Garrett Motion reports Q2 EPS ($1.88) vs 15c last year

Reports Q2 revenue $1.011B vs $859M last year. “Garrett’s operational excellence has been the driving force behind our ability to successfully capitalize on the ramp-up of new products and strong customer demand across all major product lines. This has resulted in another quarter of great performance with strong results across all key financial metrics, and I am pleased to announce that we are raising our full year outlook for 2023,” said Olivier Rabiller, Garrett President and CEO. “Most importantly this quarter, we continued to make strong progress in the development of our zero emission vehicle technology. This quarter we won two new pre-development awards, one in E-Powertrain and one in E-Cooling, which highlights the interest our customers have for our differentiated electric solutions. In addition, we also completed a very important step with the conversion of our Series A Preferred Stock to a single class of Common Stock with a $2 billion market capitalization as of June 30, 2023.”