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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 (GTES) announced a share repurchase program, authorizing the buyback of up to $200 million of its ordinary shares. The program is valid until December 31, 2022, and repurchases will depend on market conditions and liquidity. The company aims to enhance shareholder value while maintaining flexibility in its investments. This decision reflects confidence in the company's performance and strategic future, although it does not commit to a specific acquisition amount. The program may be suspended or discontinued at the company's discretion.
Gates (NYSE: GTES) has expanded its exclusive partnership with Gogoro to enhance sustainable urban transportation. This collaboration includes the launch of FLO DRIVE™, a vehicle drivetrain system utilizing Gates Carbon Drive, available exclusively for Powered By Gogoro Network vehicle manufacturers. The partnership aims to foster electric micromobility and sustainability by offering durable and low-maintenance systems. Key innovations will be showcased at EICMA 2021 in Milan. Both companies emphasize a commitment to revolutionizing urban mobility ecosystems through advanced technologies and battery swapping.
Gates Industrial Corporation (GTES) reported a robust financial performance for Q3 2021, with net sales reaching $862.4 million, a 21.1% increase year-over-year. Core revenue grew 19.0%, driven by strong demand in industrial end markets. Net income attributable to shareholders rose to $70.2 million ($0.23 per diluted share), while adjusted net income was $92.0 million ($0.31 per diluted share). Adjusted EBITDA increased 31.4% to $183.9 million, with a margin of 21.3%. The company reduced net leverage to 2.7x from 4.8x, enhancing capital allocation flexibility. Despite external challenges, Gates maintains a positive outlook for future growth.
Gates Industrial Corporation (NYSE:GTES) will participate virtually in the Baird 2021 Global Industrial Conference on November 10, 2021. CEO Ivo Jurek is scheduled to present at 2:35 p.m. Eastern Time. Investors can access the webcast and presentation materials through the Events & Presentations section of the Gates Investor Relations website.
Gates is a global leader in power transmission and fluid power solutions, serving diverse markets and sectors including agriculture, construction, and consumer applications in 128 countries.
Gates (NYSE: GTES) expands its role in hybrid and battery electric vehicle markets with the launch of its ThermalPro™ electric water pump (EWP). This technology reflects significant investments in electronics and design, enhancing reliability and efficiency crucial for electric vehicles. With a capacity range from 100 Watts to 3 Kilowatts, ThermalPro includes a unique design isolating electronics from coolant exposure. Manufactured in North America, these pumps are now available for OEM and aftermarket applications globally, affirming Gates' commitment to innovation in vehicle thermal management solutions.
Gates Industrial Corporation (NYSE:GTES) is set to release its third-quarter earnings before the market opens on November 8, 2021. Management will conduct a conference call at 10:00 a.m. Eastern time to discuss the financial results. Investors can join the call by dialing (888) 414-4601 domestically or +1 (646) 960-0313 internationally. An audio replay will be available from 1:00 p.m. ET on the same day until November 15, 2021.
Gates (NYSE: GTES) has launched the MegaSys™ MXG™ 5K hydraulic hose, a pioneering product that is lighter, more flexible, and more durable than traditional 5000 psi hydraulic hoses. Incorporating Gates' patented Xpiral™ technology, the MXG 5K surpasses industry standards for pressure and impulse life, boasting a lifespan of over one million impulse cycles. It is 20% lighter and 25% more flexible than legacy hoses, enhancing safety and performance in demanding applications across various industries. The hose is available globally and meets rigorous regulatory standards.
Gates Industrial Corporation plc (NYSE:GTES) announced its participation in Morgan Stanley's 9th Annual Laguna Conference on September 14, 2021. CEO Ivo Jurek will present virtually at 2:15 p.m. Eastern time. Investors can access the webcast through the Gates Investor Relations website. Gates, a leading global manufacturer, offers a wide range of power transmission and fluid power solutions, serving various sectors including agriculture, construction, and consumer markets across 128 countries.
Gates Industrial Corporation plc (NYSE: GTES), a leading manufacturer of power transmission and fluid power solutions, is set to participate in the 2021 RBC Capital Markets Global Industrials Conference on September 9, 2021. The presentation, led by CEO Ivo Jurek, will commence at 4:00 p.m. Eastern time. Interested parties can access the webcast by visiting the Investor Relations section of Gates' website. Gates operates across diverse sectors, serving customers in 128 countries with a wide range of applications from industrial to consumer markets.
Gates Industrial Corporation plc (NYSE: GTES) has priced a secondary offering of 25,000,000 ordinary shares at $16.00 per share, facilitated by selling stockholders linked to The Blackstone Group. An additional 3,750,000 shares may be purchased by underwriters within 30 days. The offering is set to close on August 16, 2021. Gates will not receive proceeds from this sale as it does not offer any shares. The offering is conducted under an effective shelf registration statement, with Citigroup and Evercore ISI leading the underwriting process.
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