GTES - Gates Industrial Corporation plc (GTES) Q1 2024 Earnings Call Transcript

2024-05-01 12:54:08 ET

Gates Industrial Corporation plc (GTES)

Q1 2024 Earnings Conference Call

May 1, 2024 10:00 AM ET

Company Participants

Rich Kwas – Vice President-Investor Relations

Ivo Jurek – Chief Executive Officer

Brooks Mallard – Chief Financial Officer

Conference Call Participants

Nigel Coe – Wolfe Research

David Tarantino – KeyBanc Capital Markets

Steve Volkmann – Jefferies

Jerry Revich – Goldman Sachs

Damian Karas – UBS

Andy Kaplowitz – Citigroup

Julian Mitchell – Barclays

Mike Halloran – Baird

Deane Dray – RBC Capital Markets

David Raso – Evercore

Presentation

Operator

Thank you for standing by, and welcome to the Gates Industrial Corporation First Quarter 2024 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions]

I would now like to turn the call over to Rich Kwas. Please go ahead.

Rich Kwas

Good morning, and thank you for joining us on our first 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, will be followed by Brooks Mallard, our CFO.

Before the market opened today, we published our first quarter 2024 results. A copy of the release is available on our website at investors.gates.com. Our call this morning is being webcast, 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. Reconciliations of historical non-GAAP financial measures are included in our earnings release and the slide presentation, each of which is available in the Investor Relations section of our website.

Please refer now to Slide 2 of the presentation, which provides a reminder that our remarks will include forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements are subject to risks that could cause actual results to be materially different from those expressed in or implied by such forward-looking statements. These risks include, among others, matters that we have described in our most recent annual report on Form 10-K and in other filings we make with the SEC. We disclaim any obligation to update those forward-looking statements.

Later this month, we will be attending the Wolfe Global Transportation & Industrials Conference and the KeyBanc Industrials & Basic Materials Conference. We look forward to meeting with many of you. Before we start, please note all comparisons are against the prior year period unless stated otherwise.

With that out of the way, I'll now turn the call over to Ivo. Ivo?

Ivo Jurek

Thank you, Rich. Good morning, everyone, and thank you for joining our call today. We will kick off today on Slide 3. We generated revenues above the midpoint of our February revenue guidance and within the range we provided at our Capital Markets Day in March. Globally, automotive continued to outperform industrial end markets. Our global replacement revenues increased slightly with automotive replacement leading the way by delivering mid single-digit growth....

For further details see: