Garrett Motion Inc. Files Q2 2024 10-Q
Ticker: GTX · Form: 10-Q · Filed: Jul 25, 2024 · CIK: 1735707
| Field | Detail |
|---|---|
| Company | Garrett Motion INC. (GTX) |
| Form Type | 10-Q |
| Filed Date | Jul 25, 2024 |
| Risk Level | low |
| Pages | 17 |
| Reading Time | 20 min |
| Key Dollar Amounts | $0.001 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, automotive
TL;DR
Garrett Motion filed its Q2 10-Q. Financials are in.
AI Summary
Garrett Motion Inc. filed its 10-Q for the period ending June 30, 2024. The filing covers the second quarter of 2024 and provides financial updates for the company, which operates in the motor vehicle parts and accessories sector. The report details financial performance and operational status for the specified period.
Why It Matters
This 10-Q filing provides investors and analysts with crucial financial data and operational insights into Garrett Motion Inc.'s performance during the second quarter of 2024, impacting investment decisions.
Risk Assessment
Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant new risks indicated in the provided snippet.
Key Players & Entities
- Garrett Motion Inc. (company) — Filer of the 10-Q
- 20240630 (date) — End of reporting period
- 20240725 (date) — Filing date
- 0001735707 (company) — Central Index Key for Garrett Motion Inc.
FAQ
What is the reporting period for this 10-Q filing?
The Conformed Period of Report is 20240630, indicating the filing covers the period ending June 30, 2024.
When was this 10-Q filed with the SEC?
The filing date is 20240725.
What is the Central Index Key (CIK) for Garrett Motion Inc.?
The Central Index Key for Garrett Motion Inc. is 0001735707.
What industry does Garrett Motion Inc. operate in?
Garrett Motion Inc. operates in the MOTOR VEHICLE PARTS & ACCESSORIES sector, with SIC code 3714.
What was the previous company name for Garrett Motion Inc.?
The former company name was Garrett Transportation Systems Inc., with a date of name change on 20180327.
Filing Stats: 5,092 words · 20 min read · ~17 pages · Grade level 16.1 · Accepted 2024-07-25 07:07:48
Key Financial Figures
- $0.001 — ange on which registered Common Stock, $0.001 par value per share GTX The Nasdaq Stoc
Filing Documents
- gtx-20240630.htm (10-Q) — 1517KB
- exhibit3_1-garrettmotionxt.htm (EX-3.1) — 48KB
- exhibit3_2-garrettmotionxf.htm (EX-3.2) — 240KB
- exhibit31_1-exx3112024q2.htm (EX-31.1) — 10KB
- exhibit31_2-exx3122024q2.htm (EX-31.2) — 9KB
- exhibit32_1-exx3212024q2.htm (EX-32.1) — 8KB
- exhibit32_2-exx3222024q2.htm (EX-32.2) — 8KB
- gtx-20240630_g1.gif (GRAPHIC) — 79KB
- gtx-20240630_g2.gif (GRAPHIC) — 82KB
- gtx-20240630_g3.gif (GRAPHIC) — 85KB
- gtx-20240630_g4.gif (GRAPHIC) — 91KB
- 0001735707-24-000044.txt ( ) — 9630KB
- gtx-20240630.xsd (EX-101.SCH) — 57KB
- gtx-20240630_cal.xml (EX-101.CAL) — 92KB
- gtx-20240630_def.xml (EX-101.DEF) — 217KB
- gtx-20240630_lab.xml (EX-101.LAB) — 661KB
- gtx-20240630_pre.xml (EX-101.PRE) — 480KB
- gtx-20240630_htm.xml (XML) — 1346KB
Financial Statements (Unaudited)
Financial Statements (Unaudited) 2 Consolidated Interim Statements of Operations (Unaudited) 2 Consolidated Interim Statements of Comprehensive Income (Unaudited) 3 Consolidated Interim Balance Sheets (Unaudited) 4 Consolidated Interim Statements of Cash Flows (Unaudited) 5 Consolidated Interim Statements of Equity (Deficit) (Unaudited) 6 Notes to Consolidated Interim Financial Statements ( Unaudited ) 7 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 35 Item 4.
Controls and Procedures
Controls and Procedures 36 PART II. OTHER INFORMATION 37 Item 1.
Legal Proceedings
Legal Proceedings 37 Item 1A.
Risk Factors
Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 3. Defaults Upon Senior Securities 37 Item 4. Mine Safety Disclosures 37 Item 5. Other Information 38 Item 6. Exhibits 39
—FINANCIAL INFORMATION
PART I—FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements GARRETT MOTION INC. CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Dollars in millions, except per share amounts) Net sales (Note 3) $ 890 $ 1,011 $ 1,805 $ 1,981 Cost of goods sold 705 809 1,448 1,590 Gross profit 185 202 357 391 Selling, general and administrative expenses 61 63 125 119 Other expense, net 3 1 4 2 Interest expense 62 29 93 56 Gain on sale of equity investment (Note 21) ( 27 ) — ( 27 ) — Non-operating (income) expense ( 1 ) 8 ( 6 ) 5 Income before taxes 87 101 168 209 Tax expense (Note 5) 23 30 38 57 Net income 64 71 130 152 Less: preferred stock dividends — ( 40 ) — ( 80 ) Less: preferred stock deemed dividends — ( 232 ) — ( 232 ) Net income (loss) available for distribution $ 64 $ ( 201 ) $ 130 $ ( 160 ) Earnings (loss) per common share Basic $ 0.29 $ ( 1.88 ) $ 0.56 $ ( 1.86 ) Diluted 0.28 ( 1.88 ) 0.56 ( 1.86 ) Weighted average common shares outstanding Basic 224,321,948 107,408,432 230,493,039 86,269,694 Diluted 225,898,814 107,408,432 232,455,083 86,269,694 The Notes to the Consolidated Interim Financial Statements are an integral part of this statement. 2 GARRETT MOTION INC. CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Dollars in millions) Net income $ 64 $ 71 $ 130 $ 152 Foreign exchange translation adjustment — ( 8 ) 18 ( 6 ) Defined benefit pension plan adjustment, net of tax 2 — 3 — Changes in fair value of effective cash flow hedges, net of tax (Note 16) ( 2 ) 2 1 ( 1 ) Changes in fair value of net investment hedges, net of tax (Note 16) 8 3 27 ( 2 ) Total other comprehensive income (loss), net of tax 8 ( 3 ) 49 ( 9 ) Comprehensive income $ 72 $ 68 $ 179 $ 143 The Notes to the Consolidated Interim Financial Statements are an integral part of this statement. 3 GARR