Garrett Motion Inc Down 2.57% To $7.01 After Earnings Beat

Tuesday, October 24, 2023 - Garrett Motion Inc (GTX) reported upside earnings and downside revenues.

Garrett Motion Inc's earnings came in at an EPS of $0.23 per share, 5.00% higher than estimates for an EPS of $0.22 per share. The firm's earnings are up 10% since reporting $0.21 per share in the same period a year ago.

Consensus analyst estimates were at $995 million. The Consumer Cyclical company missed on those expectations for its third quarter with revenue of $960 million, a negative revenue surprise of $35 million (4%). The firm managed 2% growth year-over-year due to Garrett Motion Inc reporting quarterly revenue of $945 million in its year-ago quarter. Garrett Motion Inc achieved a higher earnings growth rate than revenue, signaling that the business has improved its profit margin.

The stock is down 2.57% to $7.01 after the report.

Garrett Motion Inc's earnings expanded faster than revenues, signaling widening profit margins.

The average recommendation from Wall Street analysts was a Buy which may get revised based on this new data.

InvestorsObserver gives the stock a Bearish Sentiment score at the moment based on recent trading.

Garrett Motion Inc has performed a little above average during the past few months. Before the report, Garrett Motion Inc received a Long-Term Technical Rank by InvestorsObserver of 61, putting it in the top half of stocks. The firm set a 52-week high on June 2, 2023 at $8.68 and set a 52-week low on October 24, 2022 at $5.57.

Garrett Motion Inc designs, manufactures and sells highly engineered turbocharger and electric-boosting technologies for OEMs and the aftermarket. The company is a global technology leader with significant expertise in delivering products across gasoline, diesel, natural gas and electrified powertrains. The company also sells its technologies in the global aftermarket through its distribution network.