Gates Industrial Q3 Profit Up, Beats Estimates; Revises Full-year Outlook Above View – Update

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Gates Industrial Corporation plc (GTES) reported a profit for its third quarter that increased from last year and beat the Street estimates.

The company’s earnings came in at $78.7 million, or $0.29 per share. This compares with $51.9 million, or $0.18 per share, in last year’s third quarter.

Excluding items, Gates Industrial Corporation plc reported adjusted earnings of $94.6 million or $0.35 per share for the period.

Analysts on average had expected the company to earn $0.31 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 1.4% to $872.9 million from $860.7 million last year.


Looking ahead, for full year 2023, the company has revised its full year 2023 earnings outlook, above analysts’ estimates. Excluding items, GTES now expects annual earnings per share of $1.22 to $1.28 against previous projection of $1.18 to $1.24.

On average, 9 analysts polled by Thomson Reuters expect the firm to earn $1.2 per share, for the year. Analysts’ estimates typically exclude special items.

The company now forecast adjusted EBITDA of $725 million to $735 million for the year versus its earlier expectation of $710 million to $740 million.  

Gates Industrial Corporation plc Q3 earnings at a glance (GAAP) :

-Earnings (Q3): $78.7 Mln. vs. $51.9 Mln. last year.
-EPS (Q3): $0.29 vs. $0.18 last year.
-Analyst Estimate: $0.31
-Revenue (Q3): $872.9 Mln vs. $860.7 Mln last year.

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