Garrett Motion reports Q2 EPS 42c vs. 28c last year

Reports Q2 revenue $913M vs. $890M last year. “Garrett delivered another strong quarter, outperforming the industry with solid financial results and an Adjusted EBIT margin of 13.6%,” said Olivier Rabiller, CEO. “Our operational execution generated $121M of Adjusted free cash flow, enabling $22M in share repurchases and the payment of our second quarterly dividend of $13M. We also reinforced our leadership in turbocharging, by securing awards for more than $1B in light vehicle program extensions whilst continuing to advance our zero-emission technologies, achieving new milestones in our E-Powertrain, E-Cooling, and Fuel Cell programs. With the launch of our second innovation center in Wuhan, we are scaling our R&D capabilities to meet the growing global demand for high-efficiency electrification solutions. Lastly, our inclusion in the Russell 2000 index this quarter reflects the positive momentum generated by our strategy and capital discipline.”