Garrett Motion Earnings Increase In Q3, Stock Up In Pre-Market

(RTTNews) - Garrett Motion Inc. (GTX), a provider of turbocharging and automotive technologies, Thursday reported increased net profit for the third quarter compared to last year. The net sales also increased from last year.

Garrett's net income rose to $77 million from $52 million in the earlier year.

For the three-month period, earnings per share was $0.38 compared to $0.24 a year ago.

For the reported period, adjusted EBITDA was $164 million versus $144 million in the previous year.

The company's net sales grew to $902 million compared to $826 million in the prior year.

Analysts on average had expected the company to earn $866.9 million.

The company reported that it has revised its full-year guidance. The net income is expected to be between $265 and $295 million higher than earlier estimates of $233-$278 million.

Adjusted EBITDA is expected to be in the range of $610- $650 million from the previous outlook of $590- $650 million. Net sales estimated to be in the range of $3.5-$3.6 billion from previously expected $3.4-$3.6 billion.

In the pre-market hours, shares are trading 18.31 percent or 2.40 cents higher at $ 14.80 on the Nasdaq.