Garrett Motion (GTX) Gets 33% Boost from Stellar Earnings

We recently published 10 of Wall Street’s Outperformers. Garrett Motion Inc. (NASDAQ:GTX) is one of the top-performing stocks last week.

Garrett Motion soared by 33.25 percent week-on-week, hitting a new all-time high on Friday, as investors cheered its impressive earnings performance in the past quarter, coupled with a higher growth outlook.

On Friday alone, the stock jumped to a new all-time high of $17.05 before paring gains to end the day up by 13.8 percent at $16.99 apiece.

In an updated report on Thursday, Garrett Motion Inc. (NASDAQ:GTX) said it grew 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.

Following 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 previously.

Net sales projection was also upgraded to a range of $3.5 billion to $3.6 billion, versus the $3.4 billion to $3.6 billion prior.

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