Gates Industrial reports Q3 adjusted EPS 33c, consensus 31c

Reports Q3 revenue $830.7M, consensus $831.18M. Ivo Jurek, Gates Industrial’s (GTES) CEO, commented, “In the third quarter, our teams executed well and generated over 100 basis points of gross margin improvement in an uneven end market environment. We continue to progress our enterprise initiatives and improve our balance sheet while opportunistically returning capital to our shareholders.” Jurek continued, “We have increased our full year 2024 Adjusted EPS guidance and expect to achieve a solid increase in adjusted EBITDA margin for the full year. We believe we are well positioned to deliver attractive organic revenue growth over the mid-term and anticipate that our expected ongoing balance sheet improvements will increase our capital deployment optionality.”