蓋瑞特運動公司（NASDAQ: GTX）報告稱，第四季度的銷售額同比下降11%（按不變匯率計算下降10%）至8.44億美元，低於市場普遍預期的8.605億美元。銷售下降主要原因是歐洲柴油產量減少以及中國和北美汽油需求疲軟。 毛利潤爲1.82億美元，相較於去年同期的1.89億美元有所下降，但毛利潤率從一年前的20.0%上升至21.6%。每股收益爲47美分，超出市場預期的29美分。 調整後的息稅折舊攤銷前利潤從去年的1.45億美元增加到1.53億美元，受到可變和固定成本生產力提高、大宗商品和運輸成本降低、能源通縮以及產品組合有利的推動。 第四季度的運營現金流總計1.31億美元，相較於去年的1.35億美元有所下降。調整後的自由現金流爲1.57億美元，同比去年的1.37億美元有所增加。 截至2024年12月31日，蓋瑞特公司擁有7.25億美元的流動資金，包括1.25億美元現金和6億美元的未提取循環信貸。 在該季度，公司根據授權的股票回購計劃回購了7000萬美元的股票。2024年12月，董事會批准了一項新的2.5億美元股票回購計劃，並啓動了一項5000萬美元的年度股息計劃，計劃於2025年按季度宣佈和支付。 2025財年展望：蓋瑞特運動公司預計淨銷售額爲33億美元至35億美元（市場普遍預期爲36.04億美元），淨收入爲2.09億美元至2.54億美元，調整後的自由現金流爲3億至3.9億美元。 蓋瑞特預計輕型車輛產量將持平或下降3%，而包括公路和非公路在內的商用車輛行業將增長0%至2%。 蓋瑞特公司總裁兼首席執行官Olivier Rabiller表示：“我們在驗證零排放技術的強大性方面取得了重要進展，並與世界各地的主要客戶達成了額外的合作伙伴關係和新業務。進一步，這些產品正在客戶處進行積極測試，計劃最早於2027年推出。” 股價走勢：截至週四最後查價時，GTX股價上漲1.89%，至9.445美元。

以上內容來自Benzinga Earnings專欄，原文如下：

Garrett Motion Inc. (NASDAQ:GTX) reported that fourth-quarter sales declined 11% year over year on reported and down 10% on a constant currency basis to $844 million, missing the consensus of $860.5 million.

The decline was mainly due to reduced diesel production in Europe and weaker gasoline demand in China and North America.

Gross profit was $182 million, compared to $189 million last year, with a gross profit margin of 21.6% versus 20.0% a year ago. EPS of 47 cents beat the consensus of 29 cents.

Adjusted EBITDA increased to $153 million from $145 million a year ago, led by improved variable and fixed cost productivity, commodity and transportation cost reductions, energy deflation, and a favorable product mix.

Operating cash flow totaled $131 million in the quarter, compared to $135 million a year ago. Adjusted free cash flow stood at $157 million versus $137 million a year ago.

As of December 31, 2024, Garrett had $725 million in liquidity, comprising $125 million in cash and $600 million in undrawn revolving credit. 

In the quarter, the company repurchased $70 million of shares under the authorized share repurchase program. In December 2024, the Board of Directors approved a new $250 million share repurchase program and also initiated a $50 million annual dividend, to be declared and paid quarterly for 2025.

FY25 Outlook: Garrett Motion projects net sales of $3.3 billion-$3.5 billion (vs. consensus of $3.604 billion), net income of $209 million-$254 million, and adjusted free cash flow of $300 million-$390 million.

Garrett expects light vehicle production to be flat to down 3% and the commercial vehicle industry to grow 0% to 2%, including on- and off-highway.

Olivier Rabiller, President and CEO of Garrett said, “We also made meaningful progress in validating the strength of our zero-emission technologies, securing additional partnerships and new business wins for Garrett’s automotive and industrial applications with major customers around the world. Further, these products are actively being tested by customers with launches planned for as early as 2027.”

Price Action: GTX shares are up 1.89% at $9.445 at the last check Thursday.

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