Gates Industrial Q1 sales fall 3.9% to $862.6 million; raises 2024 EBITDA guidance
Gates Industrial reported first-quarter 2024 net sales of $862.6 million, down 3.9% from a year earlier, while net income attributable to shareholders rose to $40.0 million, or $0.15 per diluted share, from $26.4 million, or $0.09. The company raised its full-year 2024 Adjusted EBITDA guidance to $745 million to $805 million from $725 million to $785 million, which matters to shareholders because it signals stronger expected profitability despite softer sales.
Key points
- Q1 2024 net sales were $862.6 million, down 3.9%, with a core revenue decline of 3.6%.
- Adjusted EBITDA rose to $195.6 million from $174.5 million, and the margin widened to 22.7% from 19.4%.
- Adjusted EPS was $0.31 versus $0.25 a year earlier, despite a higher effective tax rate.
- Full-year 2024 Adjusted EBITDA guidance was raised to $745 million to $805 million from $725 million to $785 million; other guidance metrics were unchanged.
The filing
Written by AI on Nov 8, 2026, 12:59 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 01, 2024.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.