Brief: Garrett Motion Qtrly Earnings Per Share $0.57

Garrett Motion. (Delaware)

20/02/2019 15:57

Feb 20 (Reuters) - Garrett Motion Inc  G02.F :
    * GARRETT MOTION REPORTS FOURTH QUARTER AND FULL YEAR 2018
FINANCIAL RESULTS 
    * QTRLY NET SALES DECREASED 1% TO $799 MLN; UP 2% ORGANIC
    * QTRLY SHR $0.57
    * Q4 SHR VIEW $0.71, REV VIEW $779.7 MLN -- REFINITIV IBES
DATA
    * FOR FY 2019, CO EXPECTS TO BE BETWEEN 2% AND 4% IN ORGANIC
GROWTH IN NET SALES, AND BETWEEN $630 MLN AND $650 MLN IN
ADJUSTED EBITDA
    * TARGETING ADJUSTED LEVERED FREE CASH FLOW CONVERSION IN
2019
BETWEEN 55% AND 60%
    * MANAGEMENT DETERMINED THAT THERE IS A MATERIAL WEAKNESS IN
CO'S
INTERNAL CONTROL OVER FINANCIAL REPORTING
    * MATERIAL WEAKNESS RELATES TO SUPPORTING EVIDENCE FOR CO'S
LIABILITY TO HONEYWELL UNDER THEIR INDEMNIFICATION &
REIMBURSEMENT AGREEMENT
    * WORKING TO OBTAIN ADDITIONAL INFORMATION ABOUT
INDEMNIFICATION
LIABILITY THROUGH A "DIALOGUE AND ITERATIVE PROCESS" WITH
HONEYWELL

Source text for Eikon:  ID:nBw10TVfka 
Further company coverage:  G02.F 

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