Thu, Jul 25, 11:10 AM (44 days ago)
Garrett Motion Inc.'s Q2 2024 10-Q filing reveals a decrease in net sales by 12% YoY to $890 million, primarily due to demand softness and unfavorable foreign currency translation. Gross profit declined by $17 million to $185 million, impacted by lower sales volumes and commodity deflation on pricing. However, productivity improvements and cost management partially offset these declines. SG&A expenses were slightly lower at $61 million. Interest expense surged to $62 million due to accelerated debt issuance cost amortization and higher interest rates. The company divested an equity interest in an unconsolidated joint venture for $58 million, recognizing a $27 million gain. Net income decreased to $64 million from $71 million in Q2 2023. Adjusted EBITDA fell to $150 million from $170 million. Garrett completed an $800 million Senior Notes offering and made $985 million in early debt repayments. The company repurchased $65 million in common stock and had $176 million remaining under its share repurchase program.