Garrett Motion Shifts Into Reverse: Sales, Earnings Skid On Demand Weakness
Garrett Motion Shifts Into Reverse: Sales, Earnings Skid On Demand Weakness
Garrett Motion Inc (NASDAQ:GTX) shares are trading lower after the company reported second-quarter FY24 sales of $890 million, missing the consensus of $975.5 million.
Garrett Motion股票（纳斯达克：GTX）下跌，原因是公司报告称，2024财年第二季度销售额为890 million美元，未达到975.5 million美元的共识值。
Revenues declined 12% Y/Y (-10% Y/Y at constant currency) due to demand softness in gasoline, diesel and commercial vehicles applications.
由于汽油、柴油和商用车应用需求疲软，收入同比下降12%（货币不变下同比下降10%）。
Gross profit was $185 million, compared to $202 million last year, with a gross profit margin of 20.8% vs. 20.0% a year ago.
毛利润为1.85亿美元，去年同期为2.02亿美元，毛利润率为20.8%，高于去年同期的20.0%。
Adjusted EBITDA declined to $150 million from $170 million owing to demand softness across gasoline, diesel, and commercial vehicles, commodity deflation's impact on pricing net of inflation pass-through, and unfavorable foreign exchange impact.
调整后的EBITDA由于汽油、柴油和商用车需求疲软，商品通货紧缩对通胀回传的影响，以及不利的汇率期货影响，从1.7亿美元下降到1.5亿美元。
Adjusted EBITDA margin increased to 16.9% compared to 16.8% prior year. EPS of $0.28 missed the consensus of $0.30.
调整后的EBITDA利润率从去年的16.8%上升到16.9%。每股收益为0.28美元，低于共识的0.30美元。
Operating cash flow totaled $126 million in the quarter, compared to $164 million a year ago. Adjusted free cash flow stood at $62 million versus $140 million a year-ago.
季度完全现金流为1.26亿美元，去年同期为1.64亿美元。调整后自由现金流为6200万美元，去年同期为1.4亿美元。
As of June-end, Garrett had $698 million in liquidity, comprising $98 million in cash and $600 million in undrawn revolving credit. Debt outstanding totaled $1.497 billion.
截至6月末，Garrett Motion拥有698 million美元的流动性，包括9800万美元的现金和600 million美元的未使用循环信贷。未偿还债务总额为1.497亿美元。
FY24 Outlook: Garrett lowered FY24 net sales guidance from $3.80 billion-$3.95 billion to $3.50 billion-$3.65 billion vs. an estimate of $3.86 billion and adjusted EBITDA outlook from $590 million-$650 million to $583 million-$633 million.
FY24展望：Garrett将FY24净销售额指引从38-39.5亿美元下调至35-36.5亿美元，低于预估的38.6亿美元，调整后的EBITDA展望从5.9-6.5亿美元下调至5.83-6.33亿美元。
Garrett now expects light vehicle production to be down 2% vs. 2023 (flat vs. 2023 in the prior outlook) and commercial vehicle production flat to down 1%, including on- and off-highway (+2% in the prior outlook).
Garrett现预计轻型车生产量较2023年下降2%（较之前的展望持平），商用车生产量持平或下降1%，包括公路和非公路（较之前的展望上升2%）。
Olivier Rabiller, President and CEO of Garrett, said, "We continued to deliver strong margin performance by leveraging our variable cost structure and driving sustained operating productivity. These results enabled us to once again make very significant progress on our capital allocation priorities."
Garrett的总裁兼首席执行官Olivier Rabiller表示：“通过利用我们的可变成本结构和持续推动运营生产力，我们继续提供强劲的边际表现。这些成果使我们再次在资本配置优先事项上取得了非常重大的进展。”
"In Q2, we repurchased $65 million of common stock, totaling $174 million for the first half of 2024. We also issued $800 million of senior unsecured notes at favorable interest rates which we used to partially repay our Term Loan B in the quarter."
他补充说：“在第二季度，我们回购了6500万美元的普通股，前半年总额为1.74亿美元。此外，我们发行了8亿美元的无担保优先票据，利率期货有利，这笔款项用于部分偿还我们在本季度的贷款b。”
Investors can gain exposure to the stock via SPDR S&P Kensho Smart Mobility ETF (NYSE:HAIL).
投资者可以通过SPDR S&P Kensho Smart Mobility ETF（纽交所：HAIL）获得该股票的收益。
Price Action: GTX shares are down 12.8% at $7.965 at the last check Thursday.
截至上周四最后核查时，GTX股票下跌了12.8%，至7.965美元。
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
免责声明：本内容部分使用人工智能工具生成，并经Benzinga编辑审核发布。
Image via Unsplash
图片来源：Unsplash