Gates Industrial Reports Third-Quarter 2024 Results
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Goldman Sachs Reiterates Neutral Rating on Gates Industrial Corp. (GTES)
October 31, 2024 7:43 AM EDTGoldman Sachs analyst Jerry Revich reiterated a Neutral rating and $21.00 price target on Gates Industrial Corp. (NYSE: GTES)
The analyst comments "Our 2024-2026 EBITDA estimates (management definition) are largely unchanged following Q3 result that revealed a slight EBITDA margin beat despite weak end demand. Our top 3 takeaways below. 1) 3Q24 adjusted EBITDA of $183 mn was ahead of pre-results Factset consensus of $180 mn and GSe of $178 mn. Sales were in line with our estimates, while gross margins... More
