Gates Industrial Q2 net sales $906.8M, adj. EPS $0.32; lowers FY22 outlook on FX, supply chain

Gates Industrial Corp plc

2022-Q2 EPS reported $0.29 revenue$1,800,200,000

Net sales $906.8M, down 0.9% YoY; core revenue +3.6% offset by -4.5% FX.
Adj. net income $90.2M ($0.32/sh) vs $125.6M ($0.42) in prior-year quarter.
Power Transmission sales -7.7% (core -2.4%); Fluid Power +11.4% (core +14.3%).
Updated FY22 outlook: core rev growth 6%-9%; Adj EBITDA $705M-$755M; Adj EPS $1.15-$1.25.
Cash from ops $23.6M; capex $20.1M; total debt $2.6B; cash $393.2M.

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