Garrett Motion reports Q2 EPS 28c vs. ($1.88) last year

Reports Q2 revenue $890M vs. $1.01B last year. “Despite a volatile volume environment in the second quarter, Garrett delivered a very solid performance. We expanded our adjusted EBITDA margin by 40 basis points quarter over quarter to 16.9% and delivered $62M of adjusted free cash flow,” said CEO Olivier Rabiller. “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. In Q2, we repurchased $65M of common stock, totaling $174M 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…”