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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) has priced a secondary offering of 25,000,000 ordinary shares at $16.00 per share, facilitated by selling stockholders linked to The Blackstone Group. An additional 3,750,000 shares may be purchased by underwriters within 30 days. The offering is set to close on August 16, 2021. Gates will not receive proceeds from this sale as it does not offer any shares. The offering is conducted under an effective shelf registration statement, with Citigroup and Evercore ISI leading the underwriting process.
Gates Industrial Corporation announced a secondary offering of 25 million ordinary shares, initiated by certain stockholders affiliated with The Blackstone Group. The underwriters will have a 30-day option to purchase an additional 3.75 million shares. Gates is not offering any shares and will not receive proceeds from this sale. Citigroup and Evercore ISI are the joint lead book-running managers. This offering is made under an effective shelf registration statement, with details available in a prospectus.
Gates Industrial Corporation reported a robust second quarter for 2021, with net sales rising 58.7% to $915.1 million, driven by a 51.0% growth in core revenue. Net income reached $96.9 million, or $0.33 per diluted share, compared to a net loss of $22.4 million in the prior year. Adjusted EBITDA surged 159.6% to $216.0 million, marking a 920 basis point margin expansion. The company increased its full-year guidance, expecting core revenue growth of 20.0% to 22.0% for 2021. CEO Ivo Jurek highlighted operational challenges but praised the company’s recovery and growth potential.
Gates Industrial Corporation (NYSE:GTES) will release its second-quarter earnings on August 9, 2021, before the market opens. A conference call is scheduled for 10:00 a.m. Eastern time on the same day to discuss the financial results. Interested parties can join the call by dialing (844) 867-2998 domestically or +1 (647) 689-4555 internationally. An audio replay will be available from 1:00 p.m. Eastern time on August 9 until August 16. Gates Industrial operates globally, providing extensive power transmission and fluid power solutions across various industry sectors.
Gates (NYSE: GTES) announced the launch of new thermoplastic polyurethane (TPU) belts, the Gates Parabolic Pitch (GPP), available in 8mm and 14mm profiles. These belts provide superior strength, durability, and quieter operation compared to rubber belts and steel cables, with some variants lasting up to five times longer. The GPP 14-RSL boasts the highest break strength in its category. Designed for various industrial applications, GPP belts enhance Gates' existing TPU product range and are currently available in North America and EMEA regions.
Gates Industrial Corporation plc (NYSE:GTES) will participate in the 2021 UBS Global Industrials and Transportation Virtual Conference on June 8, 2021. CEO Ivo Jurek is set to present at 4:00 p.m. Eastern time. The event will be available via a webcast on the company's investor relations website. Gates specializes in power transmission and fluid power solutions, serving various industries from agriculture to consumer markets in 128 countries.
Gates Industrial Corporation plc (NYSE:GTES) will participate in the virtual 2021 KeyBanc Industrials & Basic Materials Conference on June 3, 2021. Gates is a global leader in manufacturing innovative power transmission and fluid power solutions, serving a diverse range of industries, from agriculture and construction to consumer applications like printers and vacuum cleaners. Their products are available in 128 countries, showcasing their extensive market reach across the Americas, Europe, Greater China, and East Asia & India.
Gates Industrial Corporation plc (NYSE: GTES) announced its participation in the virtual 2021 Wolfe Research Global Transportation & Industrials Conference on May 27, 2021. CEO Ivo Jurek will present at 9:40 a.m. Eastern time. Interested parties can access the webcast by visiting the Events & Presentations section of Gates' Investor Relations website.
Gates is known for its engineered power transmission and fluid power solutions, serving diverse industries globally.
In Q1 2021, Gates Industrial (GTES) reported a 24.1% increase in net sales to $881.3 million, with core revenue growth of 21.0%. Net income attributable to shareholders rose 89.0% to $67.3 million, or $0.23 per diluted share. Adjusted EBITDA reached $196.3 million, a 62.5% increase, with a margin of 22.3%, reflecting an expansion of 530 basis points. The company has raised its 2021 outlook for core revenue growth to 19.5% and adjusted EBITDA margin to 22.0%-22.8%. Strength was noted across multiple end markets, though challenges remain in raw material and labor availability.
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