DENVER - Gates Industrial (NYSE:GTES) Corporation plc (NYSE: GTES), a global manufacturer of power transmission and fluid power solutions, announced today the appointment of John Patouhas as Senior Vice President & Chief Accounting Officer. Patouhas, with his extensive background in manufacturing finance, is now responsible for overseeing the company's accounting operations, including financial reporting, risk management, and compliance with relevant standards and regulations.
John Patouhas comes to Gates Industrial with a wealth of experience, having previously served as Vice President, Chief Accounting Officer at Tenneco, an automotive components manufacturer. His career has also spanned roles at Federal Mogul, Altair Engineering, TRW, Hayes Lemmerz, and Collins & Aikman, where he developed a reputation for establishing strong reporting and control frameworks.
EVP/CFO Brooks Mallard expressed confidence in Patouhas's ability to contribute to Gates's growth, highlighting his expertise in ensuring robust accounting and controls. Patouhas's career began in public accounting with Deloitte, auditing clients such as General Motors (NYSE:GM) and Detroit Diesel. He later transitioned to the energy sector before moving into manufacturing.
With an MBA with a Finance concentration and a BBA in Accounting from Wayne State University, Patouhas is expected to leverage his understanding of financial systems and processes to support Gates's global operations and financial performance.
Gates Industrial operates in various sectors of the industrial and consumer markets, with its products playing a role in a wide range of applications. The company's presence spans over 130 countries, serving both replacement channel customers and original equipment manufacturers.
This announcement is based on a press release statement from Gates Industrial Corporation plc .
In other recent news, Gates Industrial Corporation reported stronger-than-expected Q1 revenue growth and increased its full-year adjusted EBITDA guidance, mainly driven by its robust automotive market performance. However, the company remains cautious about the overall industrial market, expecting personal mobility to stabilize later in the year. In a series of recent analyses, Wall Street analysts have noted the company's focus on margin enhancement and long-term revenue growth, with Q1 margins trending above expectations.
In terms of financing, Gates Industrial announced its intention to offer $500 million in senior notes due 2029 to refinance existing debts. The company also disclosed the pricing of a secondary offering of 17.5 million ordinary shares by certain selling stockholders affiliated with Blackstone (NYSE:BX) Inc. It's important to note that Gates Industrial will not receive any proceeds from this offering as the shares are being sold by the stockholders, not the company itself.
These developments are part of the recent activities surrounding Gates Industrial, with analysts from firms like KeyBanc Capital Markets and Barclays (LON:BARC) Capital providing various price targets and ratings for the company.
InvestingPro Insights
As Gates Industrial Corporation plc (NYSE: GTES) welcomes John Patouhas as the new Senior Vice President & Chief Accounting Officer, the company's financial health remains a vital aspect for investors. According to the latest data from InvestingPro, the company boasts a market capitalization of $4.16 billion USD, reflecting its significant presence in the industrial sector. The firm's P/E ratio stands at 17.36, with a slight adjustment to 16.82 when looking at the last twelve months as of Q1 2024. This is indicative of the company's earnings relative to its share price, and it trades at a low P/E ratio relative to near-term earnings growth, which could be appealing to value investors.
InvestingPro Tips highlight that management at Gates Industrial has been aggressively buying back shares, signaling confidence in the company's future performance. Additionally, the company's liquid assets exceed its short-term obligations, suggesting a strong liquidity position that can support ongoing operations and potential growth initiatives. It’s also worth noting that analysts predict the company will be profitable this year, a testament to its operational efficiency and market strategy.
For investors seeking a deeper analysis, InvestingPro offers an array of further insights. There are 6 additional InvestingPro Tips available, which could provide valuable context on the company's strategic direction and financial outlook. Interested readers might consider these additional tips by visiting https://www.investing.com/pro/GTES and can take advantage of an exclusive offer using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
Overall, the appointment of John Patouhas comes at a time when Gates Industrial shows robust financial metrics, with a solid shareholder yield and a management team that is actively engaged in enhancing shareholder value.
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