Gates Industrial Stock Price, News & Analysis

Gates Industrial Corporation plc (NYSE:GTES) will participate virtually in Credit Suisse's 8th Annual Global Industrials Conference on December 2, 2020. As a leading manufacturer of power transmission and fluid power solutions, Gates operates in diverse markets including agriculture, construction, and consumer applications. Their products are distributed in 128 countries across four regions: the Americas, Europe, Middle East & Africa, Greater China, and East Asia & India. This conference provides an opportunity for Gates to showcase its innovative offerings and engage with industry stakeholders.

Gates Industrial Corporation (NYSE: GTES) will participate in the Baird 2020 Global Industrial Conference on November 11, 2020. The presentation will be accessible on the Company’s Investor Relations website, under the Events & Presentations section.

Gates is a global leader in power transmission and fluid power solutions, providing products across various industries, including agriculture, construction, and consumer markets. The Company's offerings are available in 128 countries, catering to diverse applications in harsh environments and everyday uses.

Gates Industrial Corporation (NYSE: GTES) reported third-quarter 2020 net sales of $712.2 million, down 4.6% from $746.6 million in Q3 2019. However, net income rose to $41.9 million or $0.14 per share, up from $35.5 million or $0.12 per share year-over-year. Adjusted EBITDA reached $140.0 million with a margin of 19.7%. The Power Transmission segment saw net sales decrease 1.1% while Fluid Power segment fell 10.7%. The company is cautious about future guidance due to uncertainty from the pandemic.

Gates Industrial Corporation (NYSE: GTES) is set to release its third-quarter financial results on November 3, 2020, before trading opens. The management will host a live webcast and conference call at 10:00 AM ET to discuss the results. Interested parties can access the call through the company’s investor website or by registering in advance for details. An audio replay will be available from 1:00 PM ET the same day until November 10, 2020. Gates continues to serve various sectors with its power transmission and fluid power solutions globally.

Gates Industrial Corporation plc (NYSE: GTES) improves its financial outlook for Q3 2020, expecting core revenue decline of 5% to 7% year-over-year, better than the previous estimate of 10% to 15%. CEO Ivo Jurek highlighted broad-based improvements in orders and sales across various markets. The company anticipates decremental Adjusted EBITDA margins at approximately 30%, down from an earlier expectation of around 35%. Gates will participate in investor conferences on September 15 and 16, 2020, to discuss its performance and future strategies.

Gates Industrial reported Q2 2020 net sales of $576.5 million, down 28.8% from $809.9 million in Q2 2019. The company incurred a net loss of $22.4 million or $0.08 per diluted share, contrasting with a net income of $21.5 million or $0.07 per diluted share last year. Adjusted EBITDA was $83.2 million, with a margin of 14.4%. Strong sequential improvements were observed, particularly in China and replacement channels, leading management to expect continued recovery in demand despite market uncertainties related to COVID-19.

Gates (NYSE: GTES) has launched a universal mobile app, the eCrimp^TM, enhancing its hydraulics solutions with global capabilities and automatic updates. This app integrates with the new GC20™ crimper, providing features like offline functionality, live crimp specs, and a dynamic product image library. The launch aligns with Gates' commitment to intelligent innovation and customer-focused product development. Additionally, Gates introduced new lightweight hydraulic products, including MegaSys™ MXG™ 4K and the PRO™ Series, aimed at improving performance and reducing inventory requirements.

Gates (NYSE: GTES) is responding to increasing global demand for sustainable transportation solutions by launching new products in its Carbon Drive portfolio. The updated line includes the Sidetrack (ST) for entry-level cyclists, Carbon Drive Network (CDN) for recreational users, Carbon Drive Commute (CDC) for urban commuting, and Carbon Drive Expedition (CDX:EXP) for rugged adventures. These innovations enhance the durability and performance of ebikes and bicycles, utilizing advanced materials to support the growing trend towards more environmentally friendly personal mobility options.