Gates Industrial Q4 rev +2.7% but margins shrink; guides 2022 core +5-9%

Gates Industrial Corp plc

2021-FY EPS reported $1.00 revenue$3,474,400,000

Q4 net sales $815.6M (+2.7% YoY); adj EPS $0.31 vs $0.20; Adj EBITDA margin 17.1% vs 20.5%.
Power Transmission Q4 margin 18.3% vs 22.4%; Fluid Power margin 15.0% vs 16.8%; both pressured by supply challenges.
Full-year net sales $3.47B (+24.4%), adj net income $408.1M; net leverage down to 2.6x from 4.3x.
FY 2022 guidance: core revenue +5–9%, Adj EBITDA $755–805M, Adj EPS $1.20–1.30, capex $100–120M.
Q4 free cash flow $145.9M; conversion 157.4% of Adj Net Income.

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