Garrett Motion reports Q3 revenue $784M, consensus $760.15M
Garrett CEO and President Olivier Rabiller commented, "Garrett delivered a robust quarter, confirming our strong performance in the first nine months of 2018 and the acceleration of our portfolio rebalancing toward gasoline products driven by new launches across the globe. Strong third quarter organic growth of 25% in gasoline sales and 3% organic growth in diesel sales, are well above industry growth rates, and confirm the translation of our strong win rates into net sales. The negative impact on our margin rate of new gasoline growth was mitigated through solid cost control and productivity performance and confirms our expectation that our gasoline business will match our diesel business by the end of 2019. I am pleased that Garrett successfully raised the financing at favorable rates, to become a strong independent company and we look forward to continued advancement in our growth vectors in software and electrification, as we progress towards the start of production of the industry's first E-Turbo. For the full year 2018, we expect to be between 5% and 6% in organic growth in net sales and between $640M and $655M in Adjusted EBITDA, excluding hedging impacts."