Gates Industrial Reports First-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 First-Quarter 2025 Results | | ||||
| Three months ended | |||||||||||||||||||||||
| (USD in millions) | March 29, 2025 | March 30, 2024 | % Change | % Core Change | |||||||||||||||||||
| Net sales | $527.2 | $532.8 | (1.1%) | 2.1% | |||||||||||||||||||
| Adjusted EBITDA | $116.7 | $119.0 | (1.9%) | ||||||||||||||||||||
| Adjusted EBITDA margin | 22.1% | 22.3% | (20 bps) | ||||||||||||||||||||
| Three months ended | |||||||||||||||||||||||
| (USD in millions) | March 29, 2025 | March 30, 2024 | % Change | % Core Change | |||||||||||||||||||
| Net sales | $320.4 | $329.8 | (2.9%) | 0.1% | |||||||||||||||||||
| Adjusted EBITDA | $70.6 | $76.6 | (7.8%) | ||||||||||||||||||||
| Adjusted EBITDA margin | 22.0% | 23.2% | (120 bps) | ||||||||||||||||||||
| Three months ended | |||||||||||
(USD in millions, except per share amounts) | March 29, 2025 | March 30, 2024 | |||||||||
| Net sales | $ | 847.6 | $ | 862.6 | |||||||
| Cost of sales | 503.0 | 532.6 | |||||||||
| Gross profit | 344.6 | 330.0 | |||||||||
| Selling, general and administrative expenses | 217.3 | 211.7 | |||||||||
| Transaction-related expenses | 0.4 | 0.4 | |||||||||
| Asset impairments | 0.6 | — | |||||||||
| Restructuring expenses | 1.6 | 1.2 | |||||||||
| Operating income from continuing operations | 124.7 | 116.7 | |||||||||
| Interest expense | 29.6 | 37.5 | |||||||||
| Other expenses (income) | 1.3 | (1.5) | |||||||||
| Income from continuing operations before taxes | 93.8 | 80.7 | |||||||||
| Income tax expense | 25.2 | 34.5 | |||||||||
| Net income from continuing operations | 68.6 | 46.2 | |||||||||
| Loss on disposal of discontinued operations | 0.3 | 0.1 | |||||||||
| Net income | 68.3 | 46.1 | |||||||||
| Less: non-controlling interests | 6.3 | 6.1 | |||||||||
| Net income attributable to shareholders | $ | 62.0 | $ | 40.0 | |||||||
| Earnings per share | |||||||||||
| Basic | |||||||||||
| Earnings per share from continuing operations | $ | 0.24 | $ | 0.15 | |||||||
| Earnings per share from discontinued operations | — | — | |||||||||
| Earnings per share | $ | 0.24 | $ | 0.15 | |||||||
| Diluted | |||||||||||
| Earnings per share from continuing operations | $ | 0.24 | $ | 0.15 | |||||||
| Earnings per share from discontinued operations | — | — | |||||||||
| Earnings per share | $ | 0.24 | $ | 0.15 | |||||||
(USD in millions, except share numbers and per share amounts) | As of March 29, 2025 | As of December 28, 2024 | |||||||||
| Assets | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 640.2 | $ | 682.0 | |||||||
| Trade accounts receivable, net | 786.2 | 722.7 | |||||||||
| Inventories | 700.7 | 676.0 | |||||||||
| Taxes receivable | 35.1 | 28.6 | |||||||||
| Prepaid expenses and other assets | 205.8 | 196.7 | |||||||||
| Total current assets | 2,368.0 | 2,306.0 | |||||||||
| Non-current assets | |||||||||||
| Property, plant and equipment, net | 583.5 | 579.5 | |||||||||
| Goodwill | 1,934.0 | 1,908.9 | |||||||||
| Pension surplus | 5.7 | 5.7 | |||||||||
| Intangible assets, net | 1,232.5 | 1,248.6 | |||||||||
| Right-of-use assets | 140.4 | 139.4 | |||||||||
| Taxes receivable | 20.1 | 20.7 | |||||||||
| Deferred income taxes | 570.9 | 553.5 | |||||||||
| Other non-current assets | 30.7 | 24.0 | |||||||||
| Total assets | $ | 6,885.8 | $ | 6,786.3 | |||||||
| Liabilities and equity | |||||||||||
| Current liabilities | |||||||||||
| Debt, current portion | $ | 31.6 | $ | 39.1 | |||||||
| Trade accounts payable | 417.0 | 408.2 | |||||||||
| Taxes payable | 38.6 | 22.9 | |||||||||
| Accrued expenses and other current liabilities | 223.2 | 251.3 | |||||||||
| Total current liabilities | 710.4 | 721.5 | |||||||||
| Non-current liabilities | |||||||||||
| Debt, less current portion | 2,308.1 | 2,311.5 | |||||||||
| Post-retirement benefit obligations | 75.8 | 78.0 | |||||||||
| Lease liabilities | 127.3 | 127.3 | |||||||||
| Taxes payable | 83.1 | 82.2 | |||||||||
| Deferred income taxes | 50.0 | 56.8 | |||||||||
| Other non-current liabilities | 103.2 | 68.7 | |||||||||
| Total liabilities | 3,457.9 | 3,446.0 | |||||||||
| Shareholders’ equity | |||||||||||
—Shares, par value of $0.01 each - authorized shares: 3,000,000,000; outstanding shares: 257,460,579 (December 28, 2024: authorized shares: 3,000,000,000; outstanding shares: 255,203,987) | 2.6 | 2.6 | |||||||||
| —Additional paid-in capital | 2,616.5 | 2,618.6 | |||||||||
| —Accumulated other comprehensive loss | (1,045.7) | (1,077.2) | |||||||||
| —Treasury shares | (12.7) | — | |||||||||
| —Retained earnings | 1,541.6 | 1,479.6 | |||||||||
| Total shareholders’ equity | 3,102.3 | 3,023.6 | |||||||||
| Non-controlling interests | 325.6 | 316.7 | |||||||||
| Total equity | 3,427.9 | 3,340.3 | |||||||||
| Total liabilities and equity | $ | 6,885.8 | $ | 6,786.3 | |||||||
| Three months ended | |||||||||||
(USD in millions) | March 29, 2025 | March 30, 2024 | |||||||||
| Cash flows from operating activities | |||||||||||
| Net income | $ | 68.3 | $ | 46.1 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 52.2 | 54.6 | |||||||||
| Foreign exchange and other non-cash financing income | (8.2) | (11.1) | |||||||||
| Share-based compensation expense | 6.1 | 8.6 | |||||||||
| Decrease in post-employment benefit obligations, net | (3.0) | (2.2) | |||||||||
| Deferred income taxes | (3.1) | (1.1) | |||||||||
| Asset impairments | 0.6 | — | |||||||||
| Other operating activities | 2.6 | (4.8) | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| —Accounts receivable | (47.3) | (38.7) | |||||||||
| —Inventories | (15.4) | (36.9) | |||||||||
| —Accounts payable | 3.1 | (0.4) | |||||||||
| —Prepaid expenses and other assets | (22.3) | 3.7 | |||||||||
| —Taxes payable | 8.5 | (2.3) | |||||||||
| —Other liabilities | (34.8) | (36.5) | |||||||||
| Net cash provided by (used in) operating activities | 7.3 | (21.0) | |||||||||
| Cash flows from investing activities | |||||||||||
| Purchases of property, plant and equipment | (17.5) | (16.0) | |||||||||
| Purchases of intangible assets | (8.7) | (2.1) | |||||||||
| Cash paid under corporate-owned life insurance policies | (7.0) | (4.1) | |||||||||
| Cash received under corporate-owned life insurance policies | 0.5 | 2.7 | |||||||||
| Proceeds from the sale of property, plant and equipment | 2.0 | — | |||||||||
| Other investing activities | (0.3) | — | |||||||||
| Net cash used in investing activities | (31.0) | (19.5) | |||||||||
| Cash flows from financing activities | |||||||||||
| Issuance of shares | 1.8 | 2.5 | |||||||||
| Repurchase of shares | (13.0) | (50.3) | |||||||||
| Payments of long-term debt | (4.7) | (104.9) | |||||||||
| Employee taxes paid from shares withheld | (11.5) | (2.4) | |||||||||
| Dividends paid to non-controlling interests | (2.3) | — | |||||||||
| Other financing activities | 5.1 | 6.2 | |||||||||
| Net cash used in financing activities | (24.6) | (148.9) | |||||||||
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | 6.6 | (8.9) | |||||||||
| Net decrease in cash and cash equivalents and restricted cash | (41.7) | (198.3) | |||||||||
| 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 | $ | 643.1 | $ | 525.7 | |||||||
| Supplemental schedule of cash flow information | |||||||||||
| Interest paid | $ | 36.5 | $ | 45.5 | |||||||
| Income taxes paid | $ | 19.7 | $ | 36.5 | |||||||
| Accrued capital expenditures | $ | 1.1 | $ | 1.6 | |||||||
| Three months ended | |||||||||||
(USD in millions) | March 29, 2025 | March 30, 2024 | |||||||||
| Net income from continuing operations | $ | 68.6 | $ | 46.2 | |||||||
| Adjusted for: | |||||||||||
| Income tax expense | 25.2 | 34.5 | |||||||||
| Net interest and other expenses | 30.9 | 36.0 | |||||||||
| Depreciation and amortization | 52.2 | 54.6 | |||||||||
Transaction-related expenses (1) | 0.4 | 0.4 | |||||||||
| Asset impairments | 0.6 | — | |||||||||
Restructuring expenses (2) | 1.6 | 1.2 | |||||||||
| Share-based compensation expense | 6.1 | 8.6 | |||||||||
Inventory write-offs and adjustments (3) (included in cost of sales) | (1.0) | 13.9 | |||||||||
| Restructuring-related expenses (included in cost of sales) | 1.2 | — | |||||||||
| Restructuring-related expenses (included in SG&A) | 1.5 | 0.1 | |||||||||
Credit loss related to customer bankruptcy (included in SG&A) (4) | — | 0.1 | |||||||||
| Adjusted EBITDA | $ | 187.3 | $ | 195.6 | |||||||
| Net Sales | $ | 847.6 | $ | 862.6 | |||||||
| Net income from continuing operations margin | 8.1 | % | 5.4 | % | |||||||
| Adjusted EBITDA Margin | 22.1 | % | 22.7 | % | |||||||
| (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 LIFO basis. During the three months ended March 29, 2025, the Company experienced a decrease in inventory values, that resulted in the liquidation of a LIFO inventory layer. This LIFO liquidation did not have a significant effect on net income. | ||||
| (4) | On January 31, 2023, one of our customers filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code. In connection with the bankruptcy proceedings, we preliminarily evaluated our potential risk and exposure relating to our outstanding pre-petition accounts receivable balance from the customer and recorded an initial pre-tax charge to reflect our estimated recovery. We continue to monitor the circumstances surrounding the bankruptcy and adjust our estimate as necessary. | ||||
| Three months ended | |||||||||||
(USD in millions, except share numbers and per share amounts) | March 29, 2025 | March 30, 2024 | |||||||||
| Net income attributable to shareholders | $ | 62.0 | $ | 40.0 | |||||||
| Adjusted for: | |||||||||||
| Loss on disposal of discontinued operations | 0.3 | 0.1 | |||||||||
| Amortization of intangible assets arising from the 2014 acquisition of Gates | 28.3 | 29.1 | |||||||||
Transaction-related expenses (1) | 0.4 | 0.4 | |||||||||
| Asset impairments | 0.6 | — | |||||||||
Restructuring expenses (2) | 1.6 | 1.2 | |||||||||
| Restructuring-related expenses (included in cost of sales) | 1.2 | — | |||||||||
| Restructuring-related expenses (included in SG&A) | 1.5 | 0 | 0.1 | ||||||||
| Share-based compensation expense | 6.1 | 8.6 | |||||||||
Inventory write-offs and adjustments (3) (included in cost of sales) | (1.0) | 13.9 | |||||||||
| Adjustments relating to post-retirement benefits | 0.4 | (0.7) | |||||||||
| Financing and other FX related losses | 3.2 | 1.5 | |||||||||
Credit loss related to customer bankruptcy (included in SG&A) (4) | — | 0.1 | |||||||||
Discrete tax items (5) | 0.1 | 11.7 | |||||||||
| Other adjustments | (1.3) | (1.8) | |||||||||
| Estimated tax effect of the above adjustments | (9.5) | (12.4) | |||||||||
| Adjusted Net Income | $ | 93.9 | $ | 91.8 | |||||||
| Diluted weighted-average number of shares outstanding | 261,567,906 | 267,435,531 | |||||||||
| GAAP Net Income per diluted share | $ | 0.24 | $ | 0.15 | |||||||
| Adjusted Net Income per diluted share | $ | 0.36 | $ | 0.34 | |||||||
| (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 LIFO basis. During the three months ended March 29, 2025, the Company experienced a decrease in inventory values, that resulted in the liquidation of a LIFO inventory layer. This LIFO liquidation did not have a significant effect on net income. | ||||
| (4) | On January 31, 2023, one of our customers filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code. In connection with the bankruptcy proceedings, we preliminarily evaluated our potential risk and exposure relating to our outstanding pre-petition accounts receivable balance from the customer and recorded an initial pre-tax charge to reflect our estimated recovery. We continue to monitor the circumstances surrounding the bankruptcy and adjust our estimate as necessary. | ||||
| (5) | For the three months ended March 29, 2025, the discrete tax items of $0.1 million comprised of a discrete tax benefit of $6.0 million related to excess tax benefits on stock option exercises and $0.1 million related to other net discrete benefits, offset by discrete expenses of $5.2 million primarily related to changes in the realizability of certain deferred tax assets and $1.0 million related to net unrecognized tax benefits. For the three months ended March 30, 2024, the discrete tax items of $11.7 million comprised of discrete tax expenses of $9.1 million related to changes in the realizability of certain deferred tax assets, $1.4 million related to net unrecognized tax benefits, and $1.2 million related to other net discrete expenses. | ||||
| Three months ended March 29, 2025 | |||||||||||||||||
(USD in millions) | Power Transmission | Fluid Power | Total | ||||||||||||||
Net sales for the three months ended March 29, 2025 (1) | $ | 527.2 | $ | 320.4 | $ | 847.6 | |||||||||||
| Impact on net sales of movements in currency rates | 16.9 | 9.8 | 26.7 | ||||||||||||||
Core sales for the three months ended March 29, 2025 | $ | 544.1 | $ | 330.2 | $ | 874.3 | |||||||||||
| Net sales for the three months ended March 30, 2024 | 532.8 | 329.8 | 862.6 | ||||||||||||||
| Decrease in net sales | (5.6) | (9.4) | (15.0) | ||||||||||||||
| Increase in net sales on a core basis (core sales) | $ | 11.3 | $ | 0.4 | $ | 11.7 | |||||||||||
| Net sales decline | (1.1 | %) | (2.9 | %) | (1.7 | %) | |||||||||||
| Core sales growth | 2.1 | % | 0.1 | % | 1.4 | % | |||||||||||
| (1) | Throughout this document the terms "net sales" and "revenue" are used interchangeably in reference to the GAAP measure "net sales." | ||||
Cover |
Apr. 30, 2025 |
|---|---|
| Cover [Abstract] | |
| Document Period End Date | Apr. 30, 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 |
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| 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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