By Michael Susin
Garrett Motion shares fell Thursday after the company posted a drop in quarterly earnings, dragged down by lower sales volumes.
Shares of the automotive-technology provider were down 6.4% at $7.37 in premarket trading. The stock is down about 17% since the start of the year.
The Switzerland-based company posted third-quarter net income of $52 million, or 24 cents a share, down from $57 million, or 23 cents, in the comparable quarter last year. Sales fell 14% to $826 million.
The drop was driven, among other factors, by lower light-vehicle sales in Europe and China, and competitive pressure on global original equipment manufacturers, it said.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
October 24, 2024 08:20 ET (12:20 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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