Garrett Motion Q3: Sales Plummet 14% Amid Weak Vehicle Demand, Cuts FY24 Topline Forecast
Portfolio Pulse from Lekha Gupta
Garrett Motion Inc. (NASDAQ:GTX) reported a 14% decline in Q3 sales, missing expectations, and lowered its FY24 sales guidance due to weak vehicle demand and industry challenges. The company's shares fell 7.58% following the announcement.
October 24, 2024 | 3:46 pm
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Garrett Motion's Q3 sales fell 14%, missing expectations, leading to a 7.58% drop in share price. The company also lowered its FY24 sales guidance due to weak vehicle demand.
The significant decline in sales and the reduction in FY24 guidance indicate challenges in the automotive sector, particularly in Europe and China. This has directly impacted GTX's stock price negatively.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100