Gates Industrial sales increase by 10.1 percent
Gates Industrial Corporation reported 2018 net sales increased 10.1 percent year-over-year to $3.3 billion, representing core revenue growth of 5.9 percent.
The provider of application-specific fluid power and power transmission solutions had net income of $245.3 million, or 84 cents per diluted share, compared to prior-year net income of $151.3 million, or 60 cents.
Power transmission net sales for the year increased 4.5 percent to $2.1 billion. Fluid power net sales for 2018 increased 21.0 percent to $1.2 billion.
Fourth-quarter net sales were $792.1 million, an increase of 1.3 percent over prior-year quarter net sales of $781.8 million. Core revenue growth during the period was 3.5 percent, which was driven by particularly strong demand in industrial end markets and replacement channels.
Net income of $75.6 million, or 26 cents per diluted share, compared to $118.8 million, or 46 per diluted share, in the same period last year.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
