LONDON (Aug. 4) — Gates Corp. parent Tomkins P.L.C. reported increased sales and profits for the six months ended June 30 despite sluggish demand from automotive customers in North America and other negative market factors.
Sales for the first half increased 13.2 per cent to $3.29 billion and earnings from operations before restructuring initiatives increased 8.7 percent to $304.5 million. Profit from operations was also higher at $282 million, an increase of 6.6 percent.
The company´s Industrial & Automotive Group — which includes power transmission and hose products — reported improved profits and earnings "despite headwinds from the automotive original equipment manufacturers in North America and the delay in the implementation of the TREAD Act," the company said. Operating profits rose 9 percent to $253 million, while sales grew 15.5 percent to $2.34 billion.