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Gates Industrial reports Q4 adjusted EPS 25c, consensus 23C
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Gates Industrial reports Q4 adjusted EPS 25c, consensus 23C

Reports Q4 revenue $893.3M, consensus $849.98M. CEO Ivo Jurek commented, "We delivered strong performance resulting in mid-teens core revenue growth and solid margin expansion year over year supported by an improving supply chain environment. The availability of highly engineered polymers improved as the fourth quarter progressed. Demand trends were resilient and we were able to trim our aged backlog. Further, we generated significant free cash flow and reduced our net leverage ratio sequentially. We are encouraged by the recent supply chain dynamics and enter 2023 with cautious optimism. We are highly focused on margin improvement and free cash flow conversion. Additionally, we continue to make investments in products and verticals that are accretive to our long-term growth and margin aspirations. I want to thank the dedicated Gates associates around the world for their hard work and adaptability."

Published first on TheFly

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