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 ...

DENVER, May 15, 2024 /PRNewswire/ -- Gates Industrial Corporation plc (NYSE: GTES, "Gates" or the "Company") announced today that certain selling stockholders affiliated with Blackstone Inc. (the "Selling Stockholders") have commenced a secondary offering of 17,500,000 of Gates' ordinary shares (the "Offering"). In connection with the Offering, the Selling Stockholders intend to grant to the underwriters a 30-day option to purchase up to 2,625,000 additional ordinary shares. Gates is not offering any ordina ...

Q1 2024 EARNINGS PRESENTATION MAY 1, 2024 LEGAL DISCLAIMERS 2 This presentation contains, and management may make on our call today, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "predicts," ...

Gates Industrial (GTES) came out with quarterly earnings of $0.31 per share, beating the Zacks Consensus Estimate of $0.30 per share. This compares to earnings of $0.25 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 3.33%. A quarter ago, it was expected that this manufacturer of power transmission and fluid power systems would post earnings of $0.29 per share when it actually produced earnings of $0.39, delivering a surprise ...

Financial Performance - First-quarter 2024 net sales were $862.6 million, a decrease of 3.9% from $897.7 million in the prior-year quarter, with a core sales decrease of 3.6%[4] - Net income attributable to shareholders for the first quarter was $40.0 million, or $0.15 per diluted share, compared to $26.4 million, or $0.09 per diluted share in the first quarter of 2023[5] - Adjusted EBITDA for the first quarter was $195.6 million, representing a margin of 22.7%, up from $174.5 million and 19.4% in the prior-year quarter[7] - Net income for the three months ended March 30, 2024, was $46.1 million, an increase of 50.8% compared to $30.6 million for the same period in 2023[28] - Adjusted EBITDA for the same period was $195.6 million, representing an Adjusted EBITDA margin of 22.7%, up from 19.4% in the prior year[36] - Adjusted Net Income attributable to shareholders increased to $83.5 million, compared to $72.8 million in the prior year[42] Segment Performance - Power Transmission segment net sales decreased by 2.8% to $532.8 million, with an Adjusted EBITDA of $119.0 million, reflecting a margin expansion of 270 basis points[9] - Fluid Power segment net sales decreased by 5.7% to $329.8 million, with an Adjusted EBITDA of $76.6 million, showing a margin improvement of 410 basis points[13] - The Power Transmission segment reported net sales of $532.8 million, down $9.4 million, while the Fluid Power segment saw a decrease of $22.9 million to $329.8 million[48] Guidance and Projections - The company has raised its full-year 2024 Adjusted EBITDA guidance to a range of $745 million to $805 million, an increase of $20 million from previous guidance[16] - Core revenue growth guidance for 2024 remains unchanged at a range of -3% to +1%[16] Cash Flow and Debt - The company reduced its gross debt during the quarter and had total outstanding debt of $2.4 billion as of March 30, 2024[14] - The company used $21.0 million of cash in operations during the first quarter, with capital expenditures increasing to $18.1 million from $14.6 million in the prior-year quarter[14] - Free Cash Flow for the period was negative at $(21.0) million, compared to positive cash flow of $52.5 million in the same period last year[28] - The company incurred $148.9 million in net cash used in financing activities during the period, primarily due to payments of long-term debt[28] Assets and Liabilities - Total assets decreased to $7,045.9 million as of March 30, 2024, down from $7,254.5 million as of December 30, 2023[26] - Cash and cash equivalents at the end of the period were $525.7 million, a decrease from $597.8 million at the end of the previous year[28] - Total liabilities decreased to $3,550.5 million as of March 30, 2024, down from $3,710.6 million as of December 30, 2023[26] Shareholder Actions - The company repurchased approximately $50 million of its ordinary shares in February 2024, with an additional $50 million available under its share repurchase authorization[15] - The diluted weighted-average number of shares outstanding was 267,435,531, compared to 287,878,415 in the prior year[42] Other Notable Events - The company recorded a pre-tax charge of $0.1 million related to a customer's bankruptcy proceedings during the three months ended March 30, 2024[45] - Cybersecurity incident expenses were incurred due to a malware attack on February 11, 2023, which may be partially offset by insurance recoveries[45] - Currency rate movements positively impacted net sales by $2.8 million overall, with a $5.9 million increase in Power Transmission and a $3.1 million decrease in Fluid Power[48] - The company reported a decrease in inventories to $677.2 million as of March 30, 2024, from $647.2 million as of December 30, 2023[26]