Garrett Motion (NYSE:GTX) Posts Earnings Results, Beats Expectations By $0.04 EPS

Garrett Motion (NYSE:GTX) announced its quarterly earnings data on Thursday. The company reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.04, Zacks reports. The business had revenue of $890.00 million for the quarter, compared to analyst estimates of $950.00 million. Garrett Motion had a net margin of 6.44% and a negative return on equity of 33.11%. During the same quarter in the previous year, the firm posted ($1.88) earnings per share. Garrett Motion updated its FY 2024 guidance to EPS.

Garrett Motion Stock Performance

Garrett Motion stock traded up $0.70 during midday trading on Friday, reaching $8.76. 1,888,893 shares of the company’s stock were exchanged, compared to its average volume of 837,781. The stock’s 50-day simple moving average is $8.88 and its 200 day simple moving average is $9.19. The firm has a market cap of $1.98 billion, a price-to-earnings ratio of -7.62 and a beta of 1.21. Garrett Motion has a 52 week low of $6.43 and a 52 week high of $10.16.

Wall Street Analysts Forecast Growth

Separately, BWS Financial reduced their price objective on shares of Garrett Motion from $15.00 to $12.00 and set a “buy” rating for the company in a research note on Thursday.

Insider Buying and Selling at Garrett Motion

In other news, major shareholder Cyrus Capital Partners, L.P. sold 3,779 shares of Garrett Motion stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $10.01, for a total transaction of $37,827.79. Following the completion of the transaction, the insider now directly owns 27,337,398 shares in the company, valued at approximately $273,647,353.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.60% of the company’s stock.

About Garrett Motion

Garrett Motion Inc, together with its subsidiaries, designs, manufactures, and sells turbocharging, air and fluid compression, and high-speed electric motor technologies for original equipment manufacturers and distributors worldwide. The company offers cutting-edge technology for the mobility and industrial space, including light vehicles, commercial vehicles, and industrial applications.