Garrett Motion Inc. Files Q3 2024 10-Q Report
Ticker: GTX · Form: 10-Q · Filed: Oct 24, 2024 · CIK: 1735707
| Field | Detail |
|---|---|
| Company | Garrett Motion INC. (GTX) |
| Form Type | 10-Q |
| Filed Date | Oct 24, 2024 |
| Risk Level | medium |
| Pages | 17 |
| Reading Time | 20 min |
| Key Dollar Amounts | $0.001 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
Garrett Motion filed its Q3 2024 10-Q. Financials are in.
AI Summary
Garrett Motion Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position for the third quarter of 2024. Specific financial figures and operational updates are provided within the report.
Why It Matters
This report provides investors and analysts with crucial financial data for Garrett Motion Inc., enabling them to assess the company's performance and make informed investment decisions.
Risk Assessment
Risk Level: medium — 10-Q filings are standard financial reports, but the specific content can reveal risks or opportunities impacting the company's stock.
Key Players & Entities
- Garrett Motion Inc. (company) — Filer of the 10-Q report
- 20240930 (date) — End of the reporting period
- 20241024 (date) — Date the filing was made
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the period ending September 30, 2024.
When was this 10-Q filing submitted to the SEC?
This 10-Q filing was submitted on October 24, 2024.
What is the company's Central Index Key (CIK)?
The company's Central Index Key (CIK) is 0001735707.
What is Garrett Motion Inc.'s Standard Industrial Classification (SIC) code?
Garrett Motion Inc.'s Standard Industrial Classification (SIC) code is 3714, which corresponds to MOTOR VEHICLE PARTS & ACCESSORIES.
What is the fiscal year end for Garrett Motion Inc.?
The fiscal year end for Garrett Motion Inc. is December 31.
Filing Stats: 5,124 words · 20 min read · ~17 pages · Grade level 16.8 · Accepted 2024-10-24 07:02:23
Key Financial Figures
- $0.001 — ange on which registered Common Stock, $0.001 par value per share GTX The Nasdaq Stoc
Filing Documents
- gtx-20240930.htm (10-Q) — 1594KB
- exhibit31_1-exx3112024q3.htm (EX-31.1) — 10KB
- exhibit31_2-exx3122024q3.htm (EX-31.2) — 9KB
- exhibit32_1-exx3212024q3.htm (EX-32.1) — 8KB
- exhibit32_2-exx3222024q3.htm (EX-32.2) — 8KB
- gtx-20240930_g1.gif (GRAPHIC) — 75KB
- gtx-20240930_g2.gif (GRAPHIC) — 74KB
- gtx-20240930_g3.gif (GRAPHIC) — 87KB
- gtx-20240930_g4.gif (GRAPHIC) — 87KB
- 0001735707-24-000057.txt ( ) — 9411KB
- gtx-20240930.xsd (EX-101.SCH) — 57KB
- gtx-20240930_cal.xml (EX-101.CAL) — 92KB
- gtx-20240930_def.xml (EX-101.DEF) — 219KB
- gtx-20240930_lab.xml (EX-101.LAB) — 665KB
- gtx-20240930_pre.xml (EX-101.PRE) — 481KB
- gtx-20240930_htm.xml (XML) — 1378KB
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 ) 8 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 25 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 37 Item 4.
Controls and Procedures
Controls and Procedures 37 PART II. OTHER INFORMATION 38 Item 1.
Legal Proceedings
Legal Proceedings 38 Item 1A.
Risk Factors
Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 3. Defaults Upon Senior Securities 38 Item 4. Mine Safety Disclosures 38 Item 5. Other Information 39 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (Dollars in millions, except per share amounts) Net sales (Note 3) $ 826 $ 960 $ 2,631 $ 2,941 Cost of goods sold 660 784 2,108 2,374 Gross profit 166 176 523 567 Selling, general and administrative expenses 53 59 178 178 Other expense, net 1 1 5 3 Interest expense 37 48 130 104 Gain on sale of equity investment (Note 21) — — ( 27 ) — Non-operating (income) expense ( 1 ) ( 2 ) ( 7 ) 3 Income before taxes 76 70 244 279 Tax expense (Note 5) 24 13 62 70 Net income 52 57 182 209 Less: preferred stock dividends — — — ( 80 ) Less: preferred stock deemed dividends — — — ( 232 ) Net income (loss) available for distribution $ 52 $ 57 $ 182 $ ( 103 ) Earnings (loss) per common share Basic $ 0.24 $ 0.23 $ 0.80 $ ( 0.73 ) Diluted 0.24 0.23 0.80 ( 0.73 ) Weighted average common shares outstanding Basic 217,283,749 250,888,716 226,057,803 141,745,701 Diluted 218,403,681 252,381,719 227,649,747 141,745,701 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (Dollars in millions) Net income $ 52 $ 57 $ 182 $ 209 Foreign exchange translation adjustment ( 30 ) 14 ( 12 ) 8 Defined benefit pension plan adjustment, net of tax 1 — 4 — Changes in fair value of effective cash flow hedges, net of tax (Note 16) 4 ( 2 ) 5 ( 3 ) Changes in fair value of net investment hedges, net of tax (Note 16) ( 31 ) 20 ( 4 ) 18 Total other comprehensive (loss) income, net of tax ( 56 ) 32 ( 7 ) 23 Comprehensive (loss) income $ ( 4 ) $ 89 $ 175 $ 232 The Notes to the Consolidated Interim Financial Statements are an integral part of this st