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Gates Industrial Reports First - Quarter 2021 Results Denver , CO , May 10 , 2021 First - Quarter 2021 Financial Summary Net sales up 24.1 % , including core revenue growth of 21.0 % , compared to the prior - year period . Net income attributable to shareholders of $ 67.3 million , or $ 0.23 per diluted share , a year - over - year increase of 89.0 % . O O O O O Gates Adjusted Net Income per diluted share of $ 0.33 , a year - over - year increase of 57.1 % . Adjusted EBITDA of $ 196.3 million , a year - over - year increase of 62.5 % and Adjusted EBITDA margin of 22.3 % , or year - over - year expansion of 530 basis points . Raising 2021 guidance to core revenue growth of 19.5 % with Adjusted EBITDA margin expansion of 430 basis points at the midpoints . Gates Industrial Corporation plc ( NYSE : GTES ) , a leading global provider of application - specific fluid power and power transmission solutions , today reported results for the first quarter ended April 3 , 2021 . Ivo Jurek , Gates Industrial's Chief Executive Officer , commented , " Our business is off to an excellent start to the year , building on the momentum we experienced exiting 2020 and significantly exceeding our original guidance . Our substantial above - market growth is evidence of the accelerating success our innovation investments and growth initiatives continue to have in driving share gains , as well as the secular trends in several of our end markets on which we're capitalizing . We saw strength across the business , as well as strong momentum in orders throughout the quarter . " Jurek continued , " Operationally , we were agile and proactive , successfully managing the significant increase in volumes while driving productivity initiatives and delivering excellent incremental margins . Looking ahead , we believe the encouraging trends we see with respect to order rates , end market activity and the traction of our growth initiatives support our demand expectations . Uncertainties remain in certain regions , particularly with respect to raw material and labor availability , as well as lingering COVID inefficiencies , but our performance to - date gives us confidence that we are well positioned to both seize on our growth opportunities and successfully navigate these complexities . " First - Quarter Financial Results First - quarter net sales were $ 881.3 million , an increase of 24.1 % over the prior - year quarter net sales of $ 710.1 million , including a core revenue increase of 21.0 % and favorable foreign currency impact of 3.1 % . The growth in the quarter was broad based , with our first - fit business showing the most significant year - over - year improvement , led by the Diversified Industrial , On - Highway , Off - Highway and Mobility & Recreation end markets . Sales into replacement channels also showed strong year - over - year growth , with no evidence of significant restocking . Net income attributable to shareholders in the first quarter of 2021 was $ 67.3 million , or $ 0.23 per diluted share , compared to $ 35.6 million , or $ 0.12 per diluted share in the first quarter of 2020. Adjusted Net Income for the first quarter of 2021 was $ 97.8 million , or $ 0.33 per diluted share , compared to $ 61.6 million , or $ 0.21 per diluted share in the first quarter of 2020. The diluted weighted average number of shares outstanding in the first quarter of 2021 was 296,363,267 compared to 292,111,253 in the first quarter of 2020 . 1