlook FY23, reaffirmed: Garrett Motion sees net sales of $3.79 billion-$3.98 billion versus the estimate of $3.82 billion. Net Income of $231 million -$268 million
- It expects an adjusted EBITDA of $585 million-$635 million. It sees Net cash provided by operating activities of $392 million-$492 million and Adjusted free cash flow of $315 million-$415 million.
- Garrett's FY23 outlook expects 2023 light vehicle industry production at ~83Mu, 1% increase vs. 2022.
- Also Read: Garrett Motion Simplifies Capital Structure By Converting To Single Class Of Common Stock
- Price Action: GTX shares are trading lower by 0.12% at $8.18 premarket on Monday.
- Photo Via Company
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
