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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 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.
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.
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.
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