Gates Industrial Q1 revenue up 1.4% to $893.4M; Adj EPS $0.26; maintains FY2022 guidance

Gates Industrial Corp plc

2022-Q1 EPS reported $0.10 revenue$893,400,000

Net sales $893.4M (+1.4% YoY); core revenue +4.1%; net income $30.9M ($0.10 diluted EPS).
Adjusted net income $78.2M ($0.26 diluted EPS) vs $97.8M ($0.33) in prior-year quarter.
Adjusted EBITDA $156.8M (17.6% margin) down from $196.3M (22.3%) due to COVID disruptions and inflation.
Power Transmission sales -0.7% to $555.6M (core +2.9%); Fluid Power +5.0% to $337.8M (core +6.3%).
Full-year guidance maintained: core revenue growth 5-9%, Adj EBITDA $755-805M, Adj EPS $1.20-$1.30.

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