By Josh Beckerman
Shares of Gates Industrial climbed after the company reported adjusted earnings per share that were above Wall Street's average estimate.
The stock was up 10%, to $22.83, on Thursday and is up about 11% this year.
Gates Industrial, which provides power-transmission and fluid-power products, said fourth-quarter adjusted earnings per share were 36 cents, down from 37 cents a year earlier. Analysts polled by FactSet expected 33 cents.
Net sales were down 3.9%, to $829.4 million. Analysts polled by FactSet expected $827.5 million. The company said soft demand in Agriculture and Construction was partially mitigated by growth in Automotive.
Gates expects 2025 adjusted earnings per share of $1.36 to $1.52.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
February 06, 2025 15:15 ET (20:15 GMT)
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