Gates(US:GTES)2024-02-08 22:49Financial Performance - The company reported revenue of $3.57 billion, a 1% year-over-year increase [7] - Adjusted EBITDA reached $747 million, representing a 10% year-over-year growth [7] - Gross margin improved to 38.1%, a 290 basis points increase [7] - Adjusted EPS expanded by 19% to $1.36 compared to 2022 [7] - Free cash flow conversion was 110%, a 55% increase [7] Q4 2023 Highlights - Q4 2023 net sales were $863.3 million [86] - Adjusted EBITDA margin for Q4 2023 was 21.5%, a 290 basis points year-over-year expansion [21] - Free cash flow conversion for Q4 2023 was 158% [21] - Net leverage ratio declined by 0.5x to 2.3x [7] Segment Performance - Power Transmission segment net sales for the year were $2.19 billion with an adjusted EBITDA margin of 21.0% [28] - Fluid Power segment net sales for the year were $1.38 billion with an adjusted EBITDA margin of 20.8% [31]