Strong Financial Performance
Net sales for the third quarter were $902 million, up 6% at constant currency. Adjusted EBIT was $133 million with a margin of 14.7%. Adjusted free cash flow was $107 million.
Gasoline Sales Growth
Gasoline sales grew by 10% in the quarter, driven by share of demand gains.
Share Repurchases and Dividend Increase
Garrett accelerated its share repurchase activity, buying back $84 million of common stock and increased the quarterly dividend by 33% to $0.08 per share.
Advancements in Zero Emission Technologies
Secured additional proof of concepts for high-speed 3-in-1 E-Powertrain with two OEMs in Japan and China, and made progress with oil-free centrifugal high-speed compressor technology.
Improved Liquidity and Credit Ratings
Ended the quarter with a liquidity position of $862 million. Both Fitch and S&P upgraded Garrett's ratings by one notch.