Gates Industrial Corporation Plc Q1 Profit Increases, Beats Estimates

(RTTNews) - Gates Industrial Corporation plc (GTES) released a profit for its first quarter that increased from last year and beat the Street estimates.

The company's bottom line totaled $62.0 million, or $0.24 per share. This compares with $40.0 million, or $0.15 per share, last year.

Excluding items, Gates Industrial Corporation plc reported adjusted earnings of $93.9 million or $0.36 per share for the period.

Analysts on average had expected the company to earn $0.33 per share. Analysts' estimates typically exclude special items.

The company's revenue for the period fell 1.7% to $847.6 million from $862.6 million last year.

Gates Industrial Corporation plc earnings at a glance (GAAP) :

-Earnings: $62.0 Mln. vs. $40.0 Mln. last year. -EPS: $0.24 vs. $0.15 last year. -Revenue: $847.6 Mln vs. $862.6 Mln last year.