Garrett Motion Inc. (GTX) shares soared over 21% in pre-market trading on Wednesday, following the release of the company's impressive third-quarter 2024 financial results and updated outlook for the full year. The automotive technology provider reported solid financials despite facing industry headwinds, fueling investor optimism in the company's growth prospects.

In the third quarter, Garrett Motion recorded net sales of $826 million, representing a 14% decline from the previous year due to industry softness, competitive pressures, and customer vehicle mix impacts. However, the company demonstrated strong operational performance, expanding its Adjusted EBITDA margin to 17.4% from 15.8% in the same period last year. Additionally, Garrett Motion generated an adjusted free cash flow of $71 million, showcasing its ability to effectively manage cash flows.

The company's success can be attributed to its strategic focus on winning new awards across various vehicle segments, including securing critical wins for its large turbochargers and partnerships to co-develop e-powertrain systems for commercial vehicles. Notably, Garrett Motion was recognized with the 2024 Stellantis Innovation Award for its differentiated zero-emission technologies, highlighting its commitment to eco-friendly solutions.