Gates Industrial Q1 net sales $897.7M, core growth 4.0%; Board authorizes $250M buyback

Gates Industrial Corp plc

2023-Q1 EPS reported $0.09 revenue$897,700,000

Revenue $897.7M (+0.5% YoY), core growth 4.0%; diluted GAAP EPS $0.09.
Adjusted EBITDA $174.5M (19.4% margin, +180bps YoY); adjusted EPS $0.25.
Power Transmission segment sales $548.1M (-1.3%); Fluid Power sales $349.6M (+3.5%).
Board authorized up to $250M share repurchase program through Oct 2024.
FY2023 guidance reaffirmed: core revenue growth 1-5%, Adjusted EBITDA $700-750M, adj EPS $1.13-$1.23.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Gates Industrial Corp plc reported first quarter of 2023 results: revenue $897.7 million, net income $26.4 million, EPS $0.09 per diluted share. Guidance reaffirmed.

Period: first quarter of 2023
Revenue: $897.7 million
Net income: $26.4 million
EPS: $0.09 per diluted share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

--- EX-99.1 (EX-99.1) --- Gates Industrial Reports First-Quarter 2023 Results Denver, CO, May 4, 2023 First-Quarter 2023 Financial Summary ◦ Record first-quarter net sales of $897.7 million, up 0.5% compared to the prior-year period, including core revenue growth of 4.0%. ◦ Net income attributable to shareholders of $26.4 million, or $0.09 per diluted share. ◦

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Source: SEC EDGAR

accession 0001718512-23-000030

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