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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%.
Revenue by Segment
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
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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