Net sales at constant currency increased 15% and include a positive impact of $132 million or 5% due to foreign currency translation driven by higher Euro-to-dollar exchange rates.Ĭost of goods sold for the fourth quarter of 2021 was $707 million compared with $834 million in 2020 primarily due to lower volumes which contributed to a decrease of $125 million. ![]() Net Sales of 2021 were $3,633 million up 20% compared with $3,034 million in 2020. The year-over-year decrease in net sales was driven by global semiconductor shortage sales across all product lines mainly in passenger vehicles. Net sales at constant currency decreased 13% and exclude the negative impact of $12 million from foreign currency translation. Net sales for the fourth quarter 2021 were $862 million down 14% compared with $1,008 million in the fourth quarter of 2020. "Our outlook for 2022 is for focused execution in a gradually improving macro environment as we pursue our strategic growth initiatives, positioning the company for continued success for the long term benefit of shareholders in the evolving powertrain industry." This resilient demand coupled with our highly flexible cost structure and supply chain agility, helped Garrett meet our revised 2021 financial targets, deliver solid cash flow and accelerate our deleveraging activities." Taken together, these two businesses add significant diversification to our portfolio as they comprise 30% of our 2021 net sales and an even greater proportion of our cash flow. "Net sales of $3.6 billion grew 20% on a GAAP basis and 15% at constant currency outpacing global auto production by approximately 12.5 percentage points**, as solid demand across our product portfolio was led by 25% growth in our commercial vehicle business and 21% growth in our aftermarket business, also at constant currency. “In 2021, Garrett achieved strong growth across all key metrics," said Olivier Rabiller, Garrett President and CEO. ** Using 2.5% global LV growth based on IHS' 2021 estimate of 76.4 million * See reconciliations to the nearest GAAP measure in pages 6-15. Net cash provided by (used for) operating activities ![]() Selling, general and administrative expenses (Nasdaq: GTX), a leading differentiated technology provider for the automotive industry, today announced its financial results for the quarter and year ended December 31, 2021. 14, 2022 (GLOBE NEWSWIRE) - Garrett Motion Inc. Adjusted free cash flow* totaled $367 million Adjusted free cash flow conversion rate* was 111%.Net cash used for operating activities totaled ($310) million.Adjusted EBITDA* increased 38% to $607 million Adjusted EBITDA margin* improved to 16.7%.Net income totaled $495 million Adjusted net income* was $331 million. ![]() Net sales totaled $3,633 million, up 20% on a GAAP basis and 15% at constant currency*.Adjusted free cash flow* totaled $151 million Adjusted free cash flow conversion rate* was 194%.Net cash provided by operating activities totaled $136 million.Adjusted EBITDA* totaled $129 million Adjusted EBITDA margin* improved to 15.0%. ![]()
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