Q3 2024 Garrett Motion Inc Earnings Call Transcript
Key Points
- Garrett Motion Inc (GTX) reported a strong adjusted EBITDA margin of 17.4%, up 160 basis points from the previous year.
- The company generated $71 million in adjusted free cash flow during the quarter.
- Garrett Motion Inc (GTX) continued its share repurchase program, buying back $52 million of common stock in the quarter, totaling $226 million for the year.
- The company is seeing increasing momentum with its zero-emission vehicle technologies, including a joint development agreement with SinoTruk.
- Garrett Motion Inc (GTX) received the 2024 Tenant Innovation Award for its advancements in electric vehicle technologies.
- The company is experiencing softness in the light vehicle industry in Europe and China, impacting overall sales.
- There is competitive pressure and short-term customer vehicle platform mix shifts affecting the business.
- Commodity deflation, while marginally positive, has impacted the gasoline segment.
- The company noted a negative working capital impact of $28 million due to decreased sequential sales.
- Garrett Motion Inc (GTX) faces ongoing price pressure from automakers, which could challenge future profitability.
Hello, my name is Andrea, and I will be your operator this morning. I would like to welcome everyone to the Garrett Motion third quarter, 2024 financial results conference call. This call is being recorded and a replay will be available later today.
(Operator Instructions)
I would now like to hand over the call to Eric Burge, Garrett's Head of Investor Relations. Please go ahead.
Thank you, Andrea. Good day and welcome everyone. Thank you for attending the Garrett Motion third quarter, 2024 financial results conference call. Before we begin, I would like to mention that today's presentation and earnings press release are available on the IR section of Garrett Motion's website at investors.garrettmotion.com. There, you will also find links to our SEC filings along with other important information about the company.
You look at the second slide in [the deck. Today], we note that this presentation contains forward-looking statements within the meaning of the US Federal securities law.
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