Gildan Activewear (NYSE:GIL) Posts Earnings Results, Beats Expectations By $0.07 EPS

Gildan Activewear (NYSE:GIL) (TSE:GIL) announced its earnings results on Wednesday. The textile maker reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.07, Briefing.com reports. Gildan Activewear had a return on equity of 23.89% and a net margin of 16.14%. The company had revenue of $695.80 million during the quarter, compared to analyst estimates of $692.94 million. During the same period last year, the company posted $0.45 earnings per share. The firm’s quarterly revenue was down 1.0% compared to the same quarter last year. Gildan Activewear updated its FY24 guidance to $2.92-3.07 EPS.

Gildan Activewear Trading Down 1.3 %

Shares of Gildan Activewear stock traded down $0.43 during trading on Friday, hitting $33.10. 432,252 shares of the company were exchanged, compared to its average volume of 810,551. The firm has a market capitalization of $5.58 billion, a P/E ratio of 11.18, a price-to-earnings-growth ratio of 1.31 and a beta of 1.38. Gildan Activewear has a 1-year low of $26.98 and a 1-year high of $38.87. The firm’s fifty day moving average price is $35.51 and its 200 day moving average price is $33.99. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.33 and a quick ratio of 0.83.

Gildan Activewear Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Thursday, May 23rd will be given a dividend of $0.205 per share. The ex-dividend date of this dividend is Wednesday, May 22nd. This represents a $0.82 annualized dividend and a dividend yield of 2.48%. Gildan Activewear’s payout ratio is currently 27.70%.

Wall Street Analysts Forecast Growth

GIL has been the subject of a number of research reports. TD Securities raised their target price on Gildan Activewear from $42.00 to $46.00 and gave the company a “buy” rating in a research note on Wednesday, March 20th. Canaccord Genuity Group raised their target price on Gildan Activewear from $42.00 to $43.00 and gave the company a “buy” rating in a research note on Thursday. Scotiabank raised their target price on Gildan Activewear from $39.50 to $40.50 and gave the company a “sector outperform” rating in a research note on Friday, February 9th. Citigroup raised their target price on Gildan Activewear from $40.00 to $44.00 and gave the company a “buy” rating in a research note on Friday, February 23rd. Finally, UBS Group lowered Gildan Activewear from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $40.00 to $37.00 in a research report on Friday, January 5th. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, Gildan Activewear currently has an average rating of “Moderate Buy” and a consensus price target of $41.95.

Gildan Activewear Company Profile

Gildan Activewear Inc manufactures and sells various apparel products in the United States, North America, Europe, Asia-Pacific, and Latin America. It provides various activewear products, including T-shirts, fleece tops and bottoms, and sports shirts under the Gildan, Gildan Performance, Gildan Hammer, Glidan Softstyle, Gildan Heavy Cotton, Gildan Ultra Cotton, Gildan DryBlend, Gildan HeavyBlend, Comfort Colors, and American Apparel brands.