Gates Industrial Q3 net sales record $872.9M; raises FY2023 adjusted EBITDA and EPS guidance

Gates Industrial Corp plc

2023-Q3 EPS reported $0.61 revenue$2,706,900,000

Record Q3 net sales $872.9M (+1.4% YoY); core revenue -0.5%. Diluted EPS $0.29; adjusted EPS $0.35.
Adjusted EBITDA $189.4M (21.7% margin), up 110bps YoY. Power Transmission margin +220bps; Fluid Power -70bps.
FY2023 guidance raised: Adj EBITDA midpoint +$5M to $725-735M; Adj EPS +$0.04 to $1.22-1.28; CapEx <$85M.
YTD operating cash flow $291.7M vs $18.8M prior year; cash $556.8M, debt $2.5B, borrowing headroom $468.4M.
Replacement business grew; Automotive Replacement core revenues mid-single digit; On-Highway, Energy end markets solid.

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 full year 2023 results: EPS Adjusted EPS $1.22 to $1.28. Guidance raised.

Period: full year 2023
EPS: Adjusted EPS $1.22 to $1.28
Guidance: raised
Result: guidance update

Exact text from the filing

Raising 2023 full-year adjusted EPS and adjusted EBITDA guidance.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Gates Industrial Corp plc reported third quarter ended September 30, 2023 results: revenue $872.9 million, net income $78.7 million, EPS $0.29 per diluted share.

Period: third quarter ended September 30, 2023
Revenue: $872.9 million
Net income: $78.7 million
EPS: $0.29 per diluted share
Result: reported results

Exact text from the filing

Record third-quarter net sales of $872.9 million, up 1.4% compared to the prior-year period and representing a core revenue decrease of (0.5)% year-over-year. ◦ Net income attributable to shareholders of $78.7 million, or $0.29 per diluted share.

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Source: SEC EDGAR

accession 0001718512-23-000062

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