Garrett Motion (GTX) Soars to New Record High on Higher Earnings, Outlook, Dividend

We recently published Why These 10 Stocks are Soaring by Double Digits. Garrett Motion Inc. (NASDAQ:GTX) is one of the best performers on Thursday.

Garrett Motion soared to a fresh record high on Thursday, as investors took heart from an impressive earnings performance for the third quarter of the year, alongside a higher growth outlook and a dividend increase.

In intra-day trading, the stock soared to its highest price of $15.75 before trimming gains to end the day just up by 19.34 percent at $14.93 apiece.

In a statement, Garrett Motion Inc. (NASDAQ:GTX) said it was able to grow its net income by 48 percent to $77 million from $52 million in the same period last year, on the back of a $20 million jump in gross profit, $8 million lower interest cost, and a $2 million increase in non-operating income.

Net sales, on the other hand, rose by 9.2 percent to $902 million from $826 million year-on-year, primarily driven by higher demand in gasoline and diesel, a favorable currency impact, and recoveries on enacted import tariffs.

Encouraged by the results, Garrett Motion Inc. (NASDAQ:GTX) raised its full-year net income projection to a range of $265 million to $295 million, versus the $233 million to $278 million expected previously.

It also raised the lower-end of its net sales projection to now expect a record of $3.5 billion to $3.6 billion, versus the $3.4 billion to $3.6 billion previously.

In other developments, Garrett Motion Inc. (NASDAQ:GTX) announced a $0.02 increase in dividends to $0.08 to each holder of common shares as of December 1, payable on December 15, 2025.

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Disclosure: None. This article is originally published at Insider Monkey.