10:02 AM EDT, 07/31/2024 (MT Newswires) -- Gates Industrial ( GTES ) shares slipped by about 1% in early trading Wednesday after the company reported Q2 adjusted net income of $0.36 per diluted share, up from $0.34 a year earlier.

Analysts polled by Capital IQ expected $0.36.

Net sales for the quarter ended June 29 were $885.5 million, down from $936.3 million a year earlier.

Analysts surveyed by Capital IQ expected $893 million.

For fiscal 2024, the company said it now expects adjusted EPS in the range of $1.29 to $1.35, compared with $1.28 to $1.43 previously.

Analysts polled by Capital IQ expect $1.38.

Price: 17.62, Change: -0.11, Percent Change: -0.62