Gildan Activewear (NYSE:GIL) Posts Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Gildan Activewear (NYSE:GIL) (TSE:GIL) posted its quarterly earnings data on Thursday. The textile maker reported $0.85 EPS for the quarter, beating analysts’ consensus estimates of $0.84 by $0.01, Briefing.com reports. The business had revenue of $891.10 million for the quarter, compared to analyst estimates of $882.85 million. Gildan Activewear had a net margin of 13.01% and a return on equity of 24.96%. The business’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter last year, the business earned $0.74 earnings per share. Gildan Activewear updated its FY 2024 guidance to 2.970-3.020 EPS and its FY24 guidance to $2.97-3.02 EPS.

Gildan Activewear Stock Up 1.5 %

Shares of GIL traded up $0.76 during mid-day trading on Friday, reaching $49.66. The company’s stock had a trading volume of 531,424 shares, compared to its average volume of 709,643. Gildan Activewear has a 1 year low of $28.95 and a 1 year high of $49.92. The company has a quick ratio of 0.97, a current ratio of 2.35 and a debt-to-equity ratio of 0.55. The company has a market cap of $7.80 billion, a price-to-earnings ratio of 20.37, a price-to-earnings-growth ratio of 1.83 and a beta of 1.43. The business has a fifty day moving average of $46.31 and a 200 day moving average of $40.77.

Gildan Activewear Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Thursday, November 21st will be paid a dividend of $0.152 per share. This represents a $0.61 annualized dividend and a yield of 1.22%. The ex-dividend date is Thursday, November 21st. Gildan Activewear’s dividend payout ratio (DPR) is currently 33.61%.

Wall Street Analysts Forecast Growth

GIL has been the topic of several research analyst reports. Royal Bank of Canada lifted their price target on Gildan Activewear from $41.00 to $44.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. CIBC boosted their price target on shares of Gildan Activewear from $48.00 to $56.00 and gave the stock an “outperform” rating in a research report on Friday. Stifel Nicolaus upped their price target on shares of Gildan Activewear from $54.00 to $60.00 and gave the company a “buy” rating in a report on Friday. Canaccord Genuity Group lifted their price objective on shares of Gildan Activewear from $52.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday. Finally, BMO Capital Markets increased their target price on shares of Gildan Activewear from $47.00 to $58.00 and gave the company an “outperform” rating in a research note on Friday. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.05.

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.