DENVER (AP) — DENVER (AP) — Gates Industrial Corp. (GTES) on Thursday reported fourth-quarter net income of $51.3 million.
The Denver-based company said it had net income of 20 cents per share. Earnings, adjusted for one-time gains and costs, were 38 cents per share.
The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 37 cents per share.
The manufacturer of power transmission and fluid power systems posted revenue of $856.2 million in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $851.7 million.
For the year, the company reported profit of $251.4 million, or 96 cents per share. Revenue was reported as $3.44 billion.
Gates Industrial expects full-year earnings in the range of $1.52 to $1.68 per share.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GTES at https://www.zacks.com/ap/GTES
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