Garrett Motion Inc. has recently released its 10-K report, detailing its operations and financial performance. The company is a technology leader in turbocharging, air and fluid compression, and high-speed electric motor technologies for original equipment manufacturers and distributors worldwide. It provides products for light vehicles, commercial vehicles, and industrial applications, including mechanical and electrical products for turbocharging and boosting internal combustion engines, as well as compressing air for fuel cell compressors and refrigerant for electric cooling compressors.
In the 10-K report, Garrett Motion discussed its financial condition and results of operations. The company achieved a net income of $282 million and an adjusted EBITDA of $598 million for the year. It navigated through macroeconomic and geopolitical challenges by implementing strategic permanent and variable cost measures and leveraging commodity deflation pass-through.
The report also highlighted the company's achievements in turbocharging, hybrid, and zero-emission technology applications. Notably, Garrett secured additional pre-production contracts for both light vehicle and commercial vehicle applications, and made progress in testing new turbo off-highway applications. Additionally, the company divested its equity interest in an unconsolidated joint venture for approximately $58 million, with a gain of $27 million related to the divestiture.
Garrett Motion's financials showed a decrease in turbocharger production globally from approximately 50 million units in 2023 to 49 million units in 2024. The company also completed an offering of $800 million in aggregate principal amount of 7.75% Senior Unsecured Notes due 2032 and made early debt repayments totaling $985 million.
In terms of trends, uncertainties, and opportunities, Garrett Motion highlighted the adverse effects of global economic conditions due to geopolitical conflicts and high inflation in Europe. It also anticipated a global increase in battery electric vehicle (BEV) production and steady demand for turbochargers in the short to medium term.
The 10-K report included detailed tables showing the company's revenues by geographic region and product line for the years ended December 31, 2024, 2023, and 2022. It also provided a breakdown of net sales, cost of goods sold, gross profit, selling, general and administrative expenses, and interest expenses for the same periods, offering insights into the company's financial performance and factors impacting its results.
Today the company's shares have moved 4.7% to a price of $9.71. For more information, read the company's full 10-K submission here.
