For the first time since its initial public offering in late January, Gates Industrial Corp. reported its earnings.
The Denver manufacturing company reported fourth-quarter net sales rose to $782 million from $668 million a year earlier and net income rose to $118 million, or 46 cents per diluted share, from $9.9 million, or 3 cents a share a year earlier.
For fiscal 2017, Gates reported yearly net sales rose to $3 billion from $2.7 billion a year earlier and fiscal 2017 net income rose to $151 million, or 60 cents per diluted share, from $57.7 million, or 23 cents per share in 2016.
"We delivered a solid year of performance with greater than 60 percent of net sales generated from high-margin replacement channels along with another year of double-digit growth in emerging markets," said Ivo Jurek, Gates CEO, in a statement.
Read more at the Denver Business Journal: http://bit.ly/2tMZKwy
