Gates Industrial Corporation PLC reports results for the quarter ended in June - Earnings Summary

Gates Industrial

31/07/2024 14:32

* Gates Industrial Corporation PLC  GTES.N  reported
quarterly
adjusted earnings of 36 cents​​ per share for the quarter ended
in June, identical to the same quarter last year.  The mean
expectation of ten analysts for the quarter was for earnings of
36 cents per share. Wall Street expected results to range from
35 cents to 37 cents per share.
    * Revenue fell 5.4% to $885.50 million from a year ago;
analysts
expected $895.59 million. 
    * Gates Industrial Corporation PLC's reported EPS for the
quarter
was 26 cents​.
    * The company reported quarterly net income of $70.7
million.
    * Gates Industrial Corporation PLC shares had risen by 12.1%
this
quarter and gained 32.1% so far this year.

FORECAST CHANGES
    * The mean earnings estimate of analysts had fallen by
about 2.2%
in the last three months.​ 
    * In the last 30 days, two analysts negatively revised
earnings
estimates

RECOMMENDATIONS
    * The current average analyst rating on the shares is "buy"
and
the breakdown of recommendations is 6 "strong buy" or "buy," 4
"hold" and no "sell" or "strong sell." 
    * The average consensus recommendation for the industrial
machinery & equipment peer group is also "buy"

Wall Street's median 12-month price target for Gates Industrial
Corporation PLC is $19.50 
This summary was machine generated from LSEG data July 31 at
01:32 p.m. UTC. ​All figures in US dollars unless otherwise
stated. (For questions concerning the data in this report,
contact Estimates.Support@lseg.com. For any other questions or
feedback, contact RefinitivNewsSupport@thomsonreuters.com) QUARTER ENDING    ESTIMATE       ACTUAL         BEAT, MET,
                                                 MISSED
 Jan. 1 0001       0.36           0.36           Met
 Mar. 31 2024      0.32           0.31           Missed
 Dec. 31 2023      0.28           0.39           Beat
 Sep. 30 2023      0.31           0.35           Beat