GTES - Gates Industrial EPS beats by $0.02 beats on revenue; raises outlook

Gates Industrial (GTES): Q1 Non-GAAP EPS of $0.33 beats by $0.02; GAAP EPS of $0.23 misses by $0.03.Revenue of $881.3M (+24.1% Y/Y) beats by $20.13M.The Company is increasing its full-year 2021 outlook. Core revenue growth is now expected to be in the range of 18% to 21%, increased from the previous range of 9% to 14%. Adjusted EBITDA margin is now expected to be in the range of 22.0% to 22.8%, compared to the previous range of 21.0% to 22.0%. The Company continues to expect capital expenditures to range between $90 million and $110 million and free cash flow conversion  to be greater than 80%.Press Release

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Gates Industrial EPS beats by $0.02, beats on revenue; raises outlook