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Mar 30, 2024
Gates Industrial Q1 2024 Earnings Report
Gates Industrial reported a decrease in net sales but achieved strong margin expansion due to enterprise initiatives and lower expenses.
Key Takeaways
Gates Industrial reported first-quarter net sales of $862.6 million, a decrease of 3.9% compared to the prior-year period. Net income attributable to shareholders was $40.0 million, or $0.15 per diluted share. Adjusted Net Income per diluted share was $0.31. The company increased its full-year 2024 Adjusted EBITDA guidance.
Net sales decreased by 3.9% year-over-year to $862.6 million.
Net income attributable to shareholders was $40.0 million, or $0.15 per diluted share.
Adjusted Net Income per diluted share was $0.31, inclusive of unfavorable tax impact.
Adjusted EBITDA was $195.6 million, with a margin of 22.7%.
Gates Industrial
Gates Industrial
Gates Industrial Revenue by Segment
Revenue by Segment
Power Transmission Revenue
CapyFin.comFluid Power Revenue
CapyFin.com Forward Guidance
The Company is updating its full year Adjusted EBITDA guidance for 2024 to a range of $745 to $805 Million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income