Gates Industrial Reports Mixed First Quarter Results Amid ERP Challenges
Gates Industrial reported first-quarter results in line with expectations, though impacted by a Europe ERP rollout and two fewer working days. Sales were $851 million (core -2.9%), adjusted EBITDA was $177 million at 20.8% margin, and adjusted EPS reached $0.35. The company expects Q2 revenue between $905–$945 million with core growth of ~3.5%, while ERP-related costs are expected to fade in H2.
Topics: acquisition ERP rollout impact guidance reaffirmed Q1 earnings