Gates Industrial Shares Slide as Revenue Misses Wall Street Targets

The company reported $903.6 million in revenue for the third quarter, falling just short of the $904.8 million anticipated by Wall Street analysts, though still an improvement over the $855.7 million logged during the same period last year. Profit reached $86.5 million, or 34 cents per share, up from $81.6 million, or 32 cents, a year earlier. On an adjusted basis, earnings hit 47 cents per share, topping the 44-cent consensus estimate.

Looking ahead, management adjusted its full-year outlook, raising the guidance for adjusted per-share earnings to a range of $1.66 to $1.72. Simultaneously, the firm tightened its projection for core sales growth, narrowing the window to between 3.2% and 3.8% from the previous estimate of 2.5% to 4.5%.