Gates Industrial Q1 adjusted EBITDA margin expands to 22.7%; raises full-year EBITDA guidance

Gates Industrial Corp plc

2024-Q1 EPS reported $0.15 revenue$862,600,000

Net sales $862.6M (-3.9% YoY); core revenue declined 3.6% with Replacement flat and First Fit down double-digits.
Adjusted EBITDA $195.6M (22.7% margin), up 330 bps from 19.4% YoY; driven by enterprise initiatives and pricing.
Adjusted EPS $0.31 (GAAP $0.15); higher tax rate reduced EPS by ~$0.03 vs prior year.
Raised FY 2024 Adjusted EBITDA guidance to $745-805M (from $725-785M); core revenue and EPS guidance unchanged.
Repaid $100M term loans, repurchased ~$50M shares; $522M cash and $2.4B debt; $50M remaining buyback authorization.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Gates Industrial Corp plc reported the first quarter ended March 30, 2024 results: revenue $862.6 million, net income $40.0 million, EPS $0.15 per diluted share. Guidance raised.

Period: the first quarter ended March 30, 2024
Revenue: $862.6 million
Net income: $40.0 million
EPS: $0.15 per diluted share
Guidance: raised
Result: reported results

Exact text from the filing

--- EX-99.1 (EX-99.1) --- Gates Industrial Reports First-Quarter 2024 Results Denver, CO, May 1, 2024 First-Quarter 2024 Financial Summary ◦ First-quarter net sales of $862.6 million, down 3.9% compared to the prior-year period, including core revenue decline of 3.6%. ◦ Net income attributable to shareholders of $40.0 million, or $0.15 per diluted share. ◦

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Source: SEC EDGAR

accession 0001718512-24-000031

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