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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 (NYSE:GTES) will announce its second-quarter earnings before the market opens on August 5, 2022. Management will hold a webcast and conference call at 10:00 a.m. Eastern time to discuss the financial results. Interested parties can participate via dialing options or through a live webcast on Gates' investor website. An audio replay will be available from 1:00 p.m. Eastern time on the same day until August 12, 2022. Gates provides advanced power transmission and fluid power solutions globally, servicing various industrial and consumer sectors.
Gates Industrial Corporation plc (NYSE: GTES) announced its participation in the 2022 KeyBanc Industrials & Basic Materials Conference, scheduled for June 1, 2022, in Boston, MA. Gates is recognized as a global leader in manufacturing power transmission and fluid power solutions, serving diverse industries from agriculture to transportation. Their extensive product portfolio caters to both replacement and original equipment manufacturers, sold in 128 countries worldwide.
Gates Industrial Corporation (NYSE: GTES) has announced an expansion of its Carbon Drive product portfolio to address the growing demand for innovative bicycle drivetrain solutions, particularly in the electric bike segment. The updated product lines—CDX, CDC, CDN, and ST—introduce a range of new components that promise improved durability and performance. The company aims to equip manufacturers with advanced, low-maintenance, and efficient belt-drive systems. This initiative coincides with increased global interest in personal mobility and eco-friendly transportation alternatives.
Gates Industrial Corporation plc (NYSE: GTES) will participate in the 2022 Wolfe Research Global Transportation & Industrials Conference on May 25, 2022, at 12:30 p.m. Eastern time. Chief Executive Officer Ivo Jurek will present virtually. Interested parties can access the webcast on the Gates Investor Relations website. Gates is a leading manufacturer of power transmission and fluid power solutions, serving various sectors including agriculture, construction, and transportation, with a presence in 128 countries.
Gates Industrial Corporation plc (NYSE:GTES) will participate in the 2022 Goldman Sachs Industrials & Materials Conference on May 11, 2022, in New York, NY. As a global leader in power transmission and fluid power solutions, Gates serves diverse industries, including agriculture, construction, and manufacturing. Its products are utilized in a variety of applications, from everyday consumer goods to heavy-duty industrial equipment, and are sold in 128 countries across four commercial regions: the Americas, Europe, Greater China, and East Asia & India.
Gates Industrial Corporation reported a record first-quarter net sales of $893.4 million, a 1.4% increase year-over-year, with core revenue growth at 4.1%. The company's net income stood at $30.9 million, or $0.10 per diluted share, down from $67.3 million in Q1 2021. Adjusted EBITDA decreased to $156.8 million, with a margin of 17.6%, impacted by COVID-related inefficiencies. Gates maintains its 2022 outlook, expecting core revenue growth of 5% to 9% and Adjusted EBITDA between $755 million and $805 million.
Gates (NYSE: GTES) announced the launch of Gates Design Power™, a new software platform that features six digital design tools aimed at simplifying the engineering of belt-drive systems. This innovation supports Gates’ Global 'Chain to Belt' initiative, enhancing product integration for various applications. The platform includes an industry-first Mobility Drive Analysis tool, enhancing the design of Carbon Drive belt systems for vehicles. Available globally for free, the software supports 15 languages and plans for future upgrades, including mobile compatibility.
Gates Industrial Corporation (NYSE:GTES) will release its first-quarter 2022 earnings on May 4, 2022, before market opening. A conference call discussing the results will follow at 10:00 a.m. Eastern time. Participants can join by calling (888) 414-4601 or via a live webcast on investors.gates.com. An audio replay will be available from 1:00 p.m. Eastern time on May 4 until 11:59 p.m. Eastern time on May 11. Gates operates in diverse markets worldwide, manufacturing essential power transmission and fluid power solutions.
Gates Industrial Corporation plc (NYSE: GTES) announced the pricing of a secondary offering of 5,000,000 ordinary shares by selling stockholders affiliated with Blackstone. The underwriter has a 30-day option to purchase an additional 750,000 shares. Gates will not receive any proceeds from this offering, which is expected to close on March 30, 2022. Additionally, Gates plans to repurchase 8,000,000 ordinary shares at the offering price, funded by cash and borrowings, contingent upon the closing of the offering.
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