Garrett Motion reports Q1 EPS 98c, consensus 85c
Reports Q1 revenue $835M, consensus $843.11M. "We are off to a strong start in 2019," said Olivier Rabiller, President and CEO. "During the first quarter, we maintained our attractive margin profile, thanks in part to our highly variable cost structure, amid challenging market conditions which began late last year and continued at the onset of 2019. We continue to achieve significant productivity gains while rebalancing our passenger vehicle portfolio as the percentage of gasoline sales climbed to 29% in the quarter, up 400 basis points from the prior year. In addition, we increased our aftermarket and commercial vehicle businesses to 33% of net sales, further mitigating the impact of short-term fluctuations in auto sales. Going forward, we expect modest improvement in global automotive demand and remain on track to meet our previously stated targets for the full year as we continue to deliver leading vehicle technologies for our global customers."