Gates Industrial Stock Price, News & Analysis

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.

Gates Industrial Corporation plc (NYSE: GTES) announced the pricing of a secondary offering of 5,000,000 ordinary shares by selling stockholders affiliated with Blackstone. The underwriter has a 30-day option to purchase an additional 750,000 shares. Gates will not receive any proceeds from this offering, which is expected to close on March 30, 2022. Additionally, Gates plans to repurchase 8,000,000 ordinary shares at the offering price, funded by cash and borrowings, contingent upon the closing of the offering.

On March 24, 2022, Gates Industrial Corporation plc (NYSE: GTES) announced that certain stockholders affiliated with Blackstone Inc. have initiated a secondary offering of 5,000,000 ordinary shares. An additional 750,000 shares may be purchased by the underwriter within 30 days. Gates will not receive any proceeds from this offering. Separately, Gates disclosed a share repurchase plan, intending to buy back 8,000,000 shares at the offering price, funded by cash reserves and revolving credit. This repurchase is contingent upon the offering's closure.

Gates Industrial Corporation plc (NYSE: GTES) announced an in-person investor day on March 8, 2022, at 2:00 p.m. Eastern Time, in New York City. This event will feature a technology showcase and presentations from executives, including CEO Ivo Jurek and CFO Brooks Mallard, showcasing strategic priorities for long-term growth. A live webcast and replay will be available on the company’s investor relations website. Gates, a leader in power transmission and fluid power solutions, operates across various sectors and sells products in 128 countries.