09:25 AM EDT, 05/01/2024 (MT Newswires) -- Gates Industrial ( GTES ) reported Q1 adjusted net income Wednesday of $0.31 per diluted share, up from $0.25 a year earlier.

Analysts polled by Capital IQ expected $0.32.

Net sales for the quarter ended March 30 were $862.6 million, down from $897.7 million a year earlier.

Analysts surveyed by Capital IQ expected $869.5 million.

The company maintained its 2024 adjusted EPS guidance of $1.28 to $1.43. Analysts surveyed by Capital IQ expect $1.42.

Gates Industrial ( GTES ) shares were 3% lower in premarket trading.

Price: 17.09, Change: -0.53, Percent Change: -3.01