Gates Industrial Reports Third-Quarter 2025 Results |  | ||||
| (State or Other Jurisdiction of | (Commission File Number) | (IRS Employer | ||||||||||||
| Incorporation) | Identification No.) | |||||||||||||
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
| Exhibit No. | Description | |||||||
| 99.1 | ||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
| GATES INDUSTRIAL CORPORATION PLC | ||||||||||||||
| By: | /s/ L. Brooks Mallard | |||||||||||||
| Name: | L. Brooks Mallard | |||||||||||||
| Title: | Chief Financial Officer | |||||||||||||
Gates Industrial Reports Third-Quarter 2025 Results | | ||||
| Three months ended | |||||||||||||||||||||||
| (USD in millions) | September 27, 2025 | September 28, 2024 | % Change | % Core Change | |||||||||||||||||||
| Net sales | $533.3 | $513.4 | 3.9% | 2.3% | |||||||||||||||||||
| Adjusted EBITDA | $122.1 | $113.0 | 8.1% | ||||||||||||||||||||
| Adjusted EBITDA margin | 22.9% | 22.0% | 90 bps | ||||||||||||||||||||
| Nine months ended | |||||||||||||||||||||||
| (USD in millions) | September 27, 2025 | September 28, 2024 | % Change | % Core Change | |||||||||||||||||||
| Net sales | $1,610.6 | $1,588.1 | 1.4% | 1.6% | |||||||||||||||||||
| Adjusted EBITDA | $361.6 | $355.8 | 1.6% | ||||||||||||||||||||
| Adjusted EBITDA margin | 22.5% | 22.4% | 10 bps | ||||||||||||||||||||
| Three months ended | |||||||||||||||||||||||
| (USD in millions) | September 27, 2025 | September 28, 2024 | % Change | % Core Change | |||||||||||||||||||
| Net sales | $322.4 | $317.3 | 1.6% | 0.7% | |||||||||||||||||||
| Adjusted EBITDA | $73.7 | $69.5 | 6.0% | ||||||||||||||||||||
| Adjusted EBITDA margin | 22.9% | 21.9% | 100 bps | ||||||||||||||||||||
| Nine months ended | |||||||||||||||||||||||
| (USD in millions) | September 27, 2025 | September 28, 2024 | % Change | % Core Change | |||||||||||||||||||
| Net sales | $976.4 | $990.7 | (1.4%) | (0.6%) | |||||||||||||||||||
| Adjusted EBITDA | $220.7 | $224.5 | (1.7%) | ||||||||||||||||||||
| Adjusted EBITDA margin | 22.6% | 22.7% | (10 bps) | ||||||||||||||||||||
| Three months ended | Nine months ended | ||||||||||||||||||||||
(USD in millions, except per share amounts) | September 27, 2025 | September 28, 2024 | September 27, 2025 | September 28, 2024 | |||||||||||||||||||
| Net sales | $ | 855.7 | $ | 830.7 | $ | 2,587.0 | $ | 2,578.8 | |||||||||||||||
| Cost of sales | 514.1 | 494.9 | 1,540.6 | 1,555.6 | |||||||||||||||||||
| Gross profit | 341.6 | 335.8 | 1,046.4 | 1,023.2 | |||||||||||||||||||
| Selling, general and administrative expenses | 219.2 | 217.2 | 666.6 | 653.5 | |||||||||||||||||||
| Transaction-related expenses | 0.1 | 0.5 | 0.5 | 2.1 | |||||||||||||||||||
| Asset impairments | 0.4 | — | 1.2 | — | |||||||||||||||||||
| Restructuring expenses | 6.5 | 2.2 | 21.1 | 5.0 | |||||||||||||||||||
| Other operating expenses | — | — | — | 0.1 | |||||||||||||||||||
| Operating income from continuing operations | 115.4 | 115.9 | 357.0 | 362.5 | |||||||||||||||||||
| Interest expense | 34.9 | 35.1 | 93.3 | 121.7 | |||||||||||||||||||
| Loss on deconsolidation of Russian subsidiary | — | 12.8 | — | 12.8 | |||||||||||||||||||
| Other income | (14.3) | (1.2) | (5.1) | (12.1) | |||||||||||||||||||
| Income from continuing operations before taxes | 94.8 | 69.2 | 268.8 | 240.1 | |||||||||||||||||||
| Income tax expense | 6.1 | 14.0 | 48.1 | 60.8 | |||||||||||||||||||
| Net income from continuing operations | 88.7 | 55.2 | 220.7 | 179.3 | |||||||||||||||||||
| Loss on disposal of discontinued operations | 0.1 | 0.1 | 0.7 | 0.5 | |||||||||||||||||||
| Net income | 88.6 | 55.1 | 220.0 | 178.8 | |||||||||||||||||||
| Less: non-controlling interests | 7.0 | 7.5 | 19.9 | 20.5 | |||||||||||||||||||
| Net income attributable to shareholders | $ | 81.6 | $ | 47.6 | $ | 200.1 | $ | 158.3 | |||||||||||||||
| Earnings per share | |||||||||||||||||||||||
| Basic | |||||||||||||||||||||||
| Earnings per share from continuing operations | $ | 0.32 | $ | 0.18 | $ | 0.78 | $ | 0.61 | |||||||||||||||
| Earnings per share from discontinued operations | — | — | — | — | |||||||||||||||||||
| Earnings per share | $ | 0.32 | $ | 0.18 | $ | 0.78 | $ | 0.61 | |||||||||||||||
| Diluted | |||||||||||||||||||||||
| Earnings per share from continuing operations | $ | 0.31 | $ | 0.18 | $ | 0.77 | $ | 0.60 | |||||||||||||||
| Earnings per share from discontinued operations | — | — | — | — | |||||||||||||||||||
| Earnings per share | $ | 0.31 | $ | 0.18 | $ | 0.77 | $ | 0.60 | |||||||||||||||
(USD in millions, except share numbers and per share amounts) | As of September 27, 2025 | As of December 28, 2024 | |||||||||
| Assets | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 689.4 | $ | 682.0 | |||||||
| Trade accounts receivable, net | 833.3 | 722.7 | |||||||||
| Inventories | 718.1 | 676.0 | |||||||||
| Taxes receivable | 46.4 | 28.6 | |||||||||
| Prepaid expenses and other assets | 197.8 | 196.7 | |||||||||
| Total current assets | 2,485.0 | 2,306.0 | |||||||||
| Non-current assets | |||||||||||
| Property, plant and equipment, net | 609.3 | 579.5 | |||||||||
| Goodwill | 2,019.8 | 1,908.9 | |||||||||
| Pension surplus | 5.6 | 5.7 | |||||||||
| Intangible assets, net | 1,207.0 | 1,248.6 | |||||||||
| Right-of-use assets | 142.0 | 139.4 | |||||||||
| Taxes receivable | 16.5 | 20.7 | |||||||||
| Deferred income taxes | 627.1 | 553.5 | |||||||||
| Other non-current assets | 37.4 | 24.0 | |||||||||
| Total assets | $ | 7,149.7 | $ | 6,786.3 | |||||||
| Liabilities and equity | |||||||||||
| Current liabilities | |||||||||||
| Debt, current portion | $ | 30.5 | $ | 39.1 | |||||||
| Trade accounts payable | 385.3 | 408.2 | |||||||||
| Taxes payable | 26.5 | 22.9 | |||||||||
| Accrued expenses and other current liabilities | 263.1 | 251.3 | |||||||||
| Total current liabilities | 705.4 | 721.5 | |||||||||
| Non-current liabilities | |||||||||||
| Debt, less current portion | 2,204.3 | 2,311.5 | |||||||||
| Post-retirement benefit obligations | 68.0 | 78.0 | |||||||||
| Lease liabilities | 126.3 | 127.3 | |||||||||
| Taxes payable | 60.0 | 82.2 | |||||||||
| Deferred income taxes | 58.1 | 56.8 | |||||||||
| Other non-current liabilities | 212.5 | 68.7 | |||||||||
| Total liabilities | 3,434.6 | 3,446.0 | |||||||||
| Shareholders’ equity | |||||||||||
—Shares, par value of $0.01 each - authorized shares: 3,000,000,000; outstanding shares: 258,249,123 (December 28, 2024: authorized shares: 3,000,000,000; outstanding shares: 255,203,987) | 2.6 | 2.6 | |||||||||
| —Additional paid-in capital | 2,628.7 | 2,618.6 | |||||||||
| —Accumulated other comprehensive loss | (928.3) | (1,077.2) | |||||||||
| —Retained earnings | 1,667.0 | 1,479.6 | |||||||||
| Total shareholders’ equity | 3,370.0 | 3,023.6 | |||||||||
| Non-controlling interests | 345.1 | 316.7 | |||||||||
| Total equity | 3,715.1 | 3,340.3 | |||||||||
| Total liabilities and equity | $ | 7,149.7 | $ | 6,786.3 | |||||||
| Nine months ended | |||||||||||
(USD in millions) | September 27, 2025 | September 28, 2024 | |||||||||
| Net income | 220.0 | 178.8 | |||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 159.1 | 162.8 | |||||||||
| Foreign exchange and other non-cash financing income | (20.3) | (26.2) | |||||||||
| Share-based compensation expense | 22.4 | 20.2 | |||||||||
| Decrease in post-employment benefit obligations, net | (13.1) | (6.6) | |||||||||
| Deferred income taxes | (6.3) | (25.1) | |||||||||
| Asset impairments | 1.2 | — | |||||||||
| Loss on deconsolidation of Russian Entity | — | 12.8 | |||||||||
| Gain on disposal of property, plant and equipment | 0.2 | (7.2) | |||||||||
| Other operating activities | 4.7 | (1.5) | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| —Accounts receivable | (71.4) | (46.1) | |||||||||
| —Inventories | (6.7) | (84.0) | |||||||||
| —Accounts payable | (40.9) | (25.0) | |||||||||
| —Prepaid expenses and other assets | 0.9 | 18.2 | |||||||||
| —Taxes payable | (30.7) | (2.6) | |||||||||
| —Other liabilities | (10.8) | 20.2 | |||||||||
| Net cash provided by operating activities | 208.3 | 188.7 | |||||||||
| Cash flows from investing activities | |||||||||||
| Purchases of property, plant and equipment | (54.4) | (59.8) | |||||||||
| Purchases of intangible assets | (26.0) | (13.5) | |||||||||
| Purchases of investments | — | (11.3) | |||||||||
| Cash paid under company-owned life insurance policies | (10.4) | (5.4) | |||||||||
| Cash received under company-owned life insurance policies | 2.4 | 11.2 | |||||||||
| Proceeds from the sale of property, plant and equipment | 2.2 | 11.0 | |||||||||
| Cash deconsolidated from previously controlled subsidiary | — | (12.5) | |||||||||
| Other investing activities | (0.7) | — | |||||||||
| Net cash used in investing activities | (86.9) | (80.3) | |||||||||
| Cash flows from financing activities | |||||||||||
| Issuance of shares | 9.8 | 10.0 | |||||||||
| Repurchase of shares | (13.0) | (176.1) | |||||||||
| Proceeds from long-term debt | — | 1,840.0 | |||||||||
| Payments of long-term debt | (114.1) | (1,917.0) | |||||||||
| Debt issuance costs paid | — | (20.5) | |||||||||
| Employee taxes paid from shares withheld | (20.1) | (4.7) | |||||||||
| Dividends paid to non-controlling interests | (6.5) | (1.7) | |||||||||
| Other financing activities | 9.0 | 16.5 | |||||||||
| Net cash used in financing activities | (134.9) | (253.5) | |||||||||
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | 21.0 | (1.4) | |||||||||
| Net increase (decrease) in cash and cash equivalents and restricted cash | 7.5 | (146.5) | |||||||||
| Cash and cash equivalents and restricted cash at the beginning of the period | 684.8 | 724.0 | |||||||||
| Cash and cash equivalents and restricted cash at the end of the period | $ | 692.3 | $ | 577.5 | |||||||
| Supplemental schedule of cash flow information | |||||||||||
| Interest paid | $ | 95.9 | $ | 104.7 | |||||||
| Income taxes paid | $ | 84.4 | $ | 88.5 | |||||||
| Accrued capital expenditures | $ | 2.2 | $ | 1.0 | |||||||
| Three months ended | Nine months ended | ||||||||||||||||||||||
(USD in millions) | September 27, 2025 | September 28, 2024 | September 27, 2025 | September 28, 2024 | |||||||||||||||||||
| Net income from continuing operations | $ | 88.7 | $ | 55.2 | $ | 220.7 | $ | 179.3 | |||||||||||||||
| Adjusted for: | |||||||||||||||||||||||
| Income tax expense | 6.1 | 14.0 | 48.1 | 60.8 | |||||||||||||||||||
| Interest expense | 34.9 | 35.1 | 93.3 | 121.7 | |||||||||||||||||||
| Loss on deconsolidation of Russian Subsidiary | — | 12.8 | — | 12.8 | |||||||||||||||||||
| Depreciation and amortization | 53.6 | 53.7 | 159.1 | 162.8 | |||||||||||||||||||
Transaction-related expenses (1) | 0.1 | 0.5 | 0.5 | 2.1 | |||||||||||||||||||
| Asset impairments | 0.4 | — | 1.2 | — | |||||||||||||||||||
Restructuring expenses (2) | 6.5 | 2.2 | 21.1 | 5.0 | |||||||||||||||||||
| Share-based compensation expense | 6.7 | 6.4 | 22.4 | 20.2 | |||||||||||||||||||
Inventory write-offs and adjustments (3) (included in cost of sales) | 2.6 | 4.4 | 5.6 | 21.7 | |||||||||||||||||||
| Restructuring-related expenses (included in cost of sales) | 2.1 | 0.9 | 4.5 | 0.9 | |||||||||||||||||||
| Restructuring-related expenses (included in SG&A) | 3.7 | 1.4 | 8.3 | 1.5 | |||||||||||||||||||
| Credit gain related to customer bankruptcy (Included in SG&A) | — | (0.2) | — | (0.1) | |||||||||||||||||||
Other (income) expenses, excluding foreign currency transaction gain or loss and insurance recoveries (4) | (4.4) | (3.9) | 2.7 | (8.5) | |||||||||||||||||||
Cybersecurity incident insurance recovery (5) | (5.2) | — | (5.2) | — | |||||||||||||||||||
| Other items not directly related to current operations | — | — | — | 0.1 | |||||||||||||||||||
| Adjusted EBITDA | $ | 195.8 | $ | 182.5 | $ | 582.3 | $ | 580.3 | |||||||||||||||
| Net Sales | $ | 855.7 | $ | 830.7 | $ | 2,587.0 | $ | 2,578.8 | |||||||||||||||
| Net income from continuing operations margin | 10.4 | % | 6.6 | % | 8.5 | % | 7.0 | % | |||||||||||||||
| Adjusted EBITDA Margin | 22.9 | % | 22.0 | % | 22.5 | % | 22.5 | % | |||||||||||||||
| (1) | Transaction-related expenses relate primarily to advisory fees and other costs recognized in respect of major corporate transactions, including the acquisition of businesses, and equity and debt transactions. | ||||
| (2) | Restructuring expenses represent items qualifying for recognition as such under U.S. GAAP and include costs related to the closure of lines of business, facility closures and consolidations, fundamental organizational rationalizations and non-recurring employee severance related to such actions. | ||||
| (3) | Inventory write-offs and adjustments include the reversal of the adjustment to remeasure certain inventories on a Last-in-First-out (“LIFO”) basis. | ||||
| (4) | Other (income) expenses excludes foreign currency transaction losses and insurance recoveries of $9.9 million and $7.8 million during the three and nine months ended September 27, 2025, respectively, and foreign currency transaction loss of $2.7 million and $3.6 million gain during the three and nine months ended September 28, 2024, respectively. | ||||
| (5) | In July 2025, we received insurance recoveries related to a previously disclosed cybersecurity incident that occurred in February 2023 for which we previously excluded $5.2 million of expenses from Adjusted EBITDA. | ||||
| Three months ended | Nine months ended | ||||||||||||||||||||||
(USD in millions, except share numbers and per share amounts) | September 27, 2025 | September 28, 2024 | September 27, 2025 | September 28, 2024 | |||||||||||||||||||
| Net income attributable to shareholders | $ | 81.6 | $ | 47.6 | $ | 200.1 | $ | 158.3 | |||||||||||||||
| Adjusted for: | |||||||||||||||||||||||
| Loss on disposal of discontinued operations | 0.1 | 0.1 | 0.7 | 0.5 | |||||||||||||||||||
| Loss on deconsolidation of Russian Subsidiary | — | 12.8 | — | 12.8 | |||||||||||||||||||
| Amortization of intangible assets arising from the 2014 acquisition of Gates | 29.2 | 28.8 | 86.5 | 86.8 | |||||||||||||||||||
Transaction-related expenses (1) | 0.1 | 0.5 | 0.5 | 2.1 | |||||||||||||||||||
| Asset impairments | 0.4 | — | 1.2 | — | |||||||||||||||||||
Restructuring expenses (2) | 6.5 | 2.2 | 21.1 | 5.0 | |||||||||||||||||||
| Restructuring-related expenses (included in cost of sales) | 2.1 | 0.9 | 4.5 | 0.9 | |||||||||||||||||||
| Restructuring-related expenses (included in SG&A) | 3.7 | 1.4 | 8.3 | 1.5 | |||||||||||||||||||
| Share-based compensation expense | 6.7 | 6.4 | 22.4 | 20.2 | |||||||||||||||||||
Inventory write-offs and adjustments (3) (included in cost of sales) | 2.6 | 4.4 | 5.6 | 21.7 | |||||||||||||||||||
| Adjustments relating to post-retirement benefits | 0.4 | (0.6) | 1.3 | (1.9) | |||||||||||||||||||
| Financing and other FX related losses | (2.7) | 0.6 | 8.3 | (0.9) | |||||||||||||||||||
Loss on extinguishment of debt (4) | — | — | — | 14.8 | |||||||||||||||||||
| Credit gain related to customer bankruptcy (included in SG&A) | — | (0.2) | — | (0.1) | |||||||||||||||||||
Cybersecurity incident insurance recovery (5) | (5.2) | — | (5.2) | — | |||||||||||||||||||
Discrete tax items (6) | (13.5) | (7.8) | (20.6) | (8.3) | |||||||||||||||||||
| Other adjustments | (1.8) | (1.2) | (4.6) | (4.7) | |||||||||||||||||||
| Estimated tax effect of the above adjustments | (9.5) | (9.0) | (34.4) | (34.5) | |||||||||||||||||||
| Adjusted Net Income | $ | 100.7 | $ | 86.9 | $ | 295.7 | $ | 274.2 | |||||||||||||||
| Diluted weighted-average number of shares outstanding | 261,555,255 | 263,441,572 | 261,084,177 | 265,855,068 | |||||||||||||||||||
| GAAP Net Income per diluted share | $ | 0.31 | $ | 0.18 | $ | 0.77 | $ | 0.60 | |||||||||||||||
| Adjusted Net Income per diluted share | $ | 0.39 | $ | 0.33 | $ | 1.13 | $ | 1.03 | |||||||||||||||
| (1) | Transaction-related expenses related primarily to advisory fees and other costs recognized in respect of major corporate transactions, including the acquisition of businesses, and equity and debt transactions. | ||||
| (2) | Restructuring expenses represent items qualifying for recognition as such under U.S. GAAP and included costs related to the closure of lines of business, facility closures and consolidations, fundamental organizational rationalizations and non-recurring employee severance related to such actions. | ||||
| (3) | Inventory write-offs and adjustments include the reversal of the adjustment to remeasure certain inventories on a Last-in-First-out (“LIFO”) basis. | ||||
| (4) | On June 4, 2024, Gates extinguished the 2021 Dollar Term Loans and the asset-backed credit facility in connection with our debt refinancing. As a result, we accelerated $14.8 million in deferred issuance costs during the three months ended June 29, 2024. | ||||
| (5) | In July 2025, we received insurance recoveries related to a previously disclosed cybersecurity incident that occurred in February 2023 for which we previously excluded $5.2 million of expenses from Adjusted Net Income. | ||||
| (6) | Discrete tax items include changes in uncertain tax positions relating to prior years, changes in tax laws or rates, changes in valuation allowances, excess tax benefits on stock option exercises, and prior year adjustments in various foreign jurisdictions in which returns were filed. | ||||
| Three months ended September 27, 2025 | |||||||||||||||||
(USD in millions) | Power Transmission | Fluid Power | Total | ||||||||||||||
Net sales for the three months ended September 27, 2025 (1) | $ | 533.3 | $ | 322.4 | $ | 855.7 | |||||||||||
| Impact on net sales of movements in currency rates | (8.3) | (2.9) | (11.2) | ||||||||||||||
| Core sales for the three months ended September 27, 2025 | $ | 525.0 | $ | 319.5 | $ | 844.5 | |||||||||||
| Net sales for the three months ended September 28, 2024 | 513.4 | 317.3 | 830.7 | ||||||||||||||
| Increase in net sales | 19.9 | 5.1 | 25.0 | ||||||||||||||
| Increase in net sales on a core basis (core sales) | $ | 11.6 | $ | 2.2 | $ | 13.8 | |||||||||||
| Net sales growth | 3.9 | % | 1.6 | % | 3.0 | % | |||||||||||
| Core sales growth | 2.3 | % | 0.7 | % | 1.7 | % | |||||||||||
| Nine months ended September 27, 2025 | |||||||||||||||||
(USD in millions) | Power Transmission | Fluid Power | Total | ||||||||||||||
| Net sales for the nine months ended September 27, 2025 | $ | 1,610.6 | $ | 976.4 | $ | 2,587.0 | |||||||||||
| Impact on net sales of movements in currency rates | 3.4 | 8.3 | 11.7 | ||||||||||||||
| Core sales for the nine months ended September 27, 2025 | $ | 1,614.0 | $ | 984.7 | $ | 2,598.7 | |||||||||||
| Net sales for the nine months ended September 28, 2024 | 1,588.1 | 990.7 | 2,578.8 | ||||||||||||||
| Increase (decrease) in net sales | 22.5 | (14.3) | 8.2 | ||||||||||||||
| Increase (decrease) in net sales on a core basis (core sales) | $ | 25.9 | $ | (6.0) | $ | 19.9 | |||||||||||
| Net sales growth (decline) | 1.4 | % | (1.4 | %) | 0.3 | % | |||||||||||
| Core sales growth (decline) | 1.6 | % | (0.6 | %) | 0.8 | % | |||||||||||
| (1) | Throughout this document the terms "net sales" and "revenue" are used interchangeably in reference to the GAAP measure "net sales." | ||||
Cover |
Oct. 29, 2025 |
|---|---|
| Cover [Abstract] | |
| Document Period End Date | Oct. 29, 2025 |
| Entity Registrant Name | Gates Industrial Corporation plc |
| Entity Incorporation, Country Code | X0 |
| Entity File Number | 001-38366 |
| Entity Tax Identification Number | 98-1395184 |
| Entity Address, Street Address | 1144 Fifteenth Street |
| Entity Address, City | Denver |
| Entity Address, State | CO |
| Entity Address, Postal Zip Code | 80202 |
| City Area Code | 303 |
| Local Phone Number | 744-1911 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of each class | Ordinary Shares, $0.01 par value per share |
| Trading Symbol(s) | GTES |
| Name of each exchange on which registered | NYSE |
| Entity Emerging Growth Company | false |
| Entity Central Index Key | 0001718512 |
| Amendment Flag | false |
| Document Type | 8-K |
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