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Hot Stocks
Garrett Motion restarts production facility in Wuhan » 09:45
03/19/20
03/19
09:45
03/19/20
09:45
GTX

Garrett Motion

$3.06 /

-0.035 (-1.13%)

Garrett Motion announced…

Garrett Motion announced its manufacturing plant in Wuhan, Hubei Province, China has restarted limited production effective March 16, 2020 in accordance with local ordinances. Garrett's Wuhan facility is expected to gradually return to full capacity in early May. The company's Shanghai plant, which restarted production on February 10, is expected to be fully operational in early April.

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Over a month ago
Earnings
Garrett Motion sees FY20 revenue down 4%-1% » 07:21
02/27/20
02/27
07:21
02/27/20
07:21
GTX

Garrett Motion

$7.14 /

-0.05 (-0.70%)

Garrett is providing the…

Garrett is providing the following initial outlook for the full year 2020, which reflects the current expected effects of the novel coronavirus and further rebalancing of the company's light vehicle products between Diesel and Gasoline. Additionally, global light vehicle auto production is expected to decline between (5%) and (7%) and global commercial vehicle production is expected to decline between (7%) and (10%) for the year. Sees estimated impact from coronavirus to FY20 revenue of (6%)-(7%). Sees FY20 adjusted EBITDA $440M-$480M.

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Earnings
Garrett Motion reports Q4 EPS 82c, consensus 73c » 07:19
02/27/20
02/27
07:19
02/27/20
07:19
GTX

Garrett Motion

$7.14 /

-0.05 (-0.70%)

Reports Q4 revenue $830M,…

Reports Q4 revenue $830M, consensus $802.18M. "Our fourth quarter and full year 2019 results reflect continued outperformance over global auto production," said Olivier Rabiller, Garrett President and CEO. "In 2019, our net sales outperformed the overall market by approximately 600 basis points during a time when we accelerated the rebalancing of our portfolio. Net sales from light vehicle Gasoline products exceeded Diesel for the full year as gasoline volumes surged during the fourth quarter, resulting in a 6.2% increase in Q4 net sales at constant currency. We also maintained our focus on strengthening the company's balance sheet by utilizing our solid cash flow to reduce net debt by $176 million for the year and $292 million since our Spin-Off. With significant financial flexibility combined with the industry's broadest portfolio for LV, commercial vehicle, hybrid, and fuel cell products, we are well positioned to build upon the progress we achieved during our first full year as an independent company. Although the near-term macro environment remains volatile, particularly given the rapidly evolving outbreak of the coronavirus, we continue to produce strong customer win rates with a robust schedule of new product launches. We also expect the growth in our E-Boosting solutions for hybrid vehicles to outpace global hybrid production by 2023 and we continue to expand the production pipeline for our innovative connected offerings, including cybersecurity. By meeting the needs of an evolving market through our unique capabilities in the mechanical, electrical, and software domains, we intend to drive future performance and create long-term value for shareholders."

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Hot Stocks
Garrett Motion files complaint against Honeywell in asbestos indemnity suit » 08:45
01/16/20
01/16
08:45
01/16/20
08:45
GTX

Garrett Motion

$10.19 /

-0.14 (-1.36%)

, HON

Honeywell

$180.72 /

+0.2 (+0.11%)

Garrett Motion (GTX)…

Garrett Motion (GTX) filed the complaint in its lawsuit, initiated on Dec. 2, 2019, against Honeywell (HON), related entities and certain affiliated individuals in the Supreme Court of the State of New York. The complaint details how Honeywell and its executives, and not Garrett's current management, devised Garrett's spinoff to offload Honeywell's more than $1 billion legacy Bendix asbestos liability, while saddling Garrett with unconscionable and illegal covenants that unnecessarily limit its ability to control its long term future. For more than a year since its spinoff, Garrett has attempted to resolve these critical governance and financial issues amicably with Honeywell. After repeated, but unsuccessful discussions with Honeywell, Garrett believes it has no alternative but to turn to the Court for relief. Garrett intends to vigorously pursue its claims. During its negotiations, Honeywell has continued to force Garrett to pay Honeywell's asbestos labilities, including amounts paid to settle punitive damages exposure and Honeywell's wrongful conduct, both of which are not permitted under New York law, under the threat of improperly triggering a cascade of defaults under Garrett's financial indebtedness. Despite asserting that Honeywell's agreement is unlawful and unenforceable, Garrett has continued to comply with its terms, including making timely quarterly indemnity payments under protest. Garrett's exposure remains capped at $175M annually throughout the agreement. Garrett's lawsuit, initiated through a Summons with Notice filed on Dec. 2, 2019, seeks compensatory damages, rescission of the Indemnification Agreement, as well as other relief from the Court.

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Hot Stocks
Garrett Motion rises 9.7% » 12:00
01/13/20
01/13
12:00
01/13/20
12:00
GTX

Garrett Motion

$9.93 /

+0.87 (+9.60%)

Garrett Motion is up…

Garrett Motion is up 9.7%, or 88c to $9.91.

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Over a quarter ago
Hot Stocks
Garrett Motion files lawsuit against Honeywell for asbestos indemnity » 08:21
12/02/19
12/02
08:21
12/02/19
08:21
GTX

Garrett Motion

$11.54 /

-0.08 (-0.69%)

, HON

Honeywell

$178.59 /

-0.84 (-0.47%)

Garrett Motion (GTX)…

Garrett Motion (GTX) filed a lawsuit in the Supreme Court of the State of New York against Honeywell (HON), related entities and certain affiliated officers and directors. The lawsuit follows Garrett's efforts to reach a negotiated solution with Honeywell's executive team to avoid litigation. The lawsuit arises from Honeywell's "unilateral imposition of an unusual 30-year Indemnification Agreement" on Garrett immediately prior to the spinoff of Garrett in October 2018. This agreement, which was not negotiated at arm's-length, requires Garrett to compensate Honeywell for payments relating to asbestos exposure arising from Honeywell's legacy Bendix automotive brake business, including payments relating to punitive damages and defense costs. Garrett asserts that requiring it to make these payments to Honeywell is unacceptable as the historical asbestos liability is Honeywell's and not Garrett's. Furthermore, Honeywell has enabled itself to potentially exercise control of Garrett corporate decisions by inserting a set of loan-like covenants into the 30-year agreement term. For more than a year since its spinoff, Garrett has attempted to resolve these important governance and financial issues with Honeywell. After repeated, but unsuccessful discussions with Honeywell, Garrett believes it has no alternative but to turn to the court for relief. Garrett's decision was the result of an analysis undertaken by its management, informed by the input of outside advisors, and made with the approval of its board, who believe this unacceptable agreement limits Garrett's ability to reach its full potential. During its negotiations with Honeywell, despite asserting that Honeywell's agreement is unacceptable, Garrett continued to comply with the terms of the agreement, including making timely quarterly indemnity payments under protest. Garrett's exposure remains capped at $175M annually throughout the agreement. Garrett's lawsuit seeks compensatory damages, rescission of the indemnification agreement, as well as other relief from the court

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Earnings
Garrett Motion backs FY19 revenue guidance of down 1% to up 1% » 07:07
11/08/19
11/08
07:07
11/08/19
07:07
GTX

Garrett Motion

$10.48 /

+0.39 (+3.87%)

For 2019, the company is…

For 2019, the company is reiterating its previously stated guidance of organic net sales growth between -1% and +1% and Adjusted Levered Free Cash Flow conversion between 50% and 55%. The company is revising its full-year outlook for Adjusted EBITDA from a range between $600 million and $620 million to a range between $580 million and $600 million. The revised 2019 outlook for Adjusted EBITDA is primarily due to a faster rebalancing of the company's light vehicle activities between diesel and gasoline as well as lower commercial vehicle production. Both of these factors had an adverse impact on margins in the third quarter and are expected to continue into the fourth quarter and 2020.

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Earnings
Garrett Motion reports Q3 EPS 50c, may not compare to consensus 80c » 07:06
11/08/19
11/08
07:06
11/08/19
07:06
GTX

Garrett Motion

$10.48 /

+0.39 (+3.87%)

Reports Q3 revenue $781M,…

Reports Q3 revenue $781M, consensus $775.2M. "During the third quarter, we delivered organic net sales growth of approximately 3%, outperforming global auto production by more than five percentage points," said Olivier Rabiller, Garrett President and CEO. "Garrett's solid performance for the quarter was driven by higher gasoline turbo penetration gains and new product launches. Our rapidly growing gasoline segment increased to 35% of net sales and exceeded diesel product sales by approximately 10% in Q3 - well ahead of plan. We also enhanced our financial profile in the quarter by generating $102 million in adjusted levered free cash flow and reducing net debt by approximately $95 million. Our focus remains on strengthening the company's balance sheet while bringing Garrett's differentiated portfolio of turbocharging, electric boosting, and automotive software solutions to market for the benefit of our global customers."

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Conference/Events
Garrett Motion management to meet with Jefferies » 04:55
09/25/19
09/25
04:55
09/25/19
04:55
GTX

Garrett Motion

$10.32 /

-0.235 (-2.23%)

Meeting to be held in…

Meeting to be held in Boston on September 25 hosted by Jefferies.

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Conference/Events
Garrett Motion management to meet with Jefferies » 13:02
09/24/19
09/24
13:02
09/24/19
13:02
GTX

Garrett Motion

$10.32 /

-0.23 (-2.18%)

Meeting to be held in…

Meeting to be held in Boston on September 25 hosted by Jefferies.

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