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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 plc (NYSE:GTES) reported Q2 2024 results with net sales of $885.5 million, down 5.4% year-over-year. Net income was $70.7 million or $0.26 per diluted share. Adjusted Net Income was $0.36 per diluted share. Adjusted EBITDA was $202.2 million with a margin of 22.8%, up 170 basis points.
The company updated its 2024 guidance, now expecting core sales growth of -4% to -2%, Adjusted EBITDA of $740-$770 million, and Adjusted EPS of $1.29-$1.35. A new $250 million share repurchase authorization was announced, valid through December 2025.
Power Transmission segment sales declined 5.6% to $541.9 million, while Fluid Power segment sales decreased 5.2% to $343.6 million. The company generated $93.8 million in operating cash flow during Q2.
Gates Industrial plc (NYSE:GTES) has announced a time change for its second-quarter 2024 earnings conference call. The call will now take place at 9 a.m. Eastern time on Wednesday, July 31, 2024, an hour earlier than previously scheduled.
Participants can join the call by dialing (888) 414-4601 (domestic) or +1 (646) 960-0313 (international) and providing the Conference ID 5772067. A live webcast will also be available on the company's investor relations website.
An audio replay will be accessible from approximately 1:00 p.m. Eastern time on July 31 until 11:59 p.m. Eastern time on August 7, 2024. To access the replay, dial (800) 770-2030 (domestic) or +1 (647) 362-9199 (international) with the passcode 5772067, or visit the company's website.
Gates Industrial (NYSE: GTES) will release its second-quarter 2024 earnings report before the market opens on July 31, 2024. The company's management will host a webcast and conference call at 10:00 a.m. Eastern Time on the same day to discuss the financial results. Interested parties can join the call by dialing specific numbers and using the Conference ID 5772067, or they can access the live webcast through Gates Industrial's investor relations website. An audio replay will be available from 1:00 p.m. on July 31, 2024, until 11:59 p.m. on August 7, 2024.
DENVER, June 17, 2024 -- Gates Industrial (NYSE: GTES) has appointed John Patouhas as the new Senior Vice President and Chief Accounting Officer, starting June 17, 2024.
John will lead the company's accounting function, focusing on financial reporting, risk management, controls, and compliance.
He brings extensive experience from companies such as Tenneco, Federal Mogul, and Deloitte and holds an MBA in Finance and a BBA in Accounting from Wayne State University.
Gates is a global manufacturer of power transmission and fluid power solutions, serving a wide range of industries and selling products in over 130 countries.
Gates Industrial (NYSE: GTES) announced the pricing of $500 million in 6.875% Senior Notes due 2029.
The notes will be guaranteed by Gates Industrial Holdco and other subsidiaries. The offering is expected to be completed on June 4, 2024, subject to customary closing conditions.
The proceeds will be used to refinance existing debts.
Denver, May 22, 2024 — Gates Industrial (NYSE: GTES) announced its plan to offer $500 million in Senior Notes due 2029 through its subsidiary, Gates These notes will be guaranteed by Gates Industrial Holdco and certain other subsidiaries. The proceeds, in combination with new term loans and cash on hand, will be used to refinance existing debt. The notes are not registered under the Securities Act of 1933 and will be offered only to qualified institutional buyers and in transactions outside the U.S. under Regulation S. This announcement is not an offer or solicitation to sell or buy any securities.
On May 16, 2024, Gates Industrial (NYSE: GTES) announced the pricing of a secondary offering of 17,500,000 ordinary shares by selling stockholders affiliated with Blackstone Inc. The sellers have also provided underwriters a 30-day option to purchase an additional 2,625,000 shares. The shares may be sold through various transactions, including on the NYSE and over-the-counter markets, at prevailing market prices or negotiated prices. The offering is expected to close on May 21, 2024, subject to customary conditions. Gates will not receive any proceeds from the offering. Citigroup, Goldman Sachs & Co. , and Jefferies are the joint lead managers. Further details and documents can be accessed through the SEC website.
Gates Industrial (NYSE: GTES) has announced a secondary offering of 17,500,000 ordinary shares, initiated by selling stockholders affiliated with Blackstone. The selling stockholders have also granted underwriters a 30-day option to purchase an additional 2,625,000 shares. Gates itself will not offer any shares nor receive any proceeds from the sale. Citigroup, Goldman Sachs, and Jefferies are leading the offering. A registration statement has been filed with the SEC for the offering. Interested investors should refer to the prospectus available on the SEC's EDGAR website.
Gates Industrial plc (NYSE:GTES) reported first-quarter 2024 financial results with net sales of $862.6 million, a 3.9% decrease from the prior year, including a core revenue decline of 3.6%. Net income was $40.0 million, with adjusted net income per diluted share of $0.31. Adjusted EBITDA was $195.6 million, and the company raised its full-year 2024 Adjusted EBITDA guidance. The Power Transmission segment saw a net sales decrease of 2.8%, while the Fluid Power segment had a net sales decrease of 5.7%. The company repaid debt and repurchased shares.
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