Gates Industrial Corporation plc Q4 Profit Decreases, but beats estimates

(RTTNews) - Gates Industrial Corporation plc (GTES) reported a profit for fourth quarter that decreased from the same period last year but beat the Street estimates.

The company's earnings came in at $62.9 million, or $0.24 per share. This compares with $84.9 million, or $0.30 per share, in last year's fourth quarter.

Excluding items, Gates Industrial Corporation plc reported adjusted earnings of $104.7 million or $0.39 per share for the period.

Analysts on average had expected the company to earn $0.28 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 3.4% to $863.3 million from $893.3 million last year.

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

-Earnings (Q4): $62.9 Mln. vs. $84.9 Mln. last year. -EPS (Q4): $0.24 vs. $0.30 last year. -Analyst Estimates: $0.28 -Revenue (Q4): $863.3 Mln vs. $893.3 Mln last year.