Gates Industrial reports Q3 adjusted EPS 39c, consensus 37c

Reports Q3 revenue $855.7M, consensus $861.47M. Ivo Jurek, Gates Industrial’s (GTES) CEO, commented, “Our team helped deliver improved sales and core growth in the third quarter supported by solid growth in Automotive Replacement and strong growth in Personal Mobility. Replacement channel revenues expanded low-single digits. We delivered double-digit EPS growth year-over-year and our adjusted EBITDA margin increased 90 basis points. Our balance sheet continued to improve as we paid down $100M of gross debt during the quarter.”