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Gates Industrial Corporation plc (GTES) reports developments as a global manufacturer of engineered power transmission and fluid power solutions. Its Power Transmission products convey power and control motion, while its Fluid Power products include hose and rigid tubing assemblies used to transfer hydraulic power or move fluids, gases and granular materials.
Recurring news covers quarterly and annual operating results, guidance, cash flow, balance sheet commentary, share repurchase activity and investor-conference presentations. Company updates also describe its OEM specified-component business, replacement-channel customers, and sales across the Americas, Europe, Middle East & Africa, Greater China, and East Asia & India.
Gates Industrial Corporation plc (NYSE: GTES) announced the pricing of a secondary offering of 5,000,000 ordinary shares by selling stockholders affiliated with Blackstone. The underwriter has a 30-day option to purchase an additional 750,000 shares. Gates will not receive any proceeds from this offering, which is expected to close on March 30, 2022. Additionally, Gates plans to repurchase 8,000,000 ordinary shares at the offering price, funded by cash and borrowings, contingent upon the closing of the offering.
On March 24, 2022, Gates Industrial Corporation plc (NYSE: GTES) announced that certain stockholders affiliated with Blackstone Inc. have initiated a secondary offering of 5,000,000 ordinary shares. An additional 750,000 shares may be purchased by the underwriter within 30 days. Gates will not receive any proceeds from this offering. Separately, Gates disclosed a share repurchase plan, intending to buy back 8,000,000 shares at the offering price, funded by cash reserves and revolving credit. This repurchase is contingent upon the offering's closure.
Gates Industrial Corporation plc (NYSE: GTES) announced an in-person investor day on March 8, 2022, at 2:00 p.m. Eastern Time, in New York City. This event will feature a technology showcase and presentations from executives, including CEO Ivo Jurek and CFO Brooks Mallard, showcasing strategic priorities for long-term growth. A live webcast and replay will be available on the company’s investor relations website. Gates, a leader in power transmission and fluid power solutions, operates across various sectors and sells products in 128 countries.
Gates Industrial Corporation plc (NYSE:GTES) will participate virtually in the Evercore ISI Industrial Conference on February 28, 2022.
The presentation by CEO Ivo Jurek is scheduled for 2:20 p.m. Eastern time. Investors can access the live webcast through the Events & Presentations section on the Gates Investor Relations website.
Gates is a leading manufacturer of power transmission and fluid power solutions, operating in various sectors globally.
Gates Industrial Corporation plc (NYSE: GTES), a global leader in power transmission and fluid power solutions, will participate in the 2022 Barclays Industrial Select Conference in Miami, FL, on February 24, 2022. This participation highlights Gates' commitment to engaging with investors and industry stakeholders. The company operates in diverse markets, supplying essential products across industries such as agriculture, construction, and consumer applications, with a presence in 128 countries.
Gates Industrial Corporation plc (NYSE:GTES), a leading manufacturer of power transmission and fluid power solutions, will participate in Citi's 2022 Global Industrials Conference on February 23, 2022, at 4:20 p.m. Eastern time in Miami, FL. CEO Ivo Jurek will present at this significant event. Investors and interested parties can tune into the live webcast by visiting the Gates Investor Relations website. Gates serves diverse industries, with products available in 128 countries, highlighting its global reach and extensive applications.
Gates Industrial reported a 4Q 2021 net sales increase of 2.7% year-over-year, totaling $815.6 million. Net income rose to $62.7 million, or $0.21 per diluted share. For the full year, net sales grew 24.4% to $3.47 billion with net income of $297.1 million, or $1.00 per diluted share. The company is optimistic about 2022, projecting core revenue growth of 5% to 9% and Adjusted EBITDA of $755 million to $805 million. Despite operational challenges from inflation and supply chain issues, Gates is positioned for continued growth.
Motorcar Parts of America (Nasdaq: MPAA) has appointed Patricia (Tribby) W. Warfield to its board of directors, enhancing board diversity and corporate governance. With 11 directors, 10 are now independent. Warfield brings vast experience from her roles at APC Automotive Technologies and Kaman Corporation, along with significant international exposure during her time at Gates Corporation. Her insight is expected to support the company's growth in automotive aftermarket products amid favorable market conditions.
Gates (NYSE: GTES) has launched the ProV™ hydraulic hose line, expanding its PRO™ Series portfolio. Designed for diverse applications including agriculture and construction, these hoses meet EN 857 2SC and SAE 100 R16 standards, available in sizes -4 to -16. The launch aims to enhance Gates' positioning in existing and new markets by providing reliable and high-performance solutions. CMO Tom Pitstick emphasized the importance of these hoses in revitalizing the hydraulics portfolio and addressing modern demands.
Gates Industrial Corporation (NYSE:GTES) will release its fourth-quarter earnings on February 7, 2022, before market opening. A webcast and conference call will follow at 10:00 a.m. ET to discuss these financial results. Investors can participate by dialing (888) 414-4601 domestically or +1 (646) 960-0313 internationally. An audio replay will be available after the call until February 14, 2022. Gates is a global leader in power transmission and fluid power solutions, serving various markets worldwide.