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Gates Industrial reports Q1 adjusted EPS 36c, consensus 33c

Reports Q1 revenue $847.6M, consensus $823.56M. CEO Ivo Jurek commented, “In Q1, we grew our volume company-wide supported by strong growth in our Auto Replacement and Personal Mobility end markets. Also, our gross margin increased nicely year-over-year. We are reiterating our full year guidance. While the business environment has become more uncertain since the start of the year, I am confident in our competitive position. Our manufacturing footprint is largely ‘in-region, for-region’, which we believe provides us with advantages relative to our primary competition. We continue to broaden our product portfolio, expand our presence in growth markets and provide differentiated service levels to our customers. I appreciate the diligence and focus of the global Gates team as we manage through the current macroeconomic environment.”

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