Q3 2024 Gates Industrial Corporation PLC Earnings Call Transcript
Key Points
- Gates Industrial Corp PLC (GTES) achieved a 30 basis points increase in adjusted EBITDA margins, driven by a 110 basis point increase in gross margin.
- The company returned capital to shareholders through a $125 million share repurchase.
- Gates Industrial Corp PLC (GTES) reported durable demand trends in its global automotive replacement business.
- The company experienced core sales growth in key Asian geographies and South America.
- Gates Industrial Corp PLC (GTES) is on track to achieve over 100 basis points of adjusted EBITDA margin improvement since becoming a public company.
- Gates Industrial Corp PLC (GTES) experienced a 4% decline in core sales, primarily due to weaker demand in agriculture, construction, and personal mobility markets.
- OEM sales decreased in the low double-digit range, impacting overall sales performance.
- The company's adjusted earnings per share was $0.33, which was 8% lower compared to the previous year.
- North American core sales declined approximately 6%, driven by weaker OEM sales trends.
- The Fluid Power segment saw a core sales decrease of just under 5%, with industrial OEM sales declining mid-teens.
Thank you for standing by. My name is Briana, and I will be your conference operator today. At this time, I'd like to welcome everyone to the Gates Industrial Corporation Q3 2024 Earnings Call. Please note that this call is being recorded. I will now turn the conference over to Rich Kwas, VP, Investor Relations. Please go ahead, sir.
Greetings, and thank you for joining us on our third quarter 2024 earnings call. I'll briefly cover our non-GAAP and forward-looking language before passing the call over to our CEO, Ivo Jurek, who will be followed by Brooks Mallard, our CFO.
Before the market opened today, we published our third quarter 2024 results. A copy of the release is available on our website at investors.gates.com. Our call this morning is being webcast and is accompanied by a slide presentation. On this call, we will refer to certain non-GAAP financial measures that we believe are useful in evaluating our performance.
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