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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 (NYSE: GTES) reported strong fourth-quarter 2020 results, with net sales of $794.2 million, a 9.4% increase year-over-year. Net income attributable to shareholders rose to $24.3 million, or $0.08 per diluted share. The adjusted EBITDA margin expanded by 190 basis points to 20.5%, reflecting effective cost management and productivity improvements. The company generated $181.5 million in cash from operations and repaid $300 million in long-term debt. For 2021, Gates expects core revenue growth between 9% and 14%, along with improved adjusted EBITDA margins.
Gates Industrial Corporation plc (GTES) plans to announce its fourth-quarter financial results on February 8, 2021, prior to market opening. Management will conduct a conference call at 10:00 am ET to discuss the results, accessible via their website or through a registered link. An audio replay will be available from 1:00 pm ET on the same day until February 15, 2021. Gates operates globally, providing engineered solutions in various sectors, including agriculture and manufacturing, with products sold in 128 countries.
On December 8, 2020, Gates (NYSE: GTES) launched its new PowerGrip™ GT™ Extend™ industrial synchronous belts, initially available in the Asia-Pacific region. These belts are engineered with advanced materials, offering a higher power-carrying capacity and wider temperature ranges compared to previous models. PowerGrip GT Extend is environmentally friendly, as it's free from chlorinated compounds and requires no maintenance, reducing total-cost-of-ownership. This launch reinforces Gates' commitment to providing high-quality industrial solutions, complementing its existing product lines.
Gates Industrial Corporation (NYSE:GTES) will join the 2020 Melius Research Industrial Tech & Aerospace Forum virtually on December 8, 2020. The company is known for its innovative power transmission and fluid power solutions, catering to diverse markets including agriculture, construction, and consumer applications. Gates operates in 128 countries, providing essential products across various industries. This participation is expected to highlight the company's advancements and market position in the industrial sector.
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.
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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.