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 (NYSE: GTES) reported second-quarter 2022 net sales of $906.8 million, down 0.9% year-over-year, with core revenue growth of 3.6%. Net income attributable to shareholders was $53.1 million, or $0.19 per diluted share. Adjusted Net Income reached $90.2 million ($0.32 per diluted share) while Adjusted EBITDA was $180.1 million. Despite challenges from supply chain issues and the suspension of business in Russia, core revenue grew, particularly in Mobility and Diversified Industrial markets. For 2022, the company anticipates core revenue growth of 6-9% and Adjusted EBITDA of $705-$755 million.
Gates Industrial Corporation (NYSE:GTES) will announce its second-quarter earnings before the market opens on August 5, 2022. Management will hold a webcast and conference call at 10:00 a.m. Eastern time to discuss the financial results. Interested parties can participate via dialing options or through a live webcast on Gates' investor website. An audio replay will be available from 1:00 p.m. Eastern time on the same day until August 12, 2022. Gates provides advanced power transmission and fluid power solutions globally, servicing various industrial and consumer sectors.
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Gates Industrial Corporation plc (NYSE: GTES) announced its participation in the 2022 KeyBanc Industrials & Basic Materials Conference, scheduled for June 1, 2022, in Boston, MA. Gates is recognized as a global leader in manufacturing power transmission and fluid power solutions, serving diverse industries from agriculture to transportation. Their extensive product portfolio caters to both replacement and original equipment manufacturers, sold in 128 countries worldwide.
Gates Industrial Corporation (NYSE: GTES) has announced an expansion of its Carbon Drive product portfolio to address the growing demand for innovative bicycle drivetrain solutions, particularly in the electric bike segment. The updated product lines—CDX, CDC, CDN, and ST—introduce a range of new components that promise improved durability and performance. The company aims to equip manufacturers with advanced, low-maintenance, and efficient belt-drive systems. This initiative coincides with increased global interest in personal mobility and eco-friendly transportation alternatives.
Gates Industrial Corporation plc (NYSE: GTES) will participate in the 2022 Wolfe Research Global Transportation & Industrials Conference on May 25, 2022, at 12:30 p.m. Eastern time. Chief Executive Officer Ivo Jurek will present virtually. Interested parties can access the webcast on the Gates Investor Relations website. Gates is a leading manufacturer of power transmission and fluid power solutions, serving various sectors including agriculture, construction, and transportation, with a presence in 128 countries.
Gates Industrial Corporation plc (NYSE:GTES) will participate in the 2022 Goldman Sachs Industrials & Materials Conference on May 11, 2022, in New York, NY. As a global leader in power transmission and fluid power solutions, Gates serves diverse industries, including agriculture, construction, and manufacturing. Its products are utilized in a variety of applications, from everyday consumer goods to heavy-duty industrial equipment, and are sold in 128 countries across four commercial regions: the Americas, Europe, Greater China, and East Asia & India.
Gates Industrial Corporation reported a record first-quarter net sales of $893.4 million, a 1.4% increase year-over-year, with core revenue growth at 4.1%. The company's net income stood at $30.9 million, or $0.10 per diluted share, down from $67.3 million in Q1 2021. Adjusted EBITDA decreased to $156.8 million, with a margin of 17.6%, impacted by COVID-related inefficiencies. Gates maintains its 2022 outlook, expecting core revenue growth of 5% to 9% and Adjusted EBITDA between $755 million and $805 million.
Gates (NYSE: GTES) announced the launch of Gates Design Power™, a new software platform that features six digital design tools aimed at simplifying the engineering of belt-drive systems. This innovation supports Gates’ Global 'Chain to Belt' initiative, enhancing product integration for various applications. The platform includes an industry-first Mobility Drive Analysis tool, enhancing the design of Carbon Drive belt systems for vehicles. Available globally for free, the software supports 15 languages and plans for future upgrades, including mobile compatibility.
Gates Industrial Corporation (NYSE:GTES) will release its first-quarter 2022 earnings on May 4, 2022, before market opening. A conference call discussing the results will follow at 10:00 a.m. Eastern time. Participants can join by calling (888) 414-4601 or via a live webcast on investors.gates.com. An audio replay will be available from 1:00 p.m. Eastern time on May 4 until 11:59 p.m. Eastern time on May 11. Gates operates in diverse markets worldwide, manufacturing essential power transmission and fluid power solutions.