Gates Industrial (NYSE:GTES – Get Free Report) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 1.290-1.350 for the period, compared to the consensus estimate of 1.380. The company issued revenue guidance of $3.4 billion-$3.5 billion, compared to the consensus revenue estimate of $3.5 billion. Gates Industrial also updated its FY24 guidance to $1.29-1.35 EPS.
Gates Industrial Stock Performance
NYSE GTES traded down $0.13 during trading hours on Wednesday, reaching $17.60. The company’s stock had a trading volume of 509,828 shares, compared to its average volume of 3,092,991. The company has a current ratio of 3.06, a quick ratio of 2.15 and a debt-to-equity ratio of 0.69. The business has a 50-day simple moving average of $16.58 and a 200 day simple moving average of $16.01. Gates Industrial has a 52 week low of $10.68 and a 52 week high of $18.05. The stock has a market cap of $4.60 billion, a PE ratio of 19.46 and a beta of 1.44.
Gates Industrial (NYSE:GTES – Get Free Report) last posted its earnings results on Wednesday, May 1st. The company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.01. The company had revenue of $862.60 million for the quarter, compared to analysts’ expectations of $866.00 million. Gates Industrial had a return on equity of 10.52% and a net margin of 6.97%. Equities research analysts predict that Gates Industrial will post 1.27 earnings per share for the current fiscal year.
Analysts Set New Price Targets
View Our Latest Stock Report on GTES
Insider Activity
In related news, major shareholder Blackstone Inc. sold 20,125,000 shares of the company’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $16.33, for a total value of $328,641,250.00. Following the completion of the sale, the insider now directly owns 77,326 shares in the company, valued at $1,262,733.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.30% of the stock is owned by corporate insiders.
Gates Industrial Company Profile
Gates Industrial Corporation PLC designs and manufactures power transmission equipment. Its products serves harsh and hazardous industries such as agriculture, construction, manufacturing and energy, to everyday consumer applications such as printers, power washers, automatic doors and vacuum cleaners and virtually every form of transportation.
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