Core Insights - Gates has published its 2023 Sustainability Report, highlighting progress in its sustainability strategy across four pillars: Governance, Technology, Environment, and Stewardship [1][5] Governance - The company has established additional governance processes and enhanced reporting to align with global standards, demonstrating a commitment to sustainability [2][5] Technology - Gates has invested in its "GTES" organizational capabilities and leveraged its Eco-Innovation™ process to develop products with a reduced environmental footprint [2] Environment - The company has brought 818,000 kWh of solar energy online and invested in projects to reduce 18 million kWh of natural gas and 7 million kWh of electricity consumption [2] - Gates is actively pursuing decarbonization with 73 ongoing greenhouse gas (GHG) reduction projects and aims to reduce hazardous waste, landfill, and water consumption while increasing the number of zero-waste sites [2] Stewardship - Gates employees are engaged in community service through various volunteer activities, including mentoring in STEM programs and supporting local reforestation and food bank initiatives [4] Health and Safety - In 2023, Gates achieved a 20% decrease in Total Case Incident Rates (TCIR) and a 15% reduction in severe injuries, reflecting the effectiveness of its health and safety initiatives [3] Reporting Standards - The sustainability reporting process adheres to standards set by the International Financial Reporting Standards (IFRS), Sustainability Accounting Standards Board (SASB), and the Task Force on Climate-related Financial Disclosures (TCFD), among others [5]

Company Overview - Gates Industrial reported revenues of $885.5 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 0.84% and down from $936.3 million year-over-year [4] - The company posted quarterly earnings of $0.36 per share, beating the Zacks Consensus Estimate of $0.35 per share, which is unchanged from the previous year [10] Earnings Performance - The earnings surprise for the recent quarter was 2.86%, with the company previously expected to post earnings of $0.30 per share but actually delivering $0.31, resulting in a surprise of 3.33% [5] - Over the last four quarters, Gates Industrial has consistently surpassed consensus EPS estimates [11] Industry Context - Gates Industrial is part of the Zacks Engineering - R and D Services industry, which is currently ranked in the top 31% of over 250 Zacks industries [3] - The current consensus EPS estimate for the upcoming quarter is $0.35 on revenues of $880 million, and for the current fiscal year, it is $1.35 on revenues of $3.52 billion [8] Stock Performance - Gates Industrial shares have increased approximately 32.1% since the beginning of the year, outperforming the S&P 500's gain of 14% [12] - The stock currently holds a Zacks Rank 5 (Strong Sell), indicating expectations of underperformance in the near future [1]

Denver, CO, July 31, 2024 Jurek continued, "We have trimmed our full year 2024 guidance for core sales, adjusted EBITDA and adjusted earnings per share to reflect softer than expected demand in our First Fit markets during the second half of the year and our normal business seasonality. At the updated midpoint, we still expect to increase our adjusted EBITDA margin by over 100 basis points year-over-year. We are intently focused on driving our various enterprise initiatives and achieving our 2026 financial ...

DENVER, July 17, 2024 /PRNewswire/ -- Gates Industrial Corporation plc (NYSE:GTES) today announced that it has changed the time of its second-quarter 2024 webcast and conference call from 10 a.m. Eastern time to 9 a.m. Eastern time on Wednesday, July 31, 2024. The access information has not changed and is as follows: An audio replay of the conference call will be available from approximately 1:00 p.m. Eastern time on July 31, 2024, until 11:59 p.m. Eastern time on August 7, 2024, and can be accessed domesti ...

About Gates Industrial Corporation plc Gates Industrial Corporation plc is a global manufacturer of innovative, highly engineered power transmission and fluid power solutions. Gates offers a broad portfolio of products to diverse replacement channel customers, and to original equipment ("first-fit") manufacturers as specified components. Gates participates in many sectors of the industrial and consumer markets. Our products play essential roles in a diverse range of applications across a wide variety of end ...

With a major focus on developing the country's roads, bridges and more, the construction companies are benefiting from the U.S. administration's massive infrastructure plan to build modern, sustainable infrastructure and a clean future. Moreover, the increased demand from telecom customers for wireline networks, wireless/wireline converged networks and wireless networks using 5G technologies has been benefiting construction-related companies. Within the Zacks Engineering - R and D Services industry, compani ...

"John brings significant manufacturing finance leadership experience to Gates and we look forward to the benefit of his background and expertise in ensuring a robust accounting and controls function as we continue to grow our business globally," stated EVP/CFO Brooks Mallard, adding "we are delighted John has chosen to join Gates." John began his career in public accounting as an auditor with Deloitte, where his clients included General Motors and Detroit Diesel. After receiving his MBA, John worked in the ...

Dmytro Varavin Gates Industrial Corporation plc (NYSE:GTES) focuses on highly engineered power transmission and fluid power solutions, serving customers across 130 countries. Over the past few years, its revenue growth rate has been decelerating. Despite flattish revenue growth, margins have been improving all along. They have also been capturing opportunities into data centre cooling, which allows them to leverage their technical expertise to provide solutions for growing demand in data centres. With the r ...

This press release is being issued pursuant to Rule 135c under the Securities Act, and it is neither an offer to sell nor a solicitation of an offer to buy any securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of any securities in any jurisdiction in which such offer, solicitation or sale is unlawful. DENVER, May 22, 2024 /PRNewswire/ -- Gates Industrial Corporation plc (NYSE: GTES, "Gates") announced today that its indirect subsidiary, Gates Corporation (t ...

This press release is being issued pursuant to Rule 135c under the Securities Act, and it is neither an offer to sell nor a solicitation of an offer to buy any securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of any securities in any jurisdiction in which such offer, solicitation or sale is unlawful. About Gates: Gates is a global manufacturer of innovative, highly engineered power transmission and fluid power solutions. Gates offers a broad portfolio of p ...