"Our strong first quarter results and increased 2023 outlook reflect our significant operating momentum as we continue to advance our business transformation, along with strong industry volumes in key regions, favorable foreign exchange, and robust cash flow generation. We are updating our outlook accordingly as we see some of the strength carrying into the next quarters. We remain focused on operational excellence, flexing our variable cost structure and maximizing cash flow generation," said Garrett President and CEO, Olivier Rabiller. Sees Net income of $81 million, net income margin 8.4%, down from $88 million, primarily due to unrealized marked-to-market gains on our interest rate swaps in the first quarter 2022; Adjusted EBITDA of $168 million, Adjusted EBITDA margin of 17.3%, up from $146 million in the first quarter 2022.
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