Garrett Motion Clocks 4% Jump In Q4 Sales, Annual Sales Guidance Shy Of Consensus

Vandana Singh
1 min read
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In this article:

  • Garrett Motion Inc (NASDAQ: GTX) reported Q4 FY22 sales of $898 million, up 4% on a GAAP basis, up 15% at constant currency, missing the consensus of $949 million.

  • "Fourth quarter net sales increased 4% on a reported basis and 15% at constant currency, as we continue to flex our variable cost structure to manage macro volatility, successfully offsetting both foreign exchange and inflationary pressures," said Garrett, President and CEO, Olivier Rabiller.

  • Successful recoveries drove the increase in net sales on inflation pass-through and improved product mix primarily due to commercial vehicles and aftermarket.

  • EPS was $0.23, compared to $0.29 a year ago, missing the consensus of $0.26.

  • "I am also pleased to report that Garrett continues to gain momentum and leverage our increasing investment in electrification technology," Rabiller added.

  • Adjusted EBITDA increased to $140 million in the fourth quarter of 2022 as compared to $129 million in the fourth quarter of 2021.

  • Outlook: Garrett Motion expects FY23 net sales of $3.55-$3.85 billion versus the consensus of $3.94 billion.

  • It expects adjusted EBITDA of $555-$615 million.

  • Garrett's full-year 2023 outlook expects 2023 light vehicle industry production to be in line with 2022.

  • Price Action: GTX shares are trading higher by 1.90% at $8.60 in premarket on the last check Tuesday.

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This article Garrett Motion Clocks 4% Jump In Q4 Sales, Annual Sales Guidance Shy Of Consensus originally appeared on Benzinga.com

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