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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