GTX - Garrett Motion reports mixed Q1 earnings; reaffirms FY23 outlook

2023-04-24 07:04:10 ET

• Garrett Motion press release ( NASDAQ: GTX ): Q1 GAAP EPS of $0.13 misses by $0.10 .
• Revenue of $970M (+7.7% Y/Y) beats by $20M .
• Net income margin 8.4%
• Adjusted EBITDA totaled $168M; Adjusted EBITDA margin of 17.3%
• Net cash provided by operating activities totaled $92M.
• Adjusted free cash flow totaled $88M.
• Reaffirmed outlook for 2023: Net sales of $3.79 billion to $3.98 billion vs. $3.82B consensus; Net income (GAAP) $231 million to $268 million; Adjusted EBITDA (Non-GAAP) of $585 million to $635 million.
• 2023 light vehicle industry production at ~83Mu, 1% increase vs. 2022.
• R&D investment at 4.4% of sales in 2023, >50% on electrification technologies.
• Capital expenditures at 2.3% of sales, 20% into electrification technologies.

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