Gates Industrial Corporation plc Q3 Profit Increases, beats estimates

(RTTNews) - Gates Industrial Corporation plc (GTES) reported a profit for its third quarter that increased from last year and beat the Street estimates.

The company's earnings came in at $78.7 million, or $0.29 per share. This compares with $51.9 million, or $0.18 per share, in last year's third quarter.

Excluding items, Gates Industrial Corporation plc reported adjusted earnings of $94.6 million or $0.35 per share for the period.

Analysts on average had expected the company to earn $0.31 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 1.4% to $872.9 million from $860.7 million last year.

Gates Industrial Corporation plc earnings at a glance (GAAP) :

-Earnings (Q3): $78.7 Mln. vs. $51.9 Mln. last year. -EPS (Q3): $0.29 vs. $0.18 last year. -Analyst Estimate: $0.31 -Revenue (Q3): $872.9 Mln vs. $860.7 Mln last year.