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Gates Industrial Corporation plc (NYSE: GTES) is a global leader in manufacturing power transmission belts and fluid power products. Founded in 1911, Gates has built a strong reputation over the past century for quality and technological innovation. Headquartered in Denver, Colorado, the company operates in over 130 countries across four commercial regions: the Americas; Europe, Middle East & Africa; Greater China; and East Asia & India.
Core Business: Gates specializes in engineered solutions that are critical components in industrial and automotive applications. The company operates through two main segments: Power Transmission and Fluid Power. The Power Transmission segment includes belts, chains, and cables that transfer power from engines or motors to other parts of a system. The Fluid Power segment involves hoses and tubing assemblies that transfer power hydraulically or convey fluids, gases, or granular materials.
Products and Markets: Gates offers a premium portfolio of products and services for both replacement and first-fit applications. The company serves diverse end markets such as construction, agriculture, energy, automotive, and transportation. Gates' products are recognized globally for their high quality and reliability, making them the preferred choice for original equipment manufacturers, distributors, and installers.
Recent Achievements: In the fourth quarter of 2023, Gates reported net sales of $863.3 million and a full-year net sales of $3,570.2 million. The company has also reduced its net leverage ratio to 2.3x, showcasing strong financial health. Gates recently announced a share repurchase program worth $100 million, highlighting its commitment to creating shareholder value.
Current Projects: Gates is focused on enhancing its business performance through various enterprise initiatives. These include improving supply chain efficiencies and commercial execution. The company is also leveraging its strong cash balance to further reduce its net leverage ratio and capitalize on growth opportunities in targeted markets.
Financial Condition: As of the end of the first quarter of 2024, Gates had total cash and cash equivalents of $522.2 million and total outstanding debt of $2.4 billion. The company generated $189.3 million of cash from operations in the fourth quarter of 2023 and continues to manage its capital resources effectively.
Partnerships: Gates maintains strategic partnerships with leading industrial and automotive companies worldwide. These alliances enable Gates to provide comprehensive solutions that meet the specific needs of its customers.
Latest News: Gates has recently announced the pricing of a secondary offering of 17,500,000 ordinary shares by selling stockholders affiliated with Blackstone Inc., which is expected to close on May 21, 2024. The company also reported strong first-quarter results for 2024, with net sales of $862.6 million and adjusted EBITDA of $195.6 million, reflecting robust operational efficiency.
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.
Gates Industrial Corporation plc (NYSE: GTES) announced its participation in the virtual 2021 Goldman Sachs Industrials & Materials Conference on May 11, 2021. CEO Ivo Jurek will present at 2:40 p.m. Eastern time. Investors can access the webcast of this presentation via the Gates Investor Relations website.
Gates is a global leader in power transmission and fluid power solutions, serving diverse sectors from agriculture to consumer applications. Its products are available in 128 countries across regions including the Americas, Europe, and Asia.
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