Garrett Motion Inc is a global technology company that specializes in advanced automotive solutions, primarily focusing on turbocharging and electrification technologies
The company designs and manufactures high-performance turbochargers and other related products that enhance the efficiency and power output of internal combustion engines while also supporting the transition to electric and hybrid vehicles. By leveraging its expertise in fluid dynamics and thermal management, Garrett Motion is committed to helping automakers meet increasingly stringent emissions regulations and improve fuel economy, ultimately contributing to a more sustainable automotive future.
Garrett Motion Inc. (NASDAQGTX) reported a 11% decline in Q4 sales to $844 million, missing consensus. Gross profit increased and new buyback and dividend plans were announced. CEO remains optimistic about zero-emission technologies and customer wins.
PLYMOUTH, Mich. and ROLLE, Switzerland, Feb. 06, 2025 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (Nasdaq: GTX), a leading provider of differentiated automotive technology, today announced that it plans to release its fourth quarter financial results on Thursday, February 20, 2025, prior to the opening of the market trading in the United States.
PLYMOUTH, Mich. and ROLLE, Switzerland, Jan. 31, 2025 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (Nasdaq: GTX) ("Garrett" or the "Company"), a leading differentiated automotive technology provider, today announced that it has successfully refinanced its existing $692 million term loan, and refinanced and upsized its existing $600 million revolving credit facility to $630 million. Borrowings under each of the new facilities will initially bear interest at the Secured Overnight Financing Rate (SOFR) plus 225 basis points per annum, which represents a 50-basis point reduction from the existing facilities. The new term loan will mature in 2032, effectively extending the maturity of the Company's existing term loan by approximately four years, and the new revolving credit facility will mature in 2030, effectively extending the maturity date of the Company’s existing revolving credit facility by approximately two years.
ROLLE, Switzerland and PLYMOUTH, Mich., Dec. 05, 2024 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (Nasdaq: GTX) ("Garrett" or the "Company"), a leading differentiated automotive technology provider, today announced the adoption of a long-term capital allocation framework, under which the Company will target returning 75% or more of its Adjusted Free Cash Flow to shareholders over time through a combination of share repurchases and a regular quarterly cash dividend. As part of this framework, the Company’s Board of Directors has approved a new dividend policy, pursuant to which the Board intends to declare and pay quarterly dividends on its common stock in an aggregate amount of approximately $50 million in 2025. The Board has declared the first quarter 2025 cash dividend on the Company’s outstanding common stock of $0.06 per share payable January 31, 2025, to all common shareholders of record as of the close of business on January 15, 2025. The Board has also approved a new share repurchase program for 2025, pursuant to which the Company may repurchase up to $250 million of its common stock throughout the course of the year.
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GTX stock down after weak Q3 sales and lowered FY24 guidance due to industry softness and competitive pressures. Gross profit margin increased, but EPS missed estimates.
GREENWICH, Conn., Oct. 22, 2024 (GLOBE NEWSWIRE) -- Gabelli Funds will host its 48th Annual Automotive Symposium on November 4th and 5th, 2024 at the Encore at Wynn in Las Vegas, Nevada. This two-day symposium will feature presentations by senior managements of leading automotive and trucking companies, with a lineup that enables investors to understand ever-changing dynamics within the automotive industry.
ROLLE, Switzerland and PLYMOUTH, Mich., Oct. 17, 2024 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (NYSEGTX) and China National Heavy Duty Truck Group Co., Ltd. (SinoTruk) signed a Letter of Intent (LoI) to enhance cooperation in advanced technologies for electric commercial vehicles, aiming to jointly develop leading next-generation E-powertrain for application in SinoTruk's product portfolio, with the aim of joining forces to start mass production of trucks equipped with this next gen E-powertrain by 2027.
ROLLE, Switzerland and PLYMOUTH, Mich., Oct. 09, 2024 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (NASDAQGTX), a global leader in automotive technology, announced today the establishment of a new zero-emission innovation center in Wuhan, China.
ROLLE, Switzerland and PLYMOUTH, Mich., Oct. 07, 2024 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (Nasdaq: GTX), a leading differentiated automotive technology provider, today announced it plans to issue financial results for the third quarter 2024 on Thursday, October 24, 2024, before the open of market trading in the United States.
GREENWICH, Conn., Oct. 07, 2024 (GLOBE NEWSWIRE) -- Gabelli Funds will host its 48th Annual Automotive Symposium on November 4th and 5th, 2024 at the Encore at Wynn in Las Vegas, Nevada. This two-day symposium will feature presentations by senior managements of leading automotive and trucking companies, with a lineup that enables investors to understand ever-changing dynamics within the automotive industry.
