Gates Industrial Q3 Profit Up, Beats Estimates; Revises Full-year Outlook Above View – Update
(Adds Outlook)
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.
Outlook:
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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