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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 (NYSE: GTES) has launched the MEGASys™ MXT™ with XtraTuff™ Plus cover (MXT-XTP), a new hydraulic hose featuring advanced wire-braid technology. The MXT-XTP hose is lightweight and up to 49% more flexible than conventional hoses, enhancing installation efficiency. It boasts 25 times greater abrasion resistance and improved ozone resistance, validated through extensive testing. This versatile hose meets international performance standards and is suitable for varied applications across multiple industries, simplifying inventory for customers.
Gates Industrial Corporation plc (NYSE:GTES) will release its first-quarter earnings on May 10, 2021, prior to market opening. Management will discuss the financial results during a conference call at 10:00 a.m. Eastern time. Investors can participate via phone at (844) 867-2998 (domestic) or +1 (647) 689-4555 (international), or join a live webcast on Gates' website. An audio replay will be available from 1:00 p.m. Eastern time on the same day until May 17, 2021.
Gates Industrial Corporation plc (NYSE:GTES) has issued an update regarding its performance expectations for the first quarter ending April 3, 2021, amidst concerns over supply chain disruptions. The company anticipates a substantial revenue increase of 21.5% to 22.5% year-over-year, surpassing previous guidance of 14.1% to 18.3%. Additionally, the expected Adjusted EBITDA margin is projected to be between 21.5% and 22.0%, indicating strong operational performance. A more comprehensive update will be provided during the earnings release in early May.
Gates (NYSE: GTES) has launched the Carbon Drive Moto X9™, a new synchronous drive belt optimized for motor-driven two-wheelers, including motorcycles and scooters. This innovative belt is designed to be lighter, quieter, and require minimal maintenance compared to traditional chain drives. The Moto X9 is strong and durable, offering OEMs options for more compact drivetrain designs while improving vehicle performance. Key features include a 9% narrower belt that can handle the same torque and up to 84% longer service life, enhancing customer satisfaction.
Gates Industrial Corporation (NYSE: GTES) announced its participation in the Evercore ISI Industrial Conference on March 2, 2021, at 3:20 p.m. Eastern Time. CEO Ivo Jurek will present during this virtual event. Gates, a global leader in power transmission and fluid power solutions, serves diverse industrial and consumer markets, operating in 128 countries. The company specializes in innovative products essential for various applications, including agriculture, manufacturing, and everyday consumer goods. For more details, visit the company's Investor Relations site.
Gates Industrial Corporation plc (NYSE: GTES) has announced the pricing of a secondary offering of 22 million ordinary shares at $15.00 per share, facilitated by certain selling stockholders associated with Blackstone Group. The offering will close on March 2, 2021, pending customary conditions. Gates will not receive any proceeds from this sale. The underwriters, including Citigroup and Evercore ISI, have an option to buy an additional 3.3 million shares within 30 days. This offering is conducted under an effective shelf registration statement.
On February 23, 2021, Gates Industrial Corporation plc (NYSE: GTES) announced a secondary offering of 22,000,000 ordinary shares by certain stockholders affiliated with The Blackstone Group Inc. This offering includes a 30-day option for underwriters to purchase an additional 3,300,000 shares. Gates will not benefit financially as it is not offering any shares and will not receive proceeds from the sale. The offering is conducted under an effective shelf registration statement, with Citigroup and Evercore ISI as lead managers.
Gates Industrial Corporation plc (NYSE: GTES) announced its participation in Citi's 2021 Global Industrials Conference on February 18, 2021, at 11:20 a.m. Eastern time. CEO Ivo Jurek will present during the virtual event. Interested parties can access the live webcast via the Gates Investor Relations website. Gates is known for its innovative power transmission and fluid power solutions, serving diverse industries and markets worldwide.
Gates Industrial Corporation plc (NYSE: GTES) announced its participation in the Barclays Industrial Select Conference on February 17, 2021. CEO Ivo Jurek will present at 2:50 p.m. Eastern time. Investors can access the live webcast via the Gates Investor Relations website. Gates is a prominent manufacturer providing innovative power transmission and fluid power solutions across diverse industries. Its products serve various applications globally, from agriculture to everyday consumer needs, available in 128 countries.
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.
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