Gates Industrial Corp. (GTES) on Wednesday reported profit of $56.5 million in its second quarter. The Denver-based company said it had profit of 22 cents per share.

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DENVER (AP) — DENVER (AP) — Gates Industrial Corp. (GTES) on Wednesday reported profit of $62 million in its first quarter. The Denver-based company said it had net income of 24 cents per share.

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RBC Capital analyst Deane Dray maintained a Hold rating on Gates Industrial (GTES – Research Report) yesterday and set a price target of $20.00. The company’s shares closed yesterday at $18.59.