GTX - Why Garrett Motion Is Moving in Reverse Today
2024-07-25 12:23:34 ET
Autoparts manufacturer Garrett Motion (NASDAQ: GTX) reported mixed quarterly results and lowered full-year revenue guidance. Investors are slamming on the brakes, sending Garrett shares down 13% as of 11 a.m. ET.
Garrett is a leading supplier of turbochargers, engine components that help automobiles operate more efficiently. The company earned $0.28 per share in the quarter on revenue of $890 million, a mixed bag compared to Wall Street's consensus estimate for $0.24 per share on sales of $990 million.
Sales were down about 12% year over year, and Garrett sees continued weakness up ahead. The company lowered its full-year revenue guidance by $300 million to a range of $3.5 billion to $3.65 billion, below the $3.88 billion Wall Street consensus.
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Why Garrett Motion Is Moving in Reverse Today