Garrett Motion Inc. (NASDAQ:GTX) Q1 2024 Earnings Conference Call April 25, 2024 8:30 AM ET

Company Participants

Eric Burge - Head of Investor Relations
Olivier Rabiller - President and CEO
Sean Deason - Senior Vice President and CFO

Conference Call Participants

Hamed Khorsand - BWS Financial
Michael Ward - Freedom Capital

Operator

Good morning and hello. My name is Debbie and I will be your operator this morning. I would like to welcome everyone to the Garrett Motion First Quarter 2024 Financial Results Conference Call. This call is being recorded and a replay will be available later today. After the company's presentation, there will be a Q&A session.

And I would like to hand the call now over to Eric Burge, Garrett's Head of Investor Relations. Please go ahead.

Eric Burge

Thank you, Debbie. Good day and welcome everyone. Thank you for attending the Garrett Motion first quarter 2024 financial results conference call. Before we begin, I would like to mention that today's presentation and earnings press release are available on the IR section of the Garrett Motion website at investors.garrettmotion.com. There you will find a link to our SEC filings, along with other important information about our company.

Turning to Slide 2. We note that this presentation contains forward-looking statements within the Securities and Exchange Act. We encourage you to read these risk factors contained in our filings and with the Securities and Exchange Act. Become aware of these risks and uncertainties in our business and understand that forward-looking statements are only estimates of future performance and should be taken as such. The forward-looking statements presentation management's expectations only as of today and the company disclaims any obligation to update them.

Today's presentation also includes non-GAAP measures to describe how we manage and operate our business. We reconcile each of these measures to the most directly comparable GAAP measure and you're encouraged to examine those reconciliations in the appendix to the press release and the slide presentation. Also in today's presentation and comments, we may refer to light vehicle diesel and light vehicle gasoline product simply as diesel and gasoline only.

With us on today's call is Olivier Rabiller, Garrett's President and Chief Executive Officer; and Sean Deason, Garrett's Senior Vice President and Chief Financial Officer.

I will now hand the call over to Olivier.

Olivier Rabiller

Thank you, Eric, and thanks everyone for joining Garrett's first quarter 2024 earnings conference call. I will begin today's remarks on Slide 3. First, I would like to thank the Garrett team for their drive, energy and focus to deliver another great quarter. I am pleased to report today that Garrett delivered a solid performance in Q1, achieving net sales of $915 million and adjusted EBITDA of $151 million. We indeed had a strong adjusted EBITDA margin of 16.5%, up 120 basis points from last quarter and adjusted free cash flow came in at $68 million in line with our outlook and expectations.