Gates Industrial Corporation plc manufactures and sells engineered power transmission and fluid power solutions worldwide. The company offers synchronous or asynchronous belts, including V-belts, CVT belts, and Micro-V belts, as well as related components, such as sprockets, pulleys, water pumps, tensioners, or other accessories; and metal drive components and kits for stationary and mobile drives, engine systems, personal mobility, and vertical lifts application platforms. It also provides fluid power products comprising hydraulic hoses, tubing, and fittings, as well as assemblies; and engine and industrial hoses for use in stationary hydraulics, mobile hydraulics, engine systems, and other industrial applications. The company serves various end markets, including construction, agriculture, energy, automotive, transportation, general industrial, consumer products, and others. It sells its engineered products under the Gates brand. The company offers its products to replacement channel customers, as well as to original equipment manufacturers as specified components. Gates Industrial Corporation plc was founded in 1911 and is headquartered in Denver, Colorado.
IPO Year: 2018
Exchange: NYSE
Website: gates.com
| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 9/6/2024 | $19.00 | Equal-Weight | Morgan Stanley |
| 8/19/2024 | $20.00 → $22.00 | Sector Perform → Outperform | RBC Capital Mkts |
| 3/8/2024 | $20.00 | Peer Perform → Outperform | Wolfe Research |
| 2/29/2024 | $21.00 | Buy | Jefferies |
| 2/22/2024 | $18.00 | Sector Weight → Overweight | KeyBanc Capital Markets |
| 6/20/2023 | $14.50 | Buy → Neutral | Goldman |
| 2/10/2023 | Overweight → Sector Weight | KeyBanc Capital Markets | |
| 8/11/2022 | $15.00 → $13.50 | Outperform → In-line | Evercore ISI |
| 6/1/2022 | $17.00 → $14.00 | Outperform → Sector Perform | RBC Capital Mkts |
| 4/6/2022 | Outperform → Peer Perform | Wolfe Research |
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DENVER, Nov. 4, 2024 /PRNewswire/ -- Gates Industrial Corporation plc (NYSE:GTES), a global manufacturer of innovative, highly engineered power transmission and fluid power solutions, today announced that management will participate in fireside chats at the following upcoming investor conferences: The Baird Global Industrial Conference on Wednesday, November 13, 2024 at 4:05 p.m. Central time. Ivo Jurek, CEO will present.The Goldman Sachs Industrials & Materials Conference on Wednesday, December 4, 2024 at 2:00 p.m. Eastern time. Ivo Jurek, CEO and Brooks Mallard, CFO will pre
DENVER, Oct. 31, 2024 /PRNewswire/ -- Gates Industrial Corporation plc (NYSE:GTES, ", Gates", or the ", Company", )) announced today the pricing of the previously announced secondary offering of 11,635,224 ordinary shares (the "Offering") by certain selling stockholders affiliated with Blackstone Inc. at a price to the public of $19.40 per share. The Offering is expected to close on November 5, 2024, subject to customary closing conditions. Gates is not offering any ordinary shares in the Offering and will not receive any proceeds from the sale of ordinary shares in the Offeri
DENVER, Oct. 31, 2024 /PRNewswire/ -- Gates Industrial Corporation plc (NYSE:GTES, ", Gates", or the ", Company", )) announced today that certain selling stockholders affiliated with Blackstone Inc. have commenced a secondary offering of 11,635,224 of Gates' ordinary shares (the "Offering"). Gates is not offering any ordinary shares in the Offering and will not receive any proceeds from the sale of ordinary shares in the Offering. Goldman Sachs & Co. LLC is serving as the book-running manager for the Offering. The Company has filed a registration statement (including a prospec
DENVER, Oct. 30, 2024 /PRNewswire/ -- Third-Quarter 2024 Financial Summary Third-quarter net sales of $830.7 million, down 4.8% compared to the prior-year period and representing a core sales decline of 3.8% year-over-year.Net income attributable to shareholders of $47.6 million, or $0.18 per diluted share.Adjusted Net Income per diluted share of $0.33.Net income from continuing operations of $55.2 million, or a margin of 6.6%.Adjusted EBITDA of $182.5 million, or a margin of 22.0%.Generated $188.7 million of operating cash flow year to date, compared to $291.7 million in the
DENVER, Oct. 8, 2024 /PRNewswire/ -- Gates Industrial Corporation plc (NYSE:GTES) will issue its third-quarter earnings release before the market opens on Wednesday, October 30, 2024. Management will host a webcast and conference call on the same day at 11:00 a.m. Eastern time to discuss Gates Industrial's financial results. The conference call can be accessed as follows: By dialing (888) 414-4601 (domestic) or +1 (646) 960-0313 (international) and requesting the Gates Industrial Corporation Third-Quarter 2024 Earnings Conference Call or providing the Conference ID of 5772067.
Expanding its cutting-edge portfolio of data center cooling solutions, the Data Master™ Cooling Hose provides flexibility, performance, and cleanliness designed for high-performance computing environments DENVER, Sept. 10, 2024 /PRNewswire/ -- Gates (NYSE:GTES), a global manufacturer of innovative, highly engineered power transmission and fluid power solutions, is continuing to drive innovation for the data center cooling market with the upcoming launch of the Data Master™ Data Center Cooling Hose. This fluid conveyance solution, a result of Gates Eco-Innovation™ process, is a further expansion into data center liquid cooling applications which are a rapidly growing segment within data cente
Sixth Annual Report Highlights Continued Progress in Four Pillars of Sustainability Strategy: Governance, Technology, Environment, and Stewardship DENVER, Sept. 6, 2024 /PRNewswire/ -- Gates (NYSE:GTES), a global manufacturer of innovative, highly engineered power transmission and fluid power solutions, has published its annual Sustainability Report for 2023. The report highlights progress on the four pillars within the company's "GTES" Framework for sustainability strategy: Governance, Technology, Environment, and Stewardship. "Gates is an innovation-driven company striving
DENVER, Aug. 27, 2024 /PRNewswire/ -- Gates Industrial Corporation plc (NYSE:GTES), a global manufacturer of innovative, highly engineered power transmission and fluid power solutions, today announced that the Company will participate in Morgan Stanley's 12th Annual Laguna Conference in Dana Point, California, on Wednesday, September 11, 2024. Brooks Mallard, Chief Financial Officer, will present at 9:55 am Pacific time. To access a webcast of the presentation, please visit the Events & Presentations section of the Gates Investor Relations website at investors.gates.com and cl
DENVER, Aug. 16, 2024 /PRNewswire/ -- Gates Industrial Corporation plc (NYSE:GTES, ", Gates", or the ", Company", ))) announced today the pricing of the previously announced secondary offering of 20,000,000 ordinary shares (the "Offering") by certain selling stockholders affiliated with Blackstone Inc. (the "Selling Stockholders"). The Selling Stockholders have also granted the underwriters a 30-day option to purchase up to 3,000,000 additional ordinary shares. The underwriters may offer the shares from time to time for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at t
DENVER, Aug. 15, 2024 /PRNewswire/ -- Gates Industrial Corporation plc (NYSE:GTES, ", Gates", or the ", Company", ))) announced today that certain selling stockholders affiliated with Blackstone Inc. (the "Selling Stockholders") have commenced a secondary offering of 20,000,000 of Gates' ordinary shares (the "Offering"). In connection with the Offering, the Selling Stockholders intend to grant to the underwriters a 30-day option to purchase up to 3,000,000 additional ordinary shares. Gates is not offering any ordinary shares in the Offering and will not receive any proceeds fr
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DENVER, Oct. 30, 2024 /PRNewswire/ -- Third-Quarter 2024 Financial Summary Third-quarter net sales of $830.7 million, down 4.8% compared to the prior-year period and representing a core sales decline of 3.8% year-over-year.Net income attributable to shareholders of $47.6 million, or $0.18 per diluted share.Adjusted Net Income per diluted share of $0.33.Net income from continuing operations of $55.2 million, or a margin of 6.6%.Adjusted EBITDA of $182.5 million, or a margin of 22.0%.Generated $188.7 million of operating cash flow year to date, compared to $291.7 million in the
DENVER, Oct. 8, 2024 /PRNewswire/ -- Gates Industrial Corporation plc (NYSE:GTES) will issue its third-quarter earnings release before the market opens on Wednesday, October 30, 2024. Management will host a webcast and conference call on the same day at 11:00 a.m. Eastern time to discuss Gates Industrial's financial results. The conference call can be accessed as follows: By dialing (888) 414-4601 (domestic) or +1 (646) 960-0313 (international) and requesting the Gates Industrial Corporation Third-Quarter 2024 Earnings Conference Call or providing the Conference ID of 5772067.
DENVER, July 31, 2024 /PRNewswire/ -- Second-Quarter 2024 Financial Summary Second-quarter net sales of $885.5 million, down 5.4% compared to the prior-year period and representing a core sales decline of 4.0% year-over-year.Net income attributable to shareholders of $70.7 million, or $0.26 per diluted share.Adjusted Net Income per diluted share of $0.36.Net income from continuing operations of $77.9 million, or a margin of 8.8%.Adjusted EBITDA of $202.2 million, or a margin of 22.8%.Generated $72.8 million of operating cash flow year to date, compared to $183.9 million in the
DENVER, July 17, 2024 /PRNewswire/ -- Gates Industrial Corporation plc (NYSE:GTES) today announced that it has changed the time of its second-quarter 2024 webcast and conference call from 10 a.m. Eastern time to 9 a.m. Eastern time on Wednesday, July 31, 2024. The access information has not changed and is as follows: By dialing (888) 414-4601 (domestic) or +1 (646) 960-0313 (international) and requesting the Gates Industrial Corporation Second-Quarter 2024 Earnings Conference Call or providing the Conference ID of 5772067.Live webcast accessed through Gates Industrial's websit
DENVER, July 9, 2024 /PRNewswire/ -- Gates Industrial Corporation plc (NYSE:GTES) will issue its second-quarter earnings release before the market opens on Wednesday, July 31, 2024. Management will host a webcast and conference call on the same day at 10:00 a.m. Eastern time to discuss Gates Industrial's financial results. The conference call can be accessed as follows: By dialing (888) 414-4601 (domestic) or +1 (646) 960-0313 (international) and requesting the Gates Industrial Corporation Second-Quarter 2024 Earnings Conference Call or providing the Conference ID of 5772067.L
DENVER, May 1, 2024 /PRNewswire/ -- 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.Adjusted Net Income per diluted share of $0.31, inclusive of unfavorable tax impact.Net income from continuing operations of $46.2 million, or a margin of 5.4%.Adjusted EBITDA of $195.6 million and margin of 22.7%.Increased full-year 2024 Adjusted EBITDA guidance.Gates Industrial Corporation plc (
DENVER, April 10, 2024 /PRNewswire/ -- Gates Industrial Corporation plc (NYSE:GTES) will issue its first-quarter earnings release before the market opens on Wednesday, May 1, 2024. Management will host a webcast and conference call on the same day at 10:00 a.m. Eastern time to discuss Gates Industrial's financial results. The conference call can be accessed as follows: By dialing (888) 414-4601 (domestic) or +1 (646) 960-0313 (international) and requesting the Gates Industrial Corporation First-Quarter 2024 Earnings Conference Call or providing the Conference ID of 5772067.Liv
DENVER, Feb. 8, 2024 /PRNewswire/ -- Fourth-Quarter 2023 Financial Summary Fourth-quarter net sales of $863.3 million, down 3.4% compared to the prior-year period, including a core revenue decline of 4.6%.Net income attributable to shareholders of $62.9 million, or $0.24 per diluted share.Adjusted Net Income per diluted share of $0.39.Net income from continuing operations of $69.2 million, or a margin of 8.0%.Adjusted EBITDA of $185.8 million, or a margin of 21.5%.Introducing 2024 financial guidance.$100 million share repurchase authorization approved by Board of Directors.Ful
DENVER, Jan. 25, 2024 /PRNewswire/ -- Gates Industrial Corporation plc (NYSE:GTES) today announced that it has changed the time of its Fourth-Quarter 2023 webcast and conference call from 10 a.m. Eastern time to 9 a.m. Eastern time on February 8, 2024. The access information has not changed and is as follows: By dialing (888) 414-4601 (domestic) or +1 (646) 960-0313 (international) and requesting the Gates Industrial Corporation Fourth-Quarter 2023 Earnings Conference Call or providing the Conference ID of 5772067.Live webcast accessed through Gates Industrial's website at inv
DENVER, Jan. 10, 2024 /PRNewswire/ -- Gates Industrial Corporation plc (NYSE:GTES) will issue its fourth-quarter earnings release before the market opens on Thursday, February 8, 2024. Management will host a webcast and conference call on the same day at 10:00 a.m. Eastern time to discuss Gates Industrial's financial results. The conference call can be accessed as follows: By dialing (888) 414-4601 (domestic) or +1 (646) 960-0313 (international) and requesting the Gates Industrial Corporation Fourth-Quarter 2023 Earnings Conference Call or providing the Conference ID of 577206
Morgan Stanley initiated coverage of Gates Industrial with a rating of Equal-Weight and set a new price target of $19.00
RBC Capital Mkts upgraded Gates Industrial from Sector Perform to Outperform and set a new price target of $22.00 from $20.00 previously
Wolfe Research upgraded Gates Industrial from Peer Perform to Outperform and set a new price target of $20.00
Jefferies initiated coverage of Gates Industrial with a rating of Buy and set a new price target of $21.00
KeyBanc Capital Markets upgraded Gates Industrial from Sector Weight to Overweight and set a new price target of $18.00
Goldman downgraded Gates Industrial from Buy to Neutral and set a new price target of $14.50
KeyBanc Capital Markets downgraded Gates Industrial from Overweight to Sector Weight
Evercore ISI downgraded Gates Industrial from Outperform to In-line and set a new price target of $13.50 from $15.00 previously
RBC Capital Mkts downgraded Gates Industrial from Outperform to Sector Perform and set a new price target of $14.00 from $17.00 previously
Wolfe Research downgraded Gates Industrial from Outperform to Peer Perform
NEW YORK, July 16, 2024 /PRNewswire/ -- S&P SmallCap 600 constituent Abercrombie & Fitch Co. (NYSE:ANF) will replace Equitrans Midstream Corp. (NYSE:ETRN) in the S&P MidCap 400, and Gates Industrial Corporation plc (NYSE:GTES) will replace Abercrombie & Fitch in the S&P SmallCap 600 effective prior to the opening of trading on Monday, July 22. S&P 500 constituent EQT Corp. (NYSE:EQT) is acquiring Equitrans Midstream in a deal expected to close soon, pending final closing conditions. Following is a summary of the changes that will take place prior to the open of trading on the effective date: Effective Date Index Name Action Company Name Ticker GICS Sector July 22, 2024 S&P MidCap 400
DENVER, June 17, 2024 /PRNewswire/ -- Gates Industrial Corporation plc (NYSE:GTES) is pleased to announce the appointment of John Patouhas as Senior Vice President & Chief Accounting Officer, effective today, Monday, June 17, 2024. John will be responsible for the strategic direction of Gates' accounting function, including financial reporting, risk, controls, and compliance in accordance with applicable standards, laws and regulations. "John brings significant manufacturing finance leadership experience to Gates and we look forward to the benefit of his background and expert
DENVER, March 11, 2024 /PRNewswire/ -- Gates Industrial Corporation plc (NYSE:GTES), a global manufacturer of innovative and highly engineered power transmission and fluid power solutions, extends a reminder to investors, analysts and other stakeholders to join its Capital Markets Day on Monday, March 11, 2024, starting at 1:00 p.m. Eastern Time at The New York Stock Exchange (NYSE). At the event, CEO Ivo Jurek and CFO Brooks Mallard, along with other members of Gates's leadership team will update investors on the Company's strategic priorities, growth opportunities, business
Motorcar Parts of America, Inc. (NASDAQ:MPAA) today announced the appointment of Patricia (Tribby) W. Warfield to its board of directors --reflecting the company's strong commitment to board diversity, experience, and solid corporate governance policies. The Motorcar Parts of America board now consists of 11 directors, 10 of whom are independent. "Tribby offers a wealth of automotive, industrial and distribution experience that will be invaluable to the company as we continue to benefit from the company's global footprint. We look forward to her advice and counsel at an exciting stage in the company's evolution, which today includes numerous complementary and high-demand product line offe
As of July 17, 2024, three stocks in the industrials sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions. The RSI is a momentum indicator, which compares a stock’s strength on days when prices go up to its strength on days when prices go down. When compared to a stock’s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the RSI is above 70, according to Benzinga Pro. Here's the latest list of major overbought players in this sector. Gates Industrial Corporation PLC (NYSE:GTES) Gates Industrial is expected to issue its seco
Gates Industrial will replace Abercrombie & Fitch in the S&P SmallCap 600 effective prior to the opening of trading on Monday, July 22.
Across the recent three months, 8 analysts have shared their insights on Gates Industrial Corp (NYSE:GTES), expressing a variety of opinions spanning from bullish to bearish. The table below provides a concise overview of recent ratings by analysts, offering insights into the changing sentiments over the past 30 days and drawing comparisons with the preceding months for a holistic perspective. Bullish Somewhat Bullish Indifferent Somewhat Bearish Bearish Total Ratings 1 3 4 0 0 Last 30D 0 0 1 0 0 1M Ago 0 0 0 0 0 2M Ago 1 1 1 0 0 3M Ago 0 2 2 0 0 In the assessment of 12-month price targets, analysts unveil insights for Gates Industrial Corp, presenting an average target o
Barclays analyst Julian Mitchell maintains Gates Industrial Corp (NYSE:GTES) with a Equal-Weight and lowers the price target from $17 to $16.
Gates Industrial Corporation plc (NYSE:GTES, ", Gates", or the ", Company", ))))) announced today the pricing of the previously announced secondary offering of 17,500,000 ordinary shares (the "Offering") by certain selling stockholders affiliated with Blackstone Inc. (the "Selling Stockholders"). The Selling Stockholders have also granted the underwriters a 30-day option to purchase up to 2,625,000 additional ordinary shares. The underwriters may offer the shares from time to time for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related t
Gainers Greenwave Tech Solns (NASDAQ:GWAV) stock moved upwards by 32.1% to $0.08 during Wednesday's after-market session. The market value of their outstanding shares is at $11.9 million. Zoomcar Holdings (NASDAQ:ZCAR) shares moved upwards by 8.49% to $0.29. The company's market cap stands at $18.8 million. Applied UV (NASDAQ:AUVI) shares moved upwards by 6.69% to $0.61. The market value of their outstanding shares is at $2.8 million. Urban-gro (NASDAQ:UGRO) stock moved upwards by 5.29% to $1.59. The company's market cap stands at $19.5 million. Shimmick (NASDAQ:SHIM) shares rose 4.13% to $2.0. The company's market cap stands at $51.3 million. As per the press release, Q1 earnings came
In connection with the Offering, the Selling Stockholders intend to grant to the underwriters a 30-day option to purchase up to 2.625 million additional ordinary shares.