Posted February 13, 2019

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.