Shares of Garrett Motion Inc. (GTX) were trading sharply lower in the pre-market session on Wednesday, following the company's release of its third-quarter 2024 financial results. The auto parts supplier reported weaker-than-expected Q3 revenue and lowered its full-year outlook, weighing on investor sentiment.
For the three months ended September 30, 2024, Garrett Motion's net sales declined 14% year-over-year to $826 million, missing analysts' average estimate of $851 million. The company cited unfavorable foreign currency translation and lower sales across its gasoline, diesel, and commercial vehicles segments as the primary reasons for the revenue decline.
Furthermore, Garrett Motion's adjusted EBITDA for Q3 2024 fell to $144 million, down from $152 million in the prior-year period. The company attributed the decrease in profitability to the lower sales volume, partially offset by cost-reduction initiatives.
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