The following is a summary of the Garrett Motion Inc. (GTX) Q1 2024 Earnings Call Transcript:
Financial Performance:
Garrett reported Q1 net sales of $915 million, down by 5% on a constant currency basis.
The company achieved a Q1 adjusted EBITDA of $151 million, maintaining a robust margin of 16.5%, boosted 120 basis points quarter-on-quarter.
The adjusted free cash flow amounted to $68 million, fulfilling the company's expectations.
Garrett made an early debt repayment of $100 million and continued with its $350 million share repurchase program, buying back $109 million of common stock in this quarter.
Business Progress:
Garrett continued innovations across regions and sectors, introducing new turbo solutions to customers and gaining new hybrid vehicle contracts.
The company secured two new awards in the growing data center infrastructure industry for large industrial turbos.
Significant progress was made in zero-emission solutions, securing two more series production awards for their high-speed fuel cell compressor.
Garrett installed its first high-speed E-Powertrain traction motor prototype at a global OEM, marking a crucial milestone in their technology validation.
Delivery continued of high-powered, lightweight centrifugal E-Cooling compressors for performance testing.
Garrett reaffirmed guidance for 2024, buoyed by a strong beginning to the year and excellent cash generation.
More details: Garrett Motion IR
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