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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 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 eCrimpTM, 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.