Gates Industrial Q2 net sales down 5.4% to $885.5M; cuts full-year guidance; announces $250M buyback

Gates Industrial Corp plc

2024-Q2 EPS reported $0.41 revenue$1,748,100,000

Net sales $885.5M (-5.4% YoY); core sales decline 4.0%; net income $70.7M ($0.26 diluted EPS).
Adjusted EPS $0.36 vs $0.34 YoY; Adjusted EBITDA margin 22.8%, up 170 bps YoY.
Power Transmission net sales $541.9M (-5.6% YoY); segment Adjusted EBITDA margin 22.8% (+210 bps).
Fluid Power net sales $343.6M (-5.2% YoY); segment Adjusted EBITDA margin 22.8% (+120 bps).
Updated FY2024 guidance: core sales growth (4%) to (2%); Adjusted EBITDA $740-770M; new $250M buyback authorized.

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