secwatch.observer — SEC 8-K summary
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Issuer:     Gates Industrial Corp plc (GTES)
CIK:        0001718512
Form:       8-K
Filed at:   2024-07-31T23:59:59+00:00
Accession:  0001718512-24-000062
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1718512/000171851224000062/0001718512-24-000062-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1718512/000171851224000062/gtes-20240731.htm
  HTML page:      https://secwatch.observer/filing/0001718512-24-000062

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