Gates Industrial Reports First-Quarter 2025 Results
Gates Industrial reported its Q1 2025 results with net sales of $847.6 million, showing a 1.7% decrease from the previous year, though core revenue grew by 1.4%. The company achieved net income of $62.0 million ($0.24 per diluted share) and Adjusted Net Income of $0.36 per share.
The Power Transmission segment recorded net sales of $527.2 million (-1.1% YoY) with an Adjusted EBITDA margin of 22.1%. The Fluid Power segment posted net sales of $320.4 million (-2.9% YoY) with an Adjusted EBITDA margin of 22.0%.
CEO Ivo Jurek highlighted strong growth in Auto Replacement and Personal Mobility markets, along with improved gross margins. The company maintained its 2025 guidance, projecting:
- Core sales growth: -0.5% to +3.5%
- Adjusted EBITDA: $735-795 million
- Adjusted EPS: $1.36-$1.52
- Free Cash Flow conversion above 90%
Gates Industrial ha comunicato i risultati del primo trimestre 2025 con vendite nette pari a 847,6 milioni di dollari, registrando una diminuzione dell'1,7% rispetto all'anno precedente, anche se i ricavi core sono cresciuti dell'1,4%. L'azienda ha raggiunto un utile netto di 62,0 milioni di dollari (0,24 dollari per azione diluita) e un utile netto rettificato di 0,36 dollari per azione.
Il segmento Power Transmission ha riportato vendite nette per 527,2 milioni di dollari (-1,1% su base annua) con un margine EBITDA rettificato del 22,1%. Il segmento Fluid Power ha registrato vendite nette per 320,4 milioni di dollari (-2,9% su base annua) con un margine EBITDA rettificato del 22,0%.
Il CEO Ivo Jurek ha sottolineato una forte crescita nei mercati di Auto Replacement e Personal Mobility, insieme a un miglioramento dei margini lordi. L'azienda ha confermato le previsioni per il 2025, prevedendo:
- Crescita delle vendite core: da -0,5% a +3,5%
- EBITDA rettificato: 735-795 milioni di dollari
- EPS rettificato: da 1,36 a 1,52 dollari
- Conversione del flusso di cassa libero superiore al 90%
Gates Industrial informó sus resultados del primer trimestre de 2025 con ventas netas de 847,6 millones de dólares, mostrando una disminución del 1,7% respecto al año anterior, aunque los ingresos principales crecieron un 1,4%. La compañía alcanzó un ingreso neto de 62,0 millones de dólares (0,24 dólares por acción diluida) y un ingreso neto ajustado de 0,36 dólares por acción.
El segmento de Power Transmission registró ventas netas de 527,2 millones de dólares (-1,1% interanual) con un margen EBITDA ajustado del 22,1%. El segmento de Fluid Power reportó ventas netas de 320,4 millones de dólares (-2,9% interanual) con un margen EBITDA ajustado del 22,0%.
El CEO Ivo Jurek destacó un fuerte crecimiento en los mercados de Auto Replacement y Personal Mobility, junto con una mejora en los márgenes brutos. La compañía mantuvo su guía para 2025, proyectando:
- Crecimiento de ventas principales: -0,5% a +3,5%
- EBITDA ajustado: 735-795 millones de dólares
- EPS ajustado: 1,36-1,52 dólares
- Conversión de flujo de caja libre por encima del 90%
Gates Industrial는 2025년 1분기 실적을 발표하며 순매출 8억 4,760만 달러를 기록해 전년 대비 1.7% 감소했으나 핵심 매출은 1.4% 증가했습니다. 회사는 희석 주당 0.24달러의 순이익 6,200만 달러와 주당 0.36달러의 조정 순이익을 달성했습니다.
Power Transmission 부문은 5억 2,720만 달러의 순매출(-전년 대비 1.1%)과 22.1%의 조정 EBITDA 마진을 기록했습니다. Fluid Power 부문은 3억 2,040만 달러의 순매출(-전년 대비 2.9%)과 22.0%의 조정 EBITDA 마진을 보였습니다.
CEO 이보 유렉(Ivo Jurek)은 자동차 교체 부문과 개인 모빌리티 시장의 강력한 성장과 함께 원가율 개선을 강조했습니다. 회사는 2025년 가이던스를 유지하며 다음과 같이 전망했습니다:
- 핵심 매출 성장률: -0.5% ~ +3.5%
- 조정 EBITDA: 7억 3,500만 ~ 7억 9,500만 달러
- 조정 주당순이익(EPS): 1.36~1.52 달러
- 자유 현금 흐름 전환율 90% 이상
Gates Industrial a publié ses résultats du premier trimestre 2025 avec un chiffre d'affaires net de 847,6 millions de dollars, soit une baisse de 1,7 % par rapport à l'année précédente, bien que le chiffre d'affaires principal ait augmenté de 1,4 %. La société a réalisé un bénéfice net de 62,0 millions de dollars (0,24 $ par action diluée) et un bénéfice net ajusté de 0,36 $ par action.
Le segment Power Transmission a enregistré un chiffre d'affaires net de 527,2 millions de dollars (-1,1 % en glissement annuel) avec une marge EBITDA ajustée de 22,1 %. Le segment Fluid Power a affiché un chiffre d'affaires net de 320,4 millions de dollars (-2,9 % en glissement annuel) avec une marge EBITDA ajustée de 22,0 %.
Le PDG Ivo Jurek a souligné une forte croissance sur les marchés de l'Auto Replacement et de la Mobilité Personnelle, ainsi qu'une amélioration des marges brutes. La société a maintenu ses prévisions pour 2025, projetant :
- Croissance du chiffre d'affaires principal : -0,5 % à +3,5 %
- EBITDA ajusté : 735 à 795 millions de dollars
- Bénéfice par action ajusté : 1,36 à 1,52 $
- Taux de conversion du flux de trésorerie libre supérieur à 90 %
Gates Industrial meldete seine Ergebnisse für das erste Quartal 2025 mit Nettoumsätzen von 847,6 Millionen US-Dollar, was einem Rückgang von 1,7 % gegenüber dem Vorjahr entspricht, obwohl der Kernumsatz um 1,4 % gewachsen ist. Das Unternehmen erzielte einen Nettogewinn von 62,0 Millionen US-Dollar (0,24 US-Dollar je verwässerter Aktie) und einen bereinigten Nettogewinn von 0,36 US-Dollar je Aktie.
Der Bereich Power Transmission verzeichnete Nettoumsätze von 527,2 Millionen US-Dollar (-1,1 % im Jahresvergleich) mit einer bereinigten EBITDA-Marge von 22,1 %. Der Bereich Fluid Power erzielte Nettoumsätze von 320,4 Millionen US-Dollar (-2,9 % im Jahresvergleich) bei einer bereinigten EBITDA-Marge von 22,0 %.
CEO Ivo Jurek hob das starke Wachstum in den Märkten für Autoersatzteile und persönliche Mobilität sowie verbesserte Bruttomargen hervor. Das Unternehmen bestätigte seine Prognose für 2025 und erwartet:
- Kernumsatzwachstum: -0,5 % bis +3,5 %
- Bereinigtes EBITDA: 735 bis 795 Millionen US-Dollar
- Bereinigtes Ergebnis je Aktie (EPS): 1,36 bis 1,52 US-Dollar
- Free-Cashflow-Umwandlung über 90 %
- Core revenue growth of 1.4% in Q1 2025
- Strong growth in Auto Replacement and Personal Mobility markets
- Year-over-year gross margin increase
- 'In-region, for-region' manufacturing footprint providing competitive advantages
- Power Transmission segment maintains strong 22.1% EBITDA margin
- Overall net sales declined 1.7% to $847.6M vs prior year
- Power Transmission net sales dropped 1.1% to $527.2M
- Fluid Power segment sales decreased 2.9% to $320.4M
- Fluid Power EBITDA margin declined 120 basis points to 22.0%
- More uncertain business environment acknowledged since year start
Insights
Gates Industrial shows mixed Q1 results with declining sales but core growth; maintaining guidance despite acknowledging increased market uncertainty.
Gates Industrial delivered mixed first-quarter 2025 results that merit careful analysis. While headline net sales declined
Segment performance shows divergence: Power Transmission saw reported sales decline
Management's decision to maintain full-year guidance (core sales growth between
First-Quarter 2025 Financial Summary
- First-quarter net sales of
$847.6 million 1.7% compared to the prior-year period, including core revenue growth of1.4% . - Net income attributable to shareholders of
$62.0 million $0.24 - Adjusted Net Income per diluted share of
$0.36 - Net income from continuing operations of
$68.6 million 8.1% . - Adjusted EBITDA of
$187.3 million 22.1% . - Reiterating 2025 full-year guidance.
Ivo Jurek, Gates Industrial's Chief Executive Officer, commented, "In the first quarter, we grew our volume company-wide supported by strong growth in our Auto Replacement and Personal Mobility end markets. Also, our gross margin increased nicely year-over-year."
Jurek continued, "We are reiterating our full year guidance. While the business environment has become more uncertain since the start of the year, I am confident in our competitive position. Our manufacturing footprint is largely 'in-region, for-region', which we believe provides us with advantages relative to our primary competition. We continue to broaden our product portfolio, expand our presence in growth markets and provide differentiated service levels to our customers. I appreciate the diligence and focus of the global Gates team as we manage through the current macroeconomic environment."
Power Transmission Segment Results
Three months ended | |||||||
(USD in millions) | March 29, 2025 | March 30, 2024 | % Change | % Core Change | |||
Net sales | (1.1 %) | 2.1 % | |||||
Adjusted EBITDA | (1.9 %) | ||||||
Adjusted EBITDA margin | 22.1 % | 22.3 % | (20 bps) | ||||
Fluid Power Segment Results
Three months ended | |||||||
(USD in millions) | March 29, 2025 | March 30, 2024 | % Change | % Core Change | |||
Net sales | (2.9 %) | 0.1 % | |||||
Adjusted EBITDA | (7.8 %) | ||||||
Adjusted EBITDA margin | 22.0 % | 23.2 % | (120 bps) | ||||
2025 Guidance
The Company is maintaining its full year financial guidance for 2025. Specifically, the company anticipates the following:
- Core sales growth in the range of (
0.5% ) to +3.5% year-over-year - Adjusted EBITDA of
$735 million $795 million - Adjusted Earnings Per Share of
$1.36 $1.52 - Capital Expenditures of approximately
$120 million - Free Cash Flow conversion exceeding
90%
Share-based metrics in the Company's guidance do not include the effect of any potential share repurchases.
Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not provided reconciliations for forward-looking non-GAAP measures, including expected Core Sales Growth, Adjusted EBITDA, Adjusted Earnings per Share and Free Cash Flow conversion for 2025. For the same reasons, we are unable to address the probable significance of the unavailable information, which could be material to future results.
Conference Call and Webcast
Gates Industrial Corporation plc will host a conference call today at 9:00 a.m. Eastern Time to discuss the Company's financial results. The live webcast of the conference call and accompanying presentation materials can be accessed through Gates Industrial's website at investors.gates.com. For those unable to access the webcast, the conference call can be accessed by dialing (888) 414-4601 (domestic) or +1 (646) 960-0313 (international) and requesting the Gates Industrial Corporation First-Quarter 2025 Earnings Conference Call or providing the Conference ID of 5772067. An audio replay of the conference call can be accessed by dialing (800) 770-2030 (domestic) or +1 (647) 362-9199 (international), and providing the passcode 5772067, or by accessing Gates Industrial's website at investors.gates.com.
About Gates Industrial Corporation plc
Gates 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 manufacturers ("OEM") 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 markets ranging from harsh and hazardous industries such as agriculture, construction, manufacturing and energy, to everyday consumer applications such as printers, power washers, automatic doors and vacuum cleaners and virtually every form of transportation. Our products are sold in more than 130 countries across our four commercial regions: the
Forward-Looking Statements
This press release contains 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," "intends," "trends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. These statements include, but are not limited to, statements related to expectations regarding the performance of the Company's business and financial results, and statements regarding our outlook for 2025. Such forward-looking statements are subject to various risks and uncertainties, including, among others,
Gates Industrial Corporation plc | |||
Three months ended | |||
(USD in millions, except per share amounts) | March 29, 2025 | March 30, 2024 | |
Net sales | $ 847.6 | $ 862.6 | |
Cost of sales | 503.0 | 532.6 | |
Gross profit | 344.6 | 330.0 | |
Selling, general and administrative expenses | 217.3 | 211.7 | |
Transaction-related expenses | 0.4 | 0.4 | |
Asset impairments | 0.6 | — | |
Restructuring expenses | 1.6 | 1.2 | |
Operating income from continuing operations | 124.7 | 116.7 | |
Interest expense | 29.6 | 37.5 | |
Other expenses (income) | 1.3 | (1.5) | |
Income from continuing operations before taxes | 93.8 | 80.7 | |
Income tax expense | 25.2 | 34.5 | |
Net income from continuing operations | 68.6 | 46.2 | |
Loss on disposal of discontinued operations | 0.3 | 0.1 | |
Net income | 68.3 | 46.1 | |
Less: non-controlling interests | 6.3 | 6.1 | |
Net income attributable to shareholders | $ 62.0 | $ 40.0 | |
Earnings per share | |||
Basic | |||
Earnings per share from continuing operations | $ 0.24 | $ 0.15 | |
Earnings per share from discontinued operations | — | — | |
Earnings per share | $ 0.24 | $ 0.15 | |
Diluted | |||
Earnings per share from continuing operations | $ 0.24 | $ 0.15 | |
Earnings per share from discontinued operations | — | — | |
Earnings per share | $ 0.24 | $ 0.15 | |
Gates Industrial Corporation plc | |||
(USD in millions, except share numbers and per share amounts) | As of March 29, 2025 | As of December 28, 2024 | |
Assets | |||
Current assets | |||
Cash and cash equivalents | $ 640.2 | $ 682.0 | |
Trade accounts receivable, net | 786.2 | 722.7 | |
Inventories | 700.7 | 676.0 | |
Taxes receivable | 35.1 | 28.6 | |
Prepaid expenses and other assets | 205.8 | 196.7 | |
Total current assets | 2,368.0 | 2,306.0 | |
Non-current assets | |||
Property, plant and equipment, net | 583.5 | 579.5 | |
Goodwill | 1,934.0 | 1,908.9 | |
Pension surplus | 5.7 | 5.7 | |
Intangible assets, net | 1,232.5 | 1,248.6 | |
Right-of-use assets | 140.4 | 139.4 | |
Taxes receivable | 20.1 | 20.7 | |
Deferred income taxes | 570.9 | 553.5 | |
Other non-current assets | 30.7 | 24.0 | |
Total assets | $ 6,885.8 | $ 6,786.3 | |
Liabilities and equity | |||
Current liabilities | |||
Debt, current portion | $ 31.6 | $ 39.1 | |
Trade accounts payable | 417.0 | 408.2 | |
Taxes payable | 38.6 | 22.9 | |
Accrued expenses and other current liabilities | 223.2 | 251.3 | |
Total current liabilities | 710.4 | 721.5 | |
Non-current liabilities | |||
Debt, less current portion | 2,308.1 | 2,311.5 | |
Post-retirement benefit obligations | 75.8 | 78.0 | |
Lease liabilities | 127.3 | 127.3 | |
Taxes payable | 83.1 | 82.2 | |
Deferred income taxes | 50.0 | 56.8 | |
Other non-current liabilities | 103.2 | 68.7 | |
Total liabilities | 3,457.9 | 3,446.0 | |
Shareholders' equity | |||
—Shares, par value of | 2.6 | 2.6 | |
—Additional paid-in capital | 2,616.5 | 2,618.6 | |
—Accumulated other comprehensive loss | (1,045.7) | (1,077.2) | |
—Treasury shares | (12.7) | — | |
—Retained earnings | 1,541.6 | 1,479.6 | |
Total shareholders' equity | 3,102.3 | 3,023.6 | |
Non-controlling interests | 325.6 | 316.7 | |
Total equity | 3,427.9 | 3,340.3 | |
Total liabilities and equity | $ 6,885.8 | $ 6,786.3 | |
Gates Industrial Corporation plc | |||
Three months ended | |||
(USD in millions) | March 29, | March 30, | |
Cash flows from operating activities | |||
Net income | $ 68.3 | $ 46.1 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 52.2 | 54.6 | |
Foreign exchange and other non-cash financing income | (8.2) | (11.1) | |
Share-based compensation expense | 6.1 | 8.6 | |
Decrease in post-employment benefit obligations, net | (3.0) | (2.2) | |
Deferred income taxes | (3.1) | (1.1) | |
Asset impairments | 0.6 | — | |
Other operating activities | 2.6 | (4.8) | |
Changes in operating assets and liabilities: | |||
—Accounts receivable | (47.3) | (38.7) | |
—Inventories | (15.4) | (36.9) | |
—Accounts payable | 3.1 | (0.4) | |
—Prepaid expenses and other assets | (22.3) | 3.7 | |
—Taxes payable | 8.5 | (2.3) | |
—Other liabilities | (34.8) | (36.5) | |
Net cash provided by (used in) operating activities | 7.3 | (21.0) | |
Cash flows from investing activities | |||
Purchases of property, plant and equipment | (17.5) | (16.0) | |
Purchases of intangible assets | (8.7) | (2.1) | |
Cash paid under corporate-owned life insurance policies | (7.0) | (4.1) | |
Cash received under corporate-owned life insurance policies | 0.5 | 2.7 | |
Proceeds from the sale of property, plant and equipment | 2.0 | — | |
Other investing activities | (0.3) | — | |
Net cash used in investing activities | (31.0) | (19.5) | |
Cash flows from financing activities | |||
Issuance of shares | 1.8 | 2.5 | |
Repurchase of shares | (13.0) | (50.3) | |
Payments of long-term debt | (4.7) | (104.9) | |
Employee taxes paid from shares withheld | (11.5) | (2.4) | |
Dividends paid to non-controlling interests | (2.3) | — | |
Other financing activities | 5.1 | 6.2 | |
Net cash used in financing activities | (24.6) | (148.9) | |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | 6.6 | (8.9) | |
Net decrease in cash and cash equivalents and restricted cash | (41.7) | (198.3) | |
Cash and cash equivalents and restricted cash at the beginning of the period | 684.8 | 724.0 | |
Cash and cash equivalents and restricted cash at the end of the period | $ 643.1 | $ 525.7 | |
Supplemental schedule of cash flow information | |||
Interest paid | $ 36.5 | $ 45.5 | |
Income taxes paid | $ 19.7 | $ 36.5 | |
Accrued capital expenditures | $ 1.1 | $ 1.6 | |
Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures, which management believes are useful to investors, securities analysts and other interested parties. Management uses Adjusted EBITDA as its key profitability measure. This is a non-GAAP measure that represents EBITDA before certain items that impact comparison of the performance of our business either period-over-period or with other businesses. We use Adjusted EBITDA as our measure of segment profitability to assess the performance of our businesses, and it is used for total Gates as well because we believe it is important to consider our total profitability on a basis that is consistent with that of our operating segments. Adjusted EBITDA Margin is Adjusted EBITDA for a particular period expressed as a percentage of net sales for that period.
Management uses Adjusted Net Income as an additional measure of profitability. Adjusted Net Income is a non-GAAP measure that represents net income attributable to shareholders before certain items that impact comparison of the performance of our business, either period-over-period or with other businesses. Beginning with the three months ended June 29, 2024, we revised our definition of Adjusted Net Income to adjust for discrete tax items, which are significant, unusual or infrequently occurring tax items. We have revised the prior period amounts to conform to our current period presentation.
Core sales is a non-GAAP measure that represents net sales for the period excluding the impacts of movements in average currency exchange rates and the first-year impacts of acquisitions and disposals, when applicable. Core sales growth is the change in core sales expressed as a percentage of prior period net sales. We present core sales growth because it allows for a meaningful comparison of year-over-year performance without the volatility caused by foreign currency gains or losses, or the incomparability that would be caused by the impact of an acquisition or disposal.
Management uses Free Cash Flow to measure cash generation. Free Cash Flow is a non-GAAP measure that represents net cash provided by operations less capital expenditures. Free Cash Flow Conversion is a measure of Free Cash Flow expressed as a percentage of Adjusted Net Income. We use this metric as a measure of the success of our business in converting Adjusted Net Income into cash.
These non-GAAP financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with GAAP. Please see below for a reconciliation of historical non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with GAAP.
Gates Industrial Corporation plc | |||
Three months ended | |||
(USD in millions) | March 29, 2025 | March 30, 2024 | |
Net income from continuing operations | $ 68.6 | $ 46.2 | |
Adjusted for: | |||
Income tax expense | 25.2 | 34.5 | |
Net interest and other expenses | 30.9 | 36.0 | |
Depreciation and amortization | 52.2 | 54.6 | |
Transaction-related expenses (1) | 0.4 | 0.4 | |
Asset impairments | 0.6 | — | |
Restructuring expenses (2) | 1.6 | 1.2 | |
Share-based compensation expense | 6.1 | 8.6 | |
Inventory write-offs and adjustments (3) (included in cost of sales) | (1.0) | 13.9 | |
Restructuring-related expenses (included in cost of sales) | 1.2 | — | |
Restructuring-related expenses (included in SG&A) | 1.5 | 0.1 | |
Credit loss related to customer bankruptcy (included in SG&A) (4) | — | 0.1 | |
Adjusted EBITDA | $ 187.3 | $ 195.6 | |
Net Sales | $ 847.6 | $ 862.6 | |
Net income from continuing operations margin | 8.1 % | 5.4 % | |
Adjusted EBITDA Margin | 22.1 % | 22.7 % | |
(1) | Transaction-related expenses relate primarily to advisory fees and other costs recognized in respect of major corporate transactions, including the acquisition of businesses, and equity and debt transactions. |
(2) | Restructuring expenses represent items qualifying for recognition as such under |
(3) | Inventory write-offs and adjustments include the reversal of the adjustment to remeasure certain inventories on a LIFO basis. During the three months ended March 29, 2025, the Company experienced a decrease in inventory values, that resulted in the liquidation of a LIFO inventory layer. This LIFO liquidation did not have a significant effect on net income. |
(4) | On January 31, 2023, one of our customers filed a voluntary petition for reorganization under Chapter 11 of the |
Gates Industrial Corporation plc | |||
Three months ended | |||
(USD in millions, except share numbers and per share amounts) | March 29, 2025 | March 30, 2024 | |
Net income attributable to shareholders | $ 62.0 | $ 40.0 | |
Adjusted for: | |||
Loss on disposal of discontinued operations | 0.3 | 0.1 | |
Amortization of intangible assets arising from the 2014 acquisition of Gates | 28.3 | 29.1 | |
Transaction-related expenses (1) | 0.4 | 0.4 | |
Asset impairments | 0.6 | — | |
Restructuring expenses (2) | 1.6 | 1.2 | |
Restructuring-related expenses (included in cost of sales) | 1.2 | — | |
Restructuring-related expenses (included in SG&A) | 1.5 | 0 | 0.1 |
Share-based compensation expense | 6.1 | 8.6 | |
Inventory write-offs and adjustments (3) (included in cost of sales) | (1.0) | 13.9 | |
Adjustments relating to post-retirement benefits | 0.4 | (0.7) | |
Financing and other FX related losses | 3.2 | 1.5 | |
Credit loss related to customer bankruptcy (included in SG&A) (4) | — | 0.1 | |
Discrete tax items (5) | 0.1 | 11.7 | |
Other adjustments | (1.3) | (1.8) | |
Estimated tax effect of the above adjustments | (9.5) | (12.4) | |
Adjusted Net Income | $ 93.9 | $ 91.8 | |
Diluted weighted-average number of shares outstanding | 261,567,906 | 267,435,531 | |
GAAP Net Income per diluted share | $ 0.24 | $ 0.15 | |
Adjusted Net Income per diluted share | $ 0.36 | $ 0.34 | |
(1) | Transaction-related expenses related primarily to advisory fees and other costs recognized in respect of major corporate transactions, including the acquisition of businesses, and equity and debt transactions. |
(2) | Restructuring expenses represent items qualifying for recognition as such under |
(3) | Inventory write-offs and adjustments include the reversal of the adjustment to remeasure certain inventories on a LIFO basis. During the three months ended March 29, 2025, the Company experienced a decrease in inventory values, that resulted in the liquidation of a LIFO inventory layer. This LIFO liquidation did not have a significant effect on net income. |
(4) | On January 31, 2023, one of our customers filed a voluntary petition for reorganization under Chapter 11 of the |
(5) | For the three months ended March 29, 2025, the discrete tax items of |
Gates Industrial Corporation plc | |||||
Three months ended March 29, 2025 | |||||
(USD in millions) | Power | Fluid Power | Total | ||
Net sales for the three months ended March 29, 2025 (1) | $ 527.2 | $ 320.4 | $ 847.6 | ||
Impact on net sales of movements in currency rates | 16.9 | 9.8 | 26.7 | ||
Core sales for the three months ended March 29, 2025 | $ 544.1 | $ 330.2 | $ 874.3 | ||
Net sales for the three months ended March 30, 2024 | 532.8 | 329.8 | 862.6 | ||
Decrease in net sales | (5.6) | (9.4) | (15.0) | ||
Increase in net sales on a core basis (core sales) | $ 11.3 | $ 0.4 | $ 11.7 | ||
Net sales decline | (1.1 %) | (2.9 %) | (1.7 %) | ||
Core sales growth | 2.1 % | 0.1 % | 1.4 % | ||
(1) | Throughout this document the terms "net sales" and "revenue" are used interchangeably in reference to the GAAP measure "net sales." |
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SOURCE Gates Industrial Corporation plc
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