Garrett Motion Reports Third Quarter 2019 Financial Results
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Garrett Motion (GTX) Misses Q3 EPS by 30c, Revenues Beat; Lowers FY19 Adj. EBITDA Outlook
November 8, 2019 7:04 AM ESTGarrett Motion (NYSE: GTX) reported Q3 EPS of $0.50, $0.30 worse than the analyst estimate of $0.80. Revenue for the quarter came in at $781 million versus the consensus estimate of $775.2 million.
Third Quarter 2019 Highlights
Net sales totaled $781 million, a decrease of 0.4% on a reported basis and an increase of 2.8% organically*Net income totaled $38 million, or basic and diluted earnings per share of $0.51 and $0.50, respectivelyAdjusted EBITDA* decreased 2.9% to $133 million; Adjusted EBITDA margin* decreased to 17.0%Adjusted Levered Free Cash Flow* totaled $102 millionTotal Debt reduced by $87 million to $1,511 million at September 30, 2019Net Debt* reduced... More