Gates Industrial Q2 sales fall 5.4% to $885.5 million; full-year guidance trimmed
Gates Industrial reported second-quarter 2024 net sales of $885.5 million, down 5.4% from the prior year, while net income attributable to shareholders rose to $70.7 million, or $0.26 per diluted share, from $64.9 million, or $0.23. The company trimmed its 2024 guidance for core sales, adjusted EBITDA and adjusted EPS, and authorized a new $250 million share repurchase program valid through December 2025.
Key points
- Q2 net sales $885.5 million, down 5.4%; core sales declined 4.0%
- Net income attributable to shareholders $70.7 million, or $0.26 per diluted share, versus $0.23 a year earlier; adjusted EPS $0.36 versus $0.34
- Adjusted EBITDA guidance lowered to $740 million to $770 million from $745 million to $805 million; adjusted EPS guidance to $1.29 to $1.35 from $1.28 to $1.43
- New $250 million share repurchase authorization, valid through December 2025, replacing one set to expire in October 2024
The filing
Written by AI on Nov 8, 2026, 12:58 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 July 31, 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.