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Apr 01, 2023
Gates Industrial Q1 2023 Earnings Report
Gates Industrial's first quarter of 2023 witnessed record net sales, driven by core revenue growth, amidst a challenging operating environment and a cybersecurity incident.
Key Takeaways
Gates Industrial reported a 0.5% increase in net sales to $897.7 million, including 4.0% core revenue growth. Net income attributable to shareholders was $26.4 million ($0.09 per diluted share), with adjusted net income per diluted share at $0.25. The company maintained its full-year 2023 guidance and the Board of Directors approved a $250 million share repurchase authorization.
Net sales increased by 0.5% to $897.7 million, with core revenue growth of 4.0%.
Net income attributable to shareholders was $26.4 million, or $0.09 per diluted share.
Adjusted net income per diluted share was $0.25.
The Board of Directors approved a $250 million share repurchase authorization.
Gates Industrial
Gates Industrial
Forward Guidance
The company is reiterating its full year financial guidance for 2023.
Positive Outlook
- Core revenue growth in the range of 1 to 5%
- Adjusted EBITDA of $700 to $750 million
- Adjusted Earnings Per Share of $1.13-$1.23
- Capital Expenditures of approximately $100 million
- Free Cash Flow conversion of approximately 100%