Welcome to our dedicated page for Gates Industrial news (Ticker: GTES), a resource for investors and traders seeking the latest updates and insights on Gates Industrial stock.
Gates Industrial Corporation PLC (NYSE: GTES) provides engineered power transmission and fluid power solutions to critical industries worldwide. This news hub offers investors and industry professionals direct access to official corporate announcements and market-relevant developments.
Track comprehensive updates including quarterly earnings, product innovations, strategic partnerships, and operational milestones. Our curated collection ensures timely access to filings, press releases, and material events affecting this industrial manufacturing leader.
Key coverage areas include advancements in hydraulic systems, belt technology improvements, global expansion initiatives, and sustainability efforts. Regular updates reflect GTES's role in automotive, construction, and energy sectors where component reliability is paramount.
Bookmark this page for streamlined monitoring of Gates Industrial's business trajectory. Combine historical context with real-time updates to inform your analysis of this NYSE-listed industrial solutions provider.
Gates Industrial (NYSE:GTES) reported Q3 2024 results with net sales of $830.7 million, down 4.8% year-over-year. Net income was $47.6 million ($0.18 per diluted share), while Adjusted Net Income reached $86.9 million ($0.33 per diluted share). The company's Adjusted EBITDA was $182.5 million with a 22.0% margin, showing a 30 basis points expansion.
The company increased its full-year 2024 Adjusted EPS guidance to $1.33-$1.37. Both Power Transmission and Fluid Power segments saw revenue declines, with core sales dropping 3.3% and 4.7% respectively. Operating cash flow year to date was $188.7 million, compared to $291.7 million in the prior year.
Gates Industrial plc (NYSE: GTES) has announced the release date for its third-quarter 2024 earnings. The company will issue its earnings release before the market opens on Wednesday, October 30, 2024. Following this, management will host a webcast and conference call at 11:00 a.m. Eastern time to discuss the financial results.
Investors can access the conference call by dialing (888) 414-4601 (domestic) or +1 (646) 960-0313 (international) and requesting the Gates Industrial Third-Quarter 2024 Earnings Conference Call or providing the Conference ID of 5772067. A live webcast will also be available through Gates Industrial's website at investors.gates.com.
An audio replay of the conference call will be accessible from approximately 1:00 p.m. Eastern time on October 30, 2024, until 11:59 p.m. Eastern time on November 6, 2024. It can be accessed by dialing (800) 770-2030 (domestic) or +1 (647) 362-9199 (international) and providing the passcode 5772067, or through the company's website.
Gates (NYSE: GTES) is launching the Data Master™ Data Center Cooling Hose in Q4 2024, expanding its data center cooling portfolio. This innovative fluid conveyance solution is designed for high-performance computing environments, offering superior flexibility, performance, and cleanliness. Key features include:
- Enhanced flexibility and compactness for easier assembly and routing
- Compliance with UL94V-0 and VW-1 flame resistance standards
- Specialty-compounded materials to ensure system cleanliness
- Reduced fluid contamination for fewer operational disruptions
The product addresses the growing demand for liquid cooling solutions in data centers, particularly for compute-intensive applications like AI. Gates, a member of the Open Compute Project (OCP), continues to invest in innovative technologies to meet evolving data center needs.
Gates (NYSE: GTES), a global manufacturer of power transmission and fluid power solutions, has released its 2023 Sustainability Report. The report highlights progress in four key areas: Governance, Technology, Environment, and Stewardship. Notable achievements include:
- Bringing 818,000 kWh of solar energy online
- Reducing 18M kWh of natural gas and 7M kWh of electricity consumption
- 20% decrease in Total Case Incident Rates (TCIR)
- 15% reduction in severe injuries
Gates continues to focus on decarbonization, waste reduction, and water conservation. The company's sustainability reporting aligns with international standards, including IFRS, SASB, TCFD, GRI, and UN SDGs. Gates employees are actively involved in community volunteer activities, demonstrating the company's commitment to making a positive impact globally.
Gates Industrial plc (NYSE: GTES), a leading manufacturer of power transmission and fluid power solutions, has announced its participation in Morgan Stanley's 12th Annual Laguna Conference. The event will take place on September 11, 2024, in Dana Point, California.
Brooks Mallard, the company's Chief Financial Officer, is scheduled to present at 9:55 am Pacific time. Investors and interested parties can access a webcast of the presentation through the Events & Presentations section of Gates Industrial's Investor Relations website at investors.gates.com.
This conference participation provides an opportunity for Gates Industrial to showcase its innovative solutions and engage with industry professionals and investors. The company's presence at such events demonstrates its commitment to transparency and shareholder communication.
Gates Industrial plc (NYSE: GTES) has announced the pricing of a secondary offering of 20,000,000 ordinary shares by certain selling stockholders affiliated with Blackstone Inc. The underwriters have a 30-day option to purchase up to 3,000,000 additional shares. The offering is expected to close on August 21, 2024. Gates will not receive any proceeds from the sale.
In connection with its existing share repurchase program, Gates has entered into a contract to repurchase $125 million of ordinary shares at the same price paid by the underwriters, totaling 7,539,203 shares. This repurchase is conditioned upon the closing of the offering. Additionally, one of Gates' directors has expressed interest in purchasing shares in the offering.
Gates Industrial plc (NYSE: GTES) has announced a secondary offering of 20,000,000 ordinary shares by certain selling stockholders affiliated with Blackstone Inc. The underwriters have a 30-day option to purchase up to 3,000,000 additional shares. Gates will not receive any proceeds from this offering.
Concurrently, Gates has entered into a share repurchase contract with Citigroup Global Markets Inc. to buy back $125 million of ordinary shares at the same price as the offering. This repurchase is contingent on the offering's closing. Additionally, one of Gates' directors has expressed interest in purchasing shares in the offering.
Citigroup, Goldman Sachs & Co. , and Jefferies are serving as the joint lead book-running managers for the offering.
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.
