Gates Industrial: 4Q Earnings Snapshot
DENVER (AP) _ Gates Industrial Corp. (GTES) on Tuesday reported fourth-quarter profit of $75.6 million.
The Denver-based company said it had profit of 26 cents per share. Earnings, adjusted for one-time gains and costs, came to 36 cents per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 27 cents per share.
The manufacturer of power transmission and fluid power systems posted revenue of $792.1 million in the period.
For the year, the company reported profit of $245.3 million, or 84 cents per share. Revenue was reported as $3.35 billion.
Gates Industrial shares have risen 16 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $15.40, a drop of 14 percent in the last 12 months.