GTX - Why Garrett Motion Stock Popped Today
2024-02-15 18:31:45 ET
Shares of Garrett Motion (NASDAQ: GTX) popped 12.9% on Thursday after the automotive technology company announced solid fourth-quarter 2023 results and encouraging forward guidance.
Garrett Motion's fourth-quarter net sales grew 5% year over year (3% at constant currency) to $945 million, translating to earnings based on generally accepted accounting principles ( GAAP ) of $52 million, or $0.22 per share. Both the top and bottom lines were roughly in line with analysts' consensus expectations but arrived above the midpoints of management's previously provided guidance ranges.
Garrett Motion also repurchased $213 million of common stock during the quarter -- a significant sum considering its entire market cap stands at around $2.3 billion as of this writing -- and implemented $200 million of early debt repayments. Trending toward its bottom line, Garrett Motion also achieved a new quarterly record for adjusted earnings before interest, taxes, depreciation, and amortization ( EBITDA ) at $145 million.
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Why Garrett Motion Stock Popped Today