GTES - Gates Industrial reports misses Q1 top and bottom consensus; reaffirms FY23 outlook

2023-05-04 08:22:41 ET

• Gates Industrial press release ( NYSE: GTES ): Q1 Non-GAAP EPS of $0.25 misses by $0.01 .
• Revenue of $897.7M (+0.5% Y/Y) misses by $7.19M .
• Adjusted EBITDA of $174.5 million and Adjusted EBITDA margin of 19.4%.
• Maintaining 2023 full-year guidance: The Company is reiterating its full year financial guidance for 2023. Specifically, the company reaffirms the following:
• Core revenue growth in the range of 1 to 5% vs. consensus growth of 2.07% Y/Y.
• Adjusted EBITDA of $700 to $750 million
• Adjusted Earnings Per Share of $1.13-$1.23 vs. consensus of $1.18.
• Capital Expenditures of approximately $100 million
• Free Cash Flow conversion of approximately 100%

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