- Garrett Motion Inc. GTX Fourth-quarter 2022 revenue of $898 million, up 4% on a GAAP basis and 15% on a constant currency basis, below consensus of $949 million.
- Garrett, President and CEO, said: Olivier Rabie.
- The successful recovery drove higher net sales from the inflation pass-through and an improved product mix primarily driven by commercial vehicles and aftermarket.
- EPS was $0.23, compared to $0.29 a year ago, missing the consensus $0.26.
- “We are also pleased to report that Garrett continues to build momentum and capitalize on increased investment in electrification technology,” added Rabiller.
- Adjusted EBITDA increased to $140 million in the fourth quarter of 2022 compared to $129 million in the fourth quarter of 2021.
- Outlook: Garrett Motion expects net sales to be between $355 million and $3.85 billion for FY23 against consensus of $3.94 billion.
- Adjusted EBITDA is expected to be between $555 million and $615 million.
- Garrett’s full-year 2023 outlook expects 2023 light vehicle industry production to be at the same level as 2022.
- Price action: At Tuesday’s final check, GTX shares are trading 1.90% higher in the premarket at $8.60.
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