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Garrett Motion reported its Q3 results this morning, posting sales and earnings the beat expectations.
The company delivered a big dividend increase with its quarterly report.
Garrett Motion also increased its full-year performance targets.
Garrett Motion (NASDAQ: GTX) stock posted impressive gains in Thursday's daily session, thanks to a strong third-quarter report. The vehicle-technologies company's share price closed out the day's trading up 19.3% amid the backdrop of a 0.6% gain for the S&P 500 (SNPINDEX: ^GSPC) and a 0.9% gain for the Nasdaq Composite (NASDAQINDEX: ^IXIC).
Garrett Motion published its third-quarter report before the market opened this morning, delivering sales and earnings for the period. The company also issued forward guidance that had investors excited.
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Garrett Motion recorded earnings per share of $0.38 on sales of $902 million in the third quarter. Results for the period came in well ahead of the average Wall Street analyst estimate's call for per-share earnings of $0.33 on revenue of roughly $866.2 million. The company's revenue increased 9.2% year over year in the period, and Garrett also announced that it would be increasing its quarterly dividend to $0.08 per share, representing an increase of roughly 33%.
In conjunction with its strong Q3 results and signs of continued sales momentum, Garrett has increased its performance outlook for the year. The company now expects revenue for the period to be between $3.5 billion and $3.6 billion -- up from its previous guidance for sales to be between $3.4 billion and $3.6 billion. The company also increased its profit outlook -- with new guidance for net income between $265 million and $295 million coming in far above its previous target for a net profit between $233 million and $278 million.
With better-than-expected sales and signs of strength on the margin front, investors are feeling much more optimistic in Garrett's outlook.
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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool recommends Garrett Motion. The Motley Fool has a disclosure policy.
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